MUNICH (dpa-AFX) - Munich Re (0KFE.L), a provider of reinsurance, primary insurance and insurance-related risk solutions, reported Thursday that its third-quarter profit plunged to 199 million euros from 865 million euros last year.
Operating result fell to 353 million euros from 844 million euros in the same quarter last year.
However, gross premiums written increased by 3 percent to 14.15 billion euros from 13.74 billion euros in the same quarter last year.
'In reinsurance, the third quarter is often characterised by above average losses - and that was again the case this year. On top of manmade major losses and natural catastrophes in the USA, ongoing high COVID-19 claims affected the result,' said Christoph Jurecka, CFO of MunichRe.
Looking ahead, MunichRe said that due to the ongoing high level of uncertainty regarding the further economic and financial consequences of COVID-19, it is again not issuing profit outlook for 2020.
Copyright RTT News/dpa-AFX
© 2020 AFX News
