Munich Re's 3Q Profits Hit by Covid-19, Disaster Losses
October 20 2020 - 9:25AM
Dow Jones News
By Pietro Lombardi
Munich Re expects third-quarter profits to fall sharply due to
nearly losses of nearly $1 billion related to Covid-19 and
higher-than-usual disaster claims, it said Tuesday.
Over the quarter, the German reinsurance giant registered about
800 million euros ($941.7 million) in losses related to the
pandemic, which led to the cancellation of major events and also
hit other business lines. Moreover, natural disasters like
hurricanes and wildfires in the United States, as well as other
disasters like the explosion in Beirut's port, led to
higher-than-usual claims.
The company said it expects to report quarterly profits of
around EUR200 million, compared with EUR865 million a year
earlier.
Munich Re will release its quarterly figures on Nov. 5.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
October 20, 2020 10:10 ET (14:10 GMT)
Copyright (c) 2020 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
