Munich Re: Q3 to be profitable
(CercleFinance.com) - Munich Re announced on Tuesday that it will be profitable in the third quarter, despite heavy losses incurred on natural catastrophes.
The reinsurance giant said that the bad weather that hit Germany and neighboring countries during the passage of storm Bernd would result in losses of around 600 million euros.
Meanwhile, in the US, Hurricane Ida alone caused losses estimated at some 1.2 billion euros in the P&C insurance business.
However, Munich Re says that its favourable investment results, gains on disposals and positive FX factors should enable it to post profit of around 400 million euros over the past quarter.
As a result, Munich Re says it is still well placed to achieve its target of a profit of 2.8 billion euros in 2021.
In Frankfurt, the share was up almost 3% after these figures were published.
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The reinsurance giant said that the bad weather that hit Germany and neighboring countries during the passage of storm Bernd would result in losses of around 600 million euros.
Meanwhile, in the US, Hurricane Ida alone caused losses estimated at some 1.2 billion euros in the P&C insurance business.
However, Munich Re says that its favourable investment results, gains on disposals and positive FX factors should enable it to post profit of around 400 million euros over the past quarter.
As a result, Munich Re says it is still well placed to achieve its target of a profit of 2.8 billion euros in 2021.
In Frankfurt, the share was up almost 3% after these figures were published.
Copyright (c) 2021 CercleFinance.com. All rights reserved.