Good Q3 Numbers From Munich Re; We're Hesitant on Quality of Q4 Operating Delivery

Munich Re reported net profit of EUR 1.9 billion for the first nine months of the year. This includes a net result of EUR 527 million for the third quarter and means it looks like Munich will roughly achieve what we are forecasting, give or take a little. However, management is still guiding to a consolidated result of EUR 3.3 billion. Given commentary and numbers we anticipate there is likely to be significant harvesting and one-offs in the fourth quarter to meet this.