By Pietro Lombardi

Munich Re AG said Tuesday that its first-quarter profit rose more than analysts had expected despite major losses related to February's cold weather in Texas and a hit from the coronavirus pandemic.

The German reinsurance company said net profit for the period was roughly 600 million euros ($722.2 million) compared with EUR221 million a year earlier and consensus expectations of EUR466 million.

Data is preliminary and the reinsurer said it will report its quarterly figures on May 6.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

April 20, 2021 06:08 ET (10:08 GMT)

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