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Munich Re says it will meet 2021 profit goal

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Munich Re Coronavirus Financial Results P/C Insurers Reinsurance Risk Management More + Less -
Munich Re

(Reuters) — German reinsurance group Munich Re said Tuesday it would meet its 2021 profit goal as it raised its forecast for gross premiums and predicted higher pandemic-related losses than previously anticipated.

Munich Re made the announcements on the back of its second-quarter earnings release that underscored it was rebounding from the fallout of last year's coronavirus pandemic outbreak.

Profit in the quarter rose 91% to €1.106 billion ($1.30 billion) from €579 million, in line with preliminary earnings published last month.

Munich Re said it was raising its loss expectations for COVID-19 for its life and reinsurance business this year to €400 million from around €200 million. For reinsurance, it is raising its forecast on such losses to around €700 million from around €500 million.

Flooding centered in Germany from the Bernd storm will cost the company a “mid-three-digit million euro” figure.

The outlook for revenue is brighter, with 2021 gross premiums now forecast at €58 billion, up by more than €1 billion from previous expectations, Munich Re said.

It aims for profit of €2.8 billion this year.

 

 

 

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