München Reinsurance Co. said on Wednesday that the 2021 result for the first quarter of 2021 would jump to 172% to about 600 million euros ($ 722.1 million), compared to the 2020 result for the first quarter, on "good operational development overall." The reinsurer said it would report full results on May 6 as planned.
Munich cited "overall good operating development, an investment result that was below expectations, and ERGO's very good results" for the profit. ERGO Group AG, a subsidiary of Munich Re, is the Group's primary insurance arm.
The expected gain comes despite larger-than-average reinsurance losses for the first quarter, "mainly due to an unusually severe cold in the United States, particularly in the state of Texas," said Munich Re.
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