By Amir Sadiq
Munich Re reported man-made losses of EUR973m in the first quarter of this year (1Q20), with an estimated EUR800m stemming from the cancellation or postponement of major events on account of the coronavirus pandemic.
However it still managed to turn in a profit of EUR221m in 1Q20. At the same time, the Group’s investments managed to perform well despite turmoil in capital markets.
Munich Re had earlier announced that it would not be able to attain its profit guidance of EUR2.8bn for this year in light of the financial impact of COVID-19.
In view of ongoing uncertainties, the company has declared that it will not specify a new profit target for 2020 at this time, and has similarly withdrawn its profit guidance for its reinsurance field of business and the combined ratio for property-casualty reinsurance.
Asia Insurance Review