Jump to content
House Price Crash Forum
Sign in to follow this  

Munich Re Warning Sends Insurance Shares Sliding

Recommended Posts


Insurance shares around the globe were sent sliding yesterday after the world's second-biggest reinsurer revealed second-quarter earnings had tumbled 48pc and warned of "substantial" writedowns on its equity investments.

Munich Re, which was founded in 1880 and last year recorded a €3.94bn (£3.1bn) profit, saw its shares tumble as much as 11pc - its biggest fall in more than five years. It warned that 2008 profits will be lower than expected as second-quarter consolidated profit almost halved to about €600m.

The insurance leader said: "Against the background of steep falls in share and bond prices, Munich Re expects its profit for 2008 to be below the previously envisaged range of €3-€3.4bn, but still well above €2bn.

So the company is still going to make a HUGE profit, yet this still isn't good enough for the City even in todays market.

So the values of shares go down 11% on the company earning around €3bn profit. In today's climate I would say that's an exceptional performance, but the greedy bar stewards in the City don't.

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.