Munich Re beats Q1 profit consensus despite P&C drag

First-quarter operating profit at Munich Re beat analysts'
expectations, with the carrier reporting a result of EUR952mn
($1.04bn).
The operating result was ahead of the prior-year period's
EUR726mn, and 2 percent above the consensus analyst forecast,
according Citigroup's Andrius Budnikas.
But results were held back by a worse-than-expected P&C
reinsurance combined ratio, with Munich Re reporting a combined
ratio of 97.1 percent, about 8.7 percentage points worse than the
prior-year period