Munich Re 3Q Profit Rose Despite High Catastrophe, Covid-19 Losses
09 November 2021 - 6:22PM
Dow Jones News
By Ed Frankl
Muenchener Rueckversicherungs-Gesellschaft AG said Tuesday that
its third-quarter profit almost doubled despite high losses from
Hurricane Ida and summer floods in Europe, and the lingering impact
of the Covid-19 pandemic.
The German reinsurer generated quarterly net profit of 366
million euros ($424.1 million) compared with EUR199 million for the
same period the previous year.
The result is close to preliminary figures issued in October,
when the company said it would make a profit of around EUR400
million. At the time, expectations were of a EUR10 million loss,
according to analysts' estimates provided by the company.
The quarterly result was hit by higher-than-expected
coronavirus-related losses of around EUR170 million in life &
health reinsurance business, the Bavarian insurer said.
Hurricane Ida in the U.S. caused around EUR1.2 billion in
property-casualty reinsurance losses, while floods that struck
central Europe in July cost it roughly EUR600 million, it said,
confirming comments from October.
The company said it expects to meet its 2021 profit target of
EUR2.8 billion, but lowered its life & health insurance outlook
to a profit of EUR200 million, from EUR400 million previously.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 09, 2021 02:07 ET (07:07 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Muenchener Rueckversiche... (PK) (USOTC:MURGY)
Historical Stock Chart
From Oct 2024 to Nov 2024
Muenchener Rueckversiche... (PK) (USOTC:MURGY)
Historical Stock Chart
From Nov 2023 to Nov 2024
