Munich Re profit jumps 172% in Q1

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.

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