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The largest in Germany reinsors has accepted a profit of $ 1.9 billion in the first quarter related requirements Last Forest Fires in Los -Angeles.
Munich ReThe world’s largest reinsurance company stated on Tuesday that it expects all fire -related claims to about 1.1 billion euros. Meanwhile, Hannover ReThe third largest reinsters in the world, its largest net loss amounted to EUR 631.4 million at the back of the fires.
In combination, the expenses for the fire of both companies amounted to about 1.73 billion euros, or 1.9 billion.
Reinforcement firms offer policies primary insurers who are usually directly engaged in customers on Earth. Reinforcement policy usually occurs only after approximately 400 million euros ($ 444.4 million), which is absorbed by primary insurance provider.
About 80% of Munich’s claims arose in the company’s casual ownership company, and about 20% got to the world department of the firm’s specialty. Both La Wild Fires business units were the biggest event of single requirements three months before March.
The influx of claims to the fires settled the total expenses in the Munich property segment of the real-cassage more than twice, attracting a quarterly net profit in the division of 72% of the lower year up to 343 million euros.
In the global insurance department, the company scored 95% to 8 million euros.
Despite the hit, the group reported the total net income of 1.1 billion euros, which is 48% compared to last year.
Cristef Yurek’s financial director acknowledged that Munich Ree “did not appear intact from the devastating fires in the Los”, but claimed that the group’s profits demonstrated the sustainability and “reasonable management” of the company’s business portfolio.
“We follow our revenue recommendations at 6 billion euros for the financial year 2025-thanks not a small part of the permanent favorable market conditions and the high quality of our portfolio,” he said in a statement with the company’s first quarter report.
Both shares of Munich Re and Hannover Reven Trade This Tuesday on Tuesday, which were on the list of Frankfurts on Tuesday, made them the worst companies by European Stoxx 600 index.
Hannover Re also published a drop in net income for the quarter, and the metric fell 14% to 480.5 million years compared to the previous year.
“Payments for the great losses in the first quarter reached € 764.7 million – due primarily to California Fires – and thus came much higher than the large budget of losses of 435 million euros,” Hanover said in his quarterly statement.
Mixed results
On Tuesday morning, RBC Europe analysts said their moods on Munich Re was negative, although they noted that the total losses of the campaigns that occurred as a result of the fires were “lower than 1.2 billion euros, previously indicated by the currency effects and the positive effect of retrocesses.”
Giving the target price of the company at 559 euros – little changed from current prices – RBC analysts said Munich Recean published ambiguous results of the first quarter, and net profit came 2% below the market consensus.
Meanwhile, JP Morgan analysts said they had a neutral position in Munich, with a cost of 530 euros.
“Despite a small expectation, we only see limited potential for lowering, given the limited Miss -to -consensus scale,” they said.
At Hannover Re, Deutsche Bank analysts said the company’s big investment indicators helped her accept the quarterly net income that was 7% higher than consensus.
The loan has a stock purchase rating for Hannover Re, the target price is 279 euros – a prize for 4% of current prices.
