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Munich Reinsurance Co. said Wednesday that 2021 first-quarter profit should jump 172% to about €600 million ($722.1 million), compared with 2020 first-quarter profit, on “good operational development overall.”
The German reinsurer said it would report full results May 6 as planned.
Munich Re cited “good operational development overall, an investment result that was within expectations, and ERGO’s very good performance,” for the profits. ERGO Group AG, a Munich Re subsidiary, is the group’s primary insurance arm.
The expected profit comes despite larger than average first-quarter, property-casualty reinsurance losses, “primarily owing to an unusually severe cold spell in the USA, in particular in the state of Texas,” Munich Re said.
COVID-19-related reinsurance losses remained in line with expectations, Munich Re said.
More insurance and risk management news on the coronavirus crisis here.
(Reuters) — German reinsurance group Munich Re expects net profit to bounce back this year after more than halving in 2020 as the coronavirus crisis helped drive claims to a near-decade high.