Munich Re unveils Q3 2021 numbers

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Profit in the third quarter of 2021

Profit in the third quarter of 2020

Q1-3 2021 profit

Q1-3 2020 profit

reinsurance

€ 232 million

€ 63 million

€ 1.59 billion

€ 619 million

FOR THIS REASON

€ 134 million

€ 136 million

€ 467 million

€ 381 million

Consolidated

€ 366 million

€ 199 million

€ 2.06 billion

€ 999 million

“Hurricane Ida caused damage amounting to € 1.2 billion, Storm Bernd damage amounting to € 0.6 billion, of which € 0.1 billion was caused by ERGO,” said Munich Re. “The quarterly result was burdened by higher than expected expenses totaling around 170 million euros for COVID-19-related damage in the life and health reinsurance business. In the USA, India and South Africa in particular, high losses were incurred again. “

The group continued: “In property and casualty reinsurance, on the other hand, the COVID-19 claims were well below expectations, and there were practically no pandemic claims in the third quarter. In the ERGO business area, COVID-19 expenses had a negative impact of € 12 million on earnings in the third quarter.

“Overall, the COVID-19-related losses in the reinsurance business area amounted to 1-3. Quarterly to € 680 million, of which around € 470 million was attributable to life and health reinsurance and around 210 million. Nine months after 2021, ERGO recorded only minor losses in connection with COVID-19. “

Munich Re added that it now expects COVID-19 damage of around EUR 800 million for the full year for its reinsurance business area, around EUR 600 million of which from life and health reinsurance and the rest from property and casualty insurance. The annual estimate for ERGO is around € 20 to 30 million.

On the interim results, CFO Christoph Jurecka said: “Our annual target of 2.8 billion

Without insurance-related investments, Munich Re’s investment income rose in the quarter from € 1.69 billion to € 2.11 billion this time.

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