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26.10.2017 - 07:18

DGAP-Adhoc: Hurricanes Harvey, Irma and Maria will cost Munich Re EUR2.7bn



DGAP-Ad-hoc: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München / Key word(s): 9-month figures/Change in Forecast


Hurricanes Harvey, Irma and Maria will cost Munich Re EUR2.7bn


26-Oct-2017 / 07:18 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.




 



Munich Re is expecting a third-quarter loss of EUR1.4bn owing to exceptional major-loss expenditure. The Group now projects a small profit for the full year 2017.


According to current estimates - which are still fraught with considerable uncertainty - Munich Re anticipates losses of EUR2.7bn after retrocession from these three hurricane events. Including the expenditure for other natural catastrophes - in particular the earthquakes in Mexico - and man-made losses, overall major-loss expenditure will amount to EUR3.2bn in the third quarter.



Munich Re will post a loss of EUR1.4bn for the period from July to September 2017. In addition to the aforementioned major losses, the quarterly result will also be impacted by adverse IFRS effects from the recapture of a life reinsurance treaty and - as expected - a low positive contribution to the quarterly result from ERGO. Detailed information on the quarterly figures will be provided on 9 November.



Munich Re is now proceeding on the assumption of generating a small profit for the year - on the proviso that business performs in line with expectations in the last three months of the year.



The ongoing share buy-back programme will continue as planned until it expires at the 2018 Annual General Meeting; up to 24 October 2017, 2.7 million Munich Re shares were repurchased for a total of EUR485m.



On 15 March, Munich Re had announced that its profit guidance for 2017 would be in the range of EUR2.0-2.4bn. On 13 September, Munich Re reported that the severe losses to be expected from Hurricanes Harvey and Irma were likely to result in a loss for the third quarter, and might jeopardise its profit target for 2017. Since then, Hurricane Maria has also caused significant damage in the Caribbean.






 






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 conform them to future events or developments.





26-Oct-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



























Language: English
Company: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

Königinstraße 107

80802 München

Germany
Phone: +49(0) 89 3891-0
Fax: +49(0) 89 399 056
E-mail: shareholder@munichre.com
Internet: www.munichre.com
ISIN: DE0008430026, DE0008430026
WKN: 843002, 843002
Indices: DAX, EURO STOXX 50
Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange; Mailand





 
End of Announcement DGAP News Service




622703  26-Oct-2017 CET/CEST







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