Munich Re says it will meet 2021 profit goal
- October 21, 2024
- Posted by: Web workers
- Category: Finance
(Reuters) — German reinsurance group Munich Re said Tuesday it would meet its 2021 profit goal as it raised its forecast for gross premiums and predicted higher pandemic-related losses than previously anticipated.
Munich Re made the announcements on the back of its second-quarter earnings release that underscored it was rebounding from the fallout of last year’s coronavirus pandemic outbreak.
Profit in the quarter rose 91% to €1.106 billion ($1.30 billion) from €579 million, in line with preliminary earnings published last month.
Munich Re said it was raising its loss expectations for COVID-19 for its life and reinsurance business this year to €400 million from around €200 million. For reinsurance, it is raising its forecast on such losses to around €700 million from around €500 million.
Flooding centered in Germany from the Bernd storm will cost the company a “mid-three-digit million euro” figure.
The outlook for revenue is brighter, with 2021 gross premiums now forecast at €58 billion, up by more than €1 billion from previous expectations, Munich Re said.
It aims for profit of €2.8 billion this year.
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