Munich Re Sees 2021 Profits More Than Doubling
December 01 2020 - 5:50AM
Dow Jones News
By Pietro Lombardi
Munich Re expects its 2021 profits to more than double compared
with the expected figure for this year, as the impact of the
coronavirus pandemic should be significantly lower.
The German reinsurance giant said Tuesday that it expects
profits of 2.8 billion euros ($3.34 billion) next year, up from the
EUR1.2 billion it expects for this year.
Coronavirus-related claims in reinsurance should be around
EUR500 million next year, it said.
The group targets premium income of EUR55 billion and return on
investment of more than 2.5% in 2021.
"All forecasts and targets face considerable uncertainty owing
to fragile macroeconomic developments, volatile capital markets and
the unclear future of the pandemic," it said.
The company will present its strategy and mid-term financial
targets on Dec. 8.
Looking at this year, Munich Re forecasts a fourth-quarter
profit of roughly EUR200 million. Costs related to the pandemic
weighed on the quarter, as they did with the company's performance
so far this year.
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
December 01, 2020 05:35 ET (10:35 GMT)
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