Munich Re 1Q Profit Fell, Events Cancellation A Major Driver
May 07 2020 - 1:26AM
Dow Jones News
By Jessica Sier
Muenchener Rueckversicherungs-Gesellschaft AG, or Munich Re,
said Thursday that profits slumped in the first quarter due to the
high claims burden caused by the coronavirus pandemic, and
refrained from updating its profit forecast.
The German reinsurance company reported 222 million euro ($240
million) net profit for the first quarter, down from a net profit
of EUR633 million a year earlier.
The company's first-quarter operating result fell to EUR397
million, compared with EUR771 million for the same period a year
earlier.
Major losses totaled EUR800 million in the quarter, largely
through event cancellations owing to abrupt efforts to contain the
spread of the coronavirus.
One such example is the suspension of the Olympic Games, of
which Munich Re is part of the insurance consortium.
Munich Re said first-quarter gross premiums were EUR14.28
billion and the burden from natural disasters amounted to EUR208
million.
The company refrained from offering a profit target for now,
citing uncertainties around the coronavirus pandemic.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
May 07, 2020 02:11 ET (06:11 GMT)
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