Munich Re: Harvey, Irma Could Threaten 2017 Profit Goal, 3Q Loss Likely
14 September 2017 - 4:25PM
Dow Jones News
By Ulrike Dauer
Germany's Munich Re AG (MUV2.XE), the world's largest reinsurer,
said late Wednesday it could miss its 2017 profit target because of
a high bill for insurers and reinsurers caused by Hurricanes Harvey
and Irma.
Munich Re said it would likely report a loss for the third
quarter. For the full year, it previously guided for an aftertax
profit, including minorities, of between EUR2.0 billion and EUR2.4
billion ($2.4 billion to $2.86 billion).
It also said reinsurers and insurers aren't yet able to quantify
the impact of the two hurricanes.
Munich Re said its capital base remains solid even after the
storms.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
September 14, 2017 02:10 ET (06:10 GMT)
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