Munich Re expects over $700 million net profit despite pandemic

Germany-based Munich Reinsurance Co. expects a preliminary net profit of around €600 million ($718.9 million) in the first quarter, a nearly 200% increase from €221 million from the same period in 2020, Artemis reported. The reinsurer is expecting above average losses from the freezing Texas weather, U.S. winter storms of February along with the COVID-19 pandemic related losses for its property and casualty and life insurance lines.

Read more.