Munich Re 2Q Profit Rose, Raises 2021 Gross Premium Target
August 10 2021 - 2:25AM
Dow Jones News
By Giulia Petroni
Munich Re AG said Tuesday that net profit rose in the second
quarter and raised its full-year target for gross premiums.
The German reinsurance company posted a quarterly net profit of
1.1 billion euros ($1.29 billion) compared with EUR579 million a
year earlier, as announced last month.
Operating profit was EUR1.55 billion, up from EUR755 million the
year prior, while gross premiums written came to EUR14.64 billion
compared with EUR12.83 billion.
Coronavirus-related losses for the quarter came to EUR241
million, the company said.
Munich Re raised its gross premium forecasts for the full year,
and said it now expect gross premiums of EUR58 billion, comprising
EUR40 billion for reinsurance and EUR18 billion for the ERGO
insurance business.
The company reiterated that it is on track to reach its
net-profit target of EUR2.8 billion in the full year, but said it
may not be able to meet its sub-target of EUR400 million in profit
at its life and health reinsurance business.
The company said it expects overall claims expenditure for
reinsurance and ERGO to be in the mid-three-digit-million-euro
range in relation to severe weather events and flooding in various
regions of Europe.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
August 10, 2021 02:10 ET (06:10 GMT)
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