MUNICH (dpa-AFX) - German reinsurer Munich Re (0KFE.L) reported Thursday that its profit for the first-quarter fell 65.1 percent to 221 million euros from 633 million euros in the same period last year. On a per share basis, net income was 1.57 euros, down sharply from 4.35 euros in the previous year.
The company said that COVID-19-related losses totaled about 800 million euros, particularly in event cancellation insurance.
Operating result for the quarter fell to 397 million euros from 771 million euros in the prior year.
However, gross premiums written rose by 6.8 percent year on year to 14.28 billion euros.
Munich Re said that April renewals showed growth of 25.7 percent and price increase of 3.0 percent.
Looking ahead, Munich Re said that due to the ongoing uncertainties related to the COVID-19 pandemic, it will not specify a new profit target for fiscal 2020 at this time. Previously, the company forecast profit for the year of around 2.8 billion euros.
The company has likewise withdrawn its profit guidance for the reinsurance field of business and the combined ratio for property-casualty reinsurance.
Copyright RTT News/dpa-AFX