MUNICH (dpa-AFX) - Munich Re reported preliminary first quarter net profit of around 600 million euros compared to 221 million euros, prior year, due to good operational development overall, an investment result that was within expectations, and ERGO's very good performance. The company noted that the consensus for the first quarter profit was 466 million euros.
Munich Re said, in the first quarter of 2021, the company's major-loss expenditure in property-casualty reinsurance was higher than average, primarily owing to an unusually severe cold spell in the USA, in particular in the state of Texas. Also, both fields of reinsurance were affected by COVID-19-related losses.
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