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Munich Re Warning Sends Insurance Shares Sliding

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http://www.telegraph.co.uk/money/main.jhtm...cnmunich125.xml

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.

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  • 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%



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