MUNICH (dpa-AFX) - Germany's Munich Re (0KFE.L) reported Thursday that its first-quarter profit more than doubled to 589 million euros from last year's 221 million euros.
Operating result increased to 798 million euros from prior year's 397 million euros, particularly owing to a considerably lower burden arising from COVID-19 losses - especially in property-casualty reinsurance.
Gross premiums written increased 1.9 percent to 14.55 billion euros from prior year's 14.28 billion euros.
Looking ahead, the company said it is on track to meet fiscal 2021 target for consolidated profit of 2.8 billion euros, thanks to robust operating earnings.
Munich Re expects gross premiums to increase to 57 billion euros in 2021.
The company said it anticipates advantageous business prospects in reinsurance in 2021. This is evident in the projected gross written premium in this field of business, which has been adjusted upwards to 39 billion euros from 37 billion euros.
Copyright RTT News/dpa-AFX