• Net premiums earned increased by 9% to €13.6bn in Q2 21
• COVID-19 claims were around €241m for Q2 21 compared to around €700m for Q2 20
• Net profit attributable to shareholders was up from €580m for Q2 20 to €1.1bn for Q2 21
• European flood claims in mid-three-digit €m range expected
• Prices rose by 2.0% and business volume increased by 11% to €3.9bn at July renewals
Companies: Munich Reinsurance Company
• Net premiums earned increased by 1% to €12.8bn in Q1 21
• COVID-19 claims were around €290m for Q1 21 compared to around €800m for Q1 20
• Pre-tax profit increased by 48% to €703m in Q1 21
• Net profit attributable to shareholders was up from €221m for Q1 20 to €589m for Q1 21 due to a lower tax ratio
• Prices rose by 2.4% and premium volume increased by 17% to €2.3bn at April renewals
• Net profit attributable to shareholders decreased by 56% to €1.21bn for 2020 but was in line with the revised company guidance
• COVID-19-related losses were €3.5bn in FY2020
• The dividend proposal is unchanged at €9.80 per share for FY2020
• Strong January 2021 renewals with higher prices and volumes
Munich Re forecasts a net profit of €1.2bn for FY2020
COVID-19-related claims expected at around €3.5bn for FY2020
Net profit guidance of €2.8bn released for FY2021
COVID-19-related impact expected at around €650m for FY2021
• Net profit attributable to shareholders was down by 77% to €199m for Q3 20
• Q3 results were again hit by COVID-19-related claims which were around €800m
• Net premiums earned increased by 4% to €12.8bn for Q3 20
• Net premiums earned increased by 6% to €12.5bn
• Q2 results were hit by COVID-19-related claims which were around €700m
• Net profit attributable to shareholders decreased by 42% to €580m for Q2 20
• Prices rose by 2.8% and premium volume increased by 8.3% to €3.8bn at the July renewals
• The implementation of the 2020/2021 €1bn share buy-back programme announced on 26 February 2020 is now cancelled
• Net premiums earned increased by 8.7% to €12.6bn
• Results were hit by event insurance claims due to COVID-19 and higher mortality in USA which was not COVID-related
• Pre-tax profit decreased by 37% to €476m in Q1 20
• Tax ratio increased from 16% for Q1 19 to 54% for Q1 20 largely attributable to non-tax-deductible losses on disposal and write-downs
• Prices rose by 3.0% and premium volume increased by 25.7% to some €2.1bn at April renewals
• Net profit attributable to shareholders increased by 18% to €2,714m for 2019
• Net result of the p&c reinsurance business increased by 38% to €1.56bn for 2019
• The dividend proposal rose from €9.25 per share for FY2018 to €9.80 per share for FY2019
• A new share buy-back programme of €1bn was announced two days ago
• Net profit attributable to shareholders was up by 79% to €865m for Q3 19
• Investment result increased from €1.3bn for Q3 18 to €2.1bn for Q3 19 due to high disposal gains
• P&C major-loss expenditure corresponded to 18.4% of net earned premium for Q3, which was significantly higher than the projected long-term average of 12%
• Munich Re expects now to beat its target for the consolidated result of €2.5bn for FY2019
• Net profit attributable to shareholders increased by 37% to €993m for Q2 19
• Q1 net profit came in markedly above the (old) consensus estimates and the company guidance of €2.5bn for FY2019
• The development of the reinsurance sub-segments was fairly mixed
• With regard to all July renewals, prices rose by 0.5% and premium volume rose by 9% to around €3.5bn for Munich Re
• Net profit attributable to shareholders was down by 23.5% to €632m for Q1 19
• Q1 net profit was fully in line with the consensus estimates and the company guidance of €2.5bn for FY2019
• With regard to all April renewals, prices rose by 1.4% and premium volume rose by 10.3% to some €1.8bn for Munich Re
Munich Re has commented on the 1 January agreement renewals and released some preliminary figures regarding its Q4 18 and FY2018 business. Munich Re’s preliminary net profit attributable to shareholders increased from €375m for FY2017 to €2.31bn for FY2018. Net profit attributable to shareholders was down by 52% to €255m for Q4 18 compared to Q4 17. Gross premiums written were flat at €49.1bn in FY2018 compared to FY2017. The investment result was down by 14% to €6.5bn for FY2018. Operating prof
The net result attributable to shareholders was a profit of €505m for Q3 17 compared to a loss of €1.44bn for Q3 17. Gross premiums written were up by 4% to €12.8bn in Q3 18 compared to the same period last year. The technical result was a profit of €847m for Q3 18 compared to a loss of €2.06bn for Q3 17. The investment result declined by 19% to €1.3bn in Q3 18 compared to Q3 17. The RoI was 2.3% for Q3 18 compared to 2.7% for the same period last year. The other non-operating result was a loss
Net profit attributable to shareholders decreased by 1% to €724m for Q2 18 compared to Q2 17. Gross premiums written were down by 5% at €11.2bn in Q2 18 compared to the same period last year. Expenses for claims decreased by 7% to €8.9bn in Q2 18. The technical result was down by 25% to €569m for Q2 18 versus Q2 17. The investment result declined by 2% to €1.84bn in Q2 18 compared to Q2 17. The annualised RoI was 3.1% for Q2 18 compared to 3.2% for the same period last year. The other non-operat
Munich Re released only a quarterly statement and not a full report on the Q1 18 results. Net profit attributable to shareholders increased by 49% to €826m for Q1 18 compared to Q1 17. Gross premiums written were up by 1.6% to €13.1bn in Q1 18 compared to the same period last year. At constant exchange rates, the rate of change would have been up by 7.8%. Net premiums earned were down by 5% to €11.25bn in Q1 18 versus Q1 17. Expenses for claims declined by 17% to €8.4bn in Q1 18. The technical r
Research Tree provides access to ongoing research coverage, media content and regulatory news on Munich Reinsurance Company.
We currently have 2 research reports from 1
Palace Capital has released a good trading update of for the 6 months to 30 September. The Group has achieved good progress both across the portfolio and in sales achieved at Hudson Quarter. With cash reserves rising, the Group continues to look for value creative opportunities to recycle capital which should realise value for shareholders. Buy
Companies: Palace Capital plc
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
The third quarter continued to enjoy record CIB revenues and loan provision recoveries. Consensus expectations have now largely aligned with our projections, thus leaving limited upside potential in our view.
Companies: Barclays PLC
Non-Standard Finance (‘NSF’), one of the leading providers of unsecured credit to UK adults, published interim results for the half year to 30 June 2021 on 28 September. Overall, these showed a significantly lower loss before tax due to improved operational performance and lower below the line charges. The group also reported that current trading was ahead of plan primarily due to strong collections performance. Discussions with the FCA regarding the redress programme for guarantor loans custome
Companies: Non-Standard Finance Plc
NextEnergy Solar Fund’s investment in NextPower III opens up geographic opportunities in Latin America, Asia and other parts of Europe much earlier than could have been delivered by direct project investment. Additionally, the JV announcement with energy storage system (ESS) developer Eelpower is also an attractive way to accelerate portfolio diversity as well as opening up the door to further asset growth. By working with partners experienced in different geographies and the energy storage segm
Companies: Nextenergy Solar Fund
What’s new: Tatton’s interims trading update confirm it has “delivered strong growth in all its key metrics during the period including revenue, profits and assets under management” (AUM). It is “trading in line with expectations”.
Companies: Tatton Asset Management Plc
No Joiners Today.
No Leavers Today.
What’s cooking in the IPO kitchen?
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
AuM pushed on in Q2, hitting £10.8bn – including the acquisition of the Verbatim funds (+13% in H1 organic only). Crucially, net inflows have remained strong through the whole of H1 at £109m avg pcm. This flow momentum underpins an encouraging outlook, both near and medium-term. We leave our forecasts unchanged although note risk to the upside heading into H2. We will review our model again at the Interims. Given the pace of growth and scale of opportunity from already established relationships,
Gore Street’s trading update confirms expectations of a strong trading environment for batteries in both the GB and Irish markets. Driven principally by high gas prices creating electricity market volatility and with tight capacity margins likely to remain, we see the company continuing to generate excess cash returns in this financial year at least.
Companies: Gore Street Energy Storage Fund PLC
Currently, Gore Street Energy Storage Fund (GSF) primarily relies on revenue from frequency response services, including Dynamic Containment (DC), to estimate near-term returns. The dislocation in the UK power market has led to a sharp rise in returns available from energy arbitrage leaving GSF’s assets well placed to benefit from this increased volatility. In September, those of GSF’s GB storage assets that participated in the actively-traded GB power markets generated revenues that were signif
No Joiners Today
No Leavers Today
What’s cooking in the IPO kitchen?
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
Companies: ZYT CIC DMTR GILD LMS MMAG PYC SMRT SBI
Companies: Chrysalis Investments Limited
Today's news & views, plus announcements from BHP, MGGT, RIO, BWY, MONY, BGO, YOU, AVAP, PCA & SOLG.
Companies: AVAP BGO RIO SOLG
TMT Investments PLC have provided a portfoloio update. We have published research on this which is attached and a snapshot of the research is below.
The venture capital company investing in high-growth technology companies has moved one step closer to its first IPO driven exit. In a portfolio update announced this week TMT noted that its portfolio company Backblaze, Inc. publicly filed with the SEC on 18 October 2021. TMT currently holds a 9.97% interest in Backblaze, Inc. (pre its expected fun
Companies: TMT Investments
Companies: Shaftesbury PLC