Thursday 29 December, 1:00 PM GMT (Thomson Financial): European markets
remain higher in quiet trade. Corporate news is light although the insurance
sector is in focus after Munich Re said it was increasing its full-year
dividend despite the impact from the hurricane season, while Allianz has
revealed profits forecasts for the coming three years. Elsewhere, Hilton Group
remains higher on reports of an agreement with Hilton Hotels Corp.
London's FTSE-100 Index has risen by 14.10 points or 0.25% to 5636.90,
while Paris's CAC-40 Index has added 13.32 points or 0.28% to 4770.25.
Frankfurt's DAX Index is up by 16.10 points or 0.30% to 5463.25 and Milan' s
S&P MIB Index has climbed by 128 points or 0.36% to 35,994. The pan-European
blue chip Dow Jones Stoxx 50 Index has gained 18.42 points or 0.55% to
3368.83.
* Munich Re said it still expects its full-year result to be on target,
despite heavy losses linked to the hurricane season. The company said
it expects the claims burden from the hurricane season to reach almost
2.3 billion euros after retrocession, which will have a 1.5 billion
euros impact on its consolidated after tax result. However, despite
the hurricane losses, Munich Re still forecasts that it will hit its
full-year target, thanks mainly to substantial capital gains, which
will also allow the group to lift its full-year dividend by 55% to
3.10 euros.
* In papers published ahead of a planned extraordinary general meeting,
insurer Allianz said it was forecasting a net profit of 4.92 euros in
2006, 5.37 billion euros in 2007 and a 5.91 billion euros net profit
in 2008. The meeting has been called for 8 February as part of its
plan to acquire the shares in Riunione Adriatica di Sicurta (RAS) it
does not already own.
* Shares in Hilton Group remain higher on press reports indicating that
the group is close to inking a US$5.5 billion agreement with Hilton
Hotels Corp., which would bring the U.S. and international Hilton
brands together.
Olivier.Masson@Thomson.com; Thomson Financial
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SOURCE Thomson Financial Corporate Group
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