Munich Re reported Q1 result of around EUR 600 million

21 April 2021 — Andrei Victor
German reinsurer Munich Re announced preliminary net profit of roughly EUR 600 million for the Q1 2021, which is up on the consensus of EUR 466 million and also the EUR 221 million reported in the same period in 2020.

Reinsurer's representatives mentioned the positive result reflects the "good operational development overall, an investment result that was within expectations, and ERGO's very good performance".

During the period, reinsurer's major-loss expenditure in PC reinsurance was higher than average, primarily owing to an unusually severe cold spell in the USA, in particular in the state of Texas. "In addition, both fields of reinsurance were affected by COVID-19-related losses that were in line with expectations".

Munich Re will report on the definitive figures for the first quarter on 6 May, as planned.

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