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Germany-based Munich Reinsurance Co. forecasts net profit of around €4 billion ($4.26 billion) in 2023 based on the new IFRS 17 accounting standards that is set to be implemented from 2023, Reuters reported. It expects insurance premiums of around €58 billion in 2023. Munich Re expects that its 2023 outlook could be affected by volatile capital markets, the COVID-19 pandemic and fragile macroeconomic developments.