|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's range||354.80 - 360.75|
|52-week range||212.60 - 377.05|
|Beta (5Y monthly)||0.90|
|PE ratio (TTM)||13.62|
|Forward dividend & yield||12.72 (3.55%)|
|Ex-dividend date||08 May 2023|
|1y target est||N/A|
Reinsurer Swiss Re on Monday became the latest major company to leave a global climate alliance focused on reducing emissions that has faced growing political pressure in the United States. Swiss Re said in an emailed statement it had decided to leave the Net-Zero Insurance Alliance (NZIA), without giving a reason for the decision. The move to leave the NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, follows the exit of members Munich Re at the end of March and Zurich Insurance and Hannover Re in April.
The German reinsurer Munich Re on Friday said it posted a better-than-expected net profit of around 1.3 billion euros ($1.43 billion) in the first quarter and that it may exceed its full-year target. Analysts had expected profit of 1.012 billion euros, according to a consensus forecast published by Munich Re. Munich Re reiterated its aim of net profit of 4 billion euros for the full year.
Munich Re will not proactively extend coverage for the Nord Stream 1 pipeline when it expires later this year, a spokesperson told Reuters on Thursday. The decision follows an announcement by Allianz on Wednesday that it does not intend to renew the policy. Munich Re did not elaborate.
LONDON (Reuters) -Zurich Insurance Group said on Wednesday it was withdrawing from the Net Zero Insurance Alliance (NZIA), becoming the second founding member to quit the climate group in less than a week. Part of the Glasgow Financial Alliance for Net Zero (GFANZ) umbrella group of sectors pushing to decarbonise, NZIA members have faced growing pressure from campaigners to move faster in cutting emissions linked to their underwriting. Zurich, one of Europe's biggest insurers, said after establishing a standardised methodology for tracking and disclosing emissions, it wanted "to focus our resources to support our customers with their transition".
FRANKFURT/LONDON (Reuters) -A group of climate activists has called on 30 insurance company bosses to "immediately" stop underwriting new fossil fuel projects in the wake of a stark climate warning from U.N. scientists, a letter seen by Reuters showed. Insure our Future, a global consortium of activists, said it sent the letter dated March 21 to companies including Munich Re, Zurich Insurance and AXA. The six-page letter, signed by 23 climate groups, including non-governmental organisations (NGOs), said the insurance industry had failed to do enough to meet the world's climate goal of limiting global warming to 1.5 degrees Celsius.
CDB Aviation became the latest aircraft lessor to start legal action in pursuit of claims against a large number of insurers over jets it owns that are stuck in Russia, an Irish High Court filing showed. The Irish-based lessor, owned by the China Development Bank (CDB), China's largest policy bank, still has nine aircraft in Russia after Moscow blocked some 400 jets from leaving following Western sanctions over its February invasion of Ukraine. The 18 insurers named in the proceedings, which the filing shows was issued on Nov. 15, include Lloyd's of London Ltd , Chubb Ltd, Swiss Re AG and Great Lakes Insurance, a subsidiary of Munich Re.
Munich Re on Tuesday said it posted a 44% rise in net profit in the third quarter, despite big claims from Hurricane Ian, and it "firmly" stuck to its full-year earnings target. Last month the resinsurer already flagged that it expected profit of around 500 million euros, well above consensus for a loss of 167 million euros. "Although Hurricane Ian and the macroeconomic environment are making it significantly more challenging for us, we are firmly adhering" to 2022 profit guidance of 3.3 billion euros, said Chief Financial Officer Christoph Jurecka.
Munich Re said reinsurance rates were set to rise across the industry, caused by inflation, higher interest rates and a decline in capital to underpin underwriting activity. In a statement on Sunday, the German group said reinsurance capacity, or the industry's financial ability to take on risks, was on the decline while demand for contracts was growing, causing rates to trend higher. "Reinsurance capacity declines as demand grows – further hardening of the market (is) apparent," it said.
Munich Re on Tuesday said it posted a 31% fall in net profit in the second quarter, as it took writedowns on investment losses on stocks, but it confirmed its 2022 profit target. Net profit in the quarter of 768 million euros ($782.90 million) compares with 1.106 billion euros a year ago and is bigger than expectations of 719 million euros in profit.