(Reuters) – The German reinsurance group Munich Re said on Tuesday that it would meet its 2021 profit target when it raised its forecast for gross premiums and predicted higher pandemic-related losses than previously expected.
Munich Re made the announcements behind its second-quarter earnings announcement, underlining that it was recovering from the decline from last year's coronavirus pandemic outbreak.
Quarterly profit rose 91% to € 1.106 billion ($ 1.30 billion) from € 579 million, in line with preliminary revenue published last month.
Munich Re said it raised its loss expectations for COVID-19 for its life and reinsurance business this year to € 400 million from around € 200 million. For reinsurance, it raises its forecast for such losses to around EUR 700 million from around EUR 500 million.
Flooding centered in Germany from the Bernd storm will cost the company a "between three-digit million euro" figure. [1
It aims for a profit of 2.8 billion euros this year.