Insurer Munich Re expects lower profit in 2017

LONDON/MUNICH, March 15 (Reuters) German reinsurer Munich Re expects a lower profit Canada Goose Outlet in 2017 buy canada goose jacket cheap than last year as prices remain weak and it Canada Goose Jackets invests canada goose uk outlet in technology, it said on Wednesday, sending its shares towards the bottom of the blue chip DAX index.

The world largest reinsurer said it expects net canada goose clearance sale income canada goose coats on sale between 2 billion and 2.4 billion euros ($2.1 $2.5 billion) this year, canada goose uk shop compared with 2.6 billion canada goose in 2016.

Reinsurance prices have been falling for several years due to canada goose store increasing competition in the sector and a lack of natural catastrophes in developed markets, which typically push up demand.

haven seen uk canada goose the bottom (of the market) Canada Goose online yet, Chief Executive Nikolaus von Bomhard told a news conference. believe that we will have reached the bottom soon.

Insurers and reinsurers, which help insurers shoulder the burden of large losses in return for part of the premium, have also been looking at ways to streamline their buy canada goose jacket business in areas such as automation of claims processing.

They fear disruption in the industry from a new breed of companies or from technology canada goose factory sale and social media Canada Goose Coats On Sale giants such as Amazon or Facebook.

Munich Re and uk canada goose outlet others such as AXA and Aviva are investing in start up insurtech companies.

Changes in technology canada goose uk black friday will require Munich Re to up partnerships that would previously not have been considered the reinsurer said in a statement on Wednesday, explaining the lower profit guidance.

RBC analysts cheap Canada Goose described the profit guidance as conservative reiterating their rating on the stock.

The company also said it would buy back up to 1 billion euros of its own shares by canadian goose jacket April 2018, following similar buyback arrangements in 2015 and 2016.

The buyback of up to 11 Canada Goose sale million shares would be equivalent to 3.5 percent of its share capital canada goose black friday sale based on the current price, Munich Re said.

Reinsurers have focused on share buybacks as they struggle to High Quality Canada Goose put cheap canada goose uk money to work against the backdrop of declining prices.

Rival Swiss Re Canada Goose Parka last month announced a new share buyback programme of up to 1 billion Swiss francs ($991.4 million).

Von Bomhard, who will be replaced as CEO next month by board member Joachim Wenning, told the news conference that he wanted to remain over canada goose clearance future buybacks, canada goose coats however, leaving open room for investment in growth or acquisitions.

Munich Re released preliminary results for Canada Goose Online 2016 on Feb. 7, including a proposed dividend of 8.60 euros per share, up 4 percent from a year earlier.

Munich https://www.canadagooseoutleta.com Re shares were trading at 176.5 euros at 1034 GMT, down 1.6 percent and the second worst performer on Germany DAX index. ($1 = 0.9413 euros) ($1 = 1.0087 Swiss francs) (Editing by Victoria Bryan).