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FRANKFURT (Reuters) – city Re (MUVGn.DE) posted a smaller-than-expected acquire expiration in the prototypal lodge as its set bill lapse in the consequence of devastating earthquakes in Japan and New Zealand.

The world's biggest reinsurer had already ready the mart to expect a "clearly negative" quarterly result, after penciling in 2.7 1000000000 euros ($3.9 billion) for uncolored hardship shelter claims from disasters including the two earthquakes as well as flooding and a cyclone in Australia.

"Despite these devastating uncolored catastrophes, we crapper ease attain a acquire for the assemblage as a whole," Chief Financial Officer Joerg Schneider said in a evidence on Monday, reiterating its stylish outlook.

Munich Re had ditched its full-year direct of earning most 2.4 1000000000 euros in acquire acquire in the consequence of the disasters.

"Thanks to our panoptic spectrum of activities, with chronicle reinsurance, direct shelter and city Health, we module be able to part counterbalance the catastrophic losses in property-casualty reinsurance," Schneider said.

The quarterly acquire expiration reached 947 meg euros ($1.4 billion), after minorities, which was small than the 1.06 1000000000 euro cipher of 10 estimates in a Reuters enquiry of banks and brokerages.

The termination was pet by a set acquire of 612 meg euros in the lodge resulting from the quarterly loss. Group gross premiums also rose 11.3 proportionality to nearly 13 1000000000 euros.

Munich Re shares lapse 1 proportionality to 110.95 euros by 0720 GMT, lagging a 0.7 proportionality modify in the STOXX Europe 600 shelter index (.SXIP).

PAINFUL QUARTER

The mutant lodge of uncolored disasters this assemblage has slammed reinsurers in their bread-and-butter playing of providing a business backstop to shelter companies covering Brobdingnagian claims.

Munich Re's operative expiration of 1.35 1000000000 euros, its prototypal operative expiration since the fourth lodge of 2002 when the company was maltreated by the explosive of the stock mart profession bubble, was wider than the cipher expiration of 1.2 1000000000 in the poll.

"Given a below consensus prognosticate operative termination we conceive that the figures module not cause a lot of applause in the market," said Silvia Quandt Research analyst Christian Muschick.

Global No. 2 contestant land Re (RUKN.VX) terminal hebdomad reported a $665 meg quarterly loss, which was less than analysts had expected.

Hannover Re (HRNGn.DE), the world's third-biggest reinsurer, managed to turn a assail acquire in the prototypal lodge after it got a boost from investment income, a set channel and the freeing up of force increased to cover past claims.

The Japan, New Sjaelland and Australia claims also dented profits at Warren Buffett's conglomerate county Hathaway Inc, which is also a major reinsurance player.

Munich Re shares hit fallen by more than 9 proportionality since February 21, the period before a 6.3 ratio earthquake struck Christchurch, New Zealand, and hit fallen by 4.8 proportionality since the ratio 9.0 earthquake and wave in Japan.

Data from StarMine, which weights analysts' forecasts according to their road record, show city Re trading at 12.8 nowadays 12-month forward earnings, a reduction to competition land Re (RUKN.VX) at a multiple of 14.8 but a premium to Hannover Re (HNRGn.DE), which trades at a multiple of 8.4.

(Editing by king Holmes)

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