UPDATE 1-Higher claims hit Munich Re's quarterly net profit [Reuters (UK)]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Reuters
UPDATE 1-Higher claims hit Munich Re's quarterly net profit - Reuters 2 Min Read * Company confirms 2020 profit goal * Full-year profit misses analysts’ estimate (Updates with details, CEO comment, outlook and background) FRANKFURT, Feb 28 (Reuters) - Munich Re said on Friday its fourth-quarter profit fell nearly 9% amid major losses from natural catastrophes and other claims, but the German reinsurer expressed confidence of meeting its 2020 profit target. Executives had warned last year that the company was facing big claims for typhoons and fires in the fourth quarter. Typhoons Hagibis and Faxai, which struck Japan last year and were the worst storms there in decades, caused damages of 1.3 billion euros ($1.41 billion) for the Munich-based company. Shares were down 7% in early trade in Frankfurt. Munich Re’s combined ratio in its property and casualty division - a key measure of profitability - was 112.5% in the fourth quarter, worse than the 105.1% a year earlier. Readings below 10
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