Munich Re reported earnings for the third quarter almost double the previous year, despite heavy damage from Hurricane Ida and summer floods in Europe, and the prolonged effects of the pandemic.
German reinsurance had quarterly net profits of 366 million euros compared to 199 million euros a year ago.
The result is close to preliminary figures announced in October, when the company said it would show a profit of 400m euros.
At that time, expectations spoke of a loss of 10 million euros, according to analysts’ estimates.
The quarterly result was hit by the higher-than-expected coronavirus damage of € 170 million that affected the life and health self-insurance unit.
Hurricane Ida in the US caused 1.2 billion euros in losses in self-insurance, while the floods that hit Europe in July cost about 600 million euros, Munich Re reported.
The company said it expects to meet its 2021 profit target of 2.8 billion euros, but downgraded its life and health insurance business estimates to 200m euros from a previous 400m euros.
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Source From: Capital
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