Analyst Note
| Henry Heathfield, CFA |Munich Reinsurance has reported numbers for the first quarter of 2021. Having rolled our model to incorporate full-year 2020 numbers, we are increasing our fair value estimate slightly to EUR 265.0 per share. The results on April 6 look to be in line with what we anticipate for the full year, though the third quarter will be crucial in this outcome. We maintain our no moat rating.