(Reuters) – The German reinsurance group Munich Re predicted on Tuesday more covid-19-related losses in its reinsurance business than previously expected, but said that its overall profit target for 2021 was achievable.
Munich Re and the industry have been achievable . is recovering from the aftermath of last year's coronavirus outbreak, but Munich Re still expects the losses of covid-19 in its reinsurance line to reach € 800 million ($ 924.32 million) this year, up from € 700 million previously.
Despite these losses and strong claims from storms in Germany and the United States, a profit target of 2.8 billion euros for 2021 "remains within reach", said CFO Christoph Jurecka. The reaffirmation of its indicative target came when it reported third quarter results.
Net profit of EUR 366 million ($ 422.88 million) in the third quarter compared to EUR 1
Munich-based company said the results was reduced by EUR 170 million in covid-19-related losses to its life and health reinsurance department. That effect was "higher than expected", said Munich Re.