Munich Re Overcomes Catastrophe Losses to Post 3Q Net Profit
19 October 2021 - 11:43PM
Dow Jones News
By Ed Frankl
Muenchener Rueckversicherungs-Gesellschaft AG said Tuesday that
it took high losses from Hurricane Ida and summer floods in Europe
in the third-quarter but still achieved a profit, as it maintained
its full-year guidance.
The German reinsurer generated quarterly net income of around
400 million euros ($464.5 million) after what it said was continued
positive performance in all segments, a high investment result,
gains on disposals and a high currency translation.
The result compares with expectations of a loss of EUR10
million, according to consensus estimates provided by the
company.
Munich Re said Hurricane Ida in the U.S. caused around EUR1.2
billion in property-casualty reinsurance losses and that
devastating floods that struck central Europe in July cost it
roughly EUR600 million in property-casualty reinsurance and its
ERGO subsidiary.
The Bavarian company said its result for the first nine months
of the year was around EUR2.1 billion and that it still expects to
meet its overall profit target of EUR2.8 billion.
The forecast takes into account higher Covid-19 pandemic losses
than expected at its second-quarter results, the company said.
Full results will be announced on Nov. 9, Munich Re added.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 19, 2021 08:28 ET (12:28 GMT)
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