Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

  • WKN: 843002
  • ISIN: DE0008430026
  • Land: Germany

Nachricht vom 13.09.2017 | 21:10

Munich Re may miss profit guidance for 2017

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München / Key word(s): Profit Warning/Miscellaneous

13-Sep-2017 / 21:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Hurricane losses threatening Munich Re profit guidance for 2017

After Hurricane Harvey caused significant damage in Texas and adjacent states at the end of August, there has now been another devastating storm in the form of Hurricane Irma. It caused extensive damage on islands in the Caribbean, and also in Florida. These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment. Despite good business performance in 2017 to date, the losses from Harvey and Irma could mean that Munich Re might miss its profit guidance of EUR2.0-2.4bn for the year - depending on how the business performs until the end of 2017. The figures for the third quarter of 2017 will probably show a loss. Munich Re's business and risk strategy ensures that even after such severe natural catastrophes the Group has a sufficiently solid capital base to still be able to offer full reinsurance capacity to its clients.

 


Information and Explanation of the Issuer to this News:

This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform with future events or developments.


13-Sep-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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