Munich Earnings: A Beat in Life and Health, Yet Long Term We Remain Cautious; Shares Overvalued

Munich has delivered a set of strong results for the first half of 2024 and is on track to surpass its full-year target. Life and health reinsurance has been the predominant driver of the better result and is well ahead of company-compiled consensus for the second quarter. Better sales and mortality experience have helped life and health. The property-casualty result has been driven by releases from reserves and look much better over the first six months than they do in quarter two. Munich looks set to better its targets for the full year, and we raise our fair value estimate to EUR 365.2 per share as a result. We maintain our rating of no moat.