MUNICH (dpa-AFX) - German reinsurance provider Munich Re Group (0KFE.L) reported Tuesday that its first-quarter profit grew to 608 million euros from last year's 589 million euros.
The operating result totaled 780 million euros, down from 798 million euros a year ago.
Gross premiums written increased substantially by 15.7% to 16.83 billion euros from prior year's 14.55 billion euros.
The annualised return on equity or RoE for the quarter was 9.8%, compared to 10.4% a year ago.
Despite the uncertainties of a challenging environment, Munich Re maintained its annual profit guidance of 3.3 billion euros based on a quarterly profit of more than 600 million euros.
Gross premium is now expected to increase to 64 billion euros in 2022, compared to previous estimate of around 61 billion euros.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
