Munich Re says on track for 2021 profit target after Q1 results * 2021 pandemic impact will be limited * Company had already flagged stronger-than-expected quarter (Updates with details) FRANKFURT, May 6 (Reuters) – The German reinsurance group Munich Re said on Thursday it was on track for its 2021 profit target after stronger than expected first-quarter earnings.The company, whose profit plunged in 2020 as a result of the pandemic, said that the impact in 2021 would be limited.Despite a cold spate in the United States that resulted in big claims in the period, “We are nevertheless on track to meet our annual target of 2.8 billion euros ($3.36 billion) thanks to robust operating earnings,” said finance chief Christoph Jurecka.The company had already flagged last month stronger-than-expected first-quarter profit.
Net profit in the three month period was 589 million euros, up from 221 million a year earlier.($1 = 0.8328 euros) (Reporting by Tom Sims Editing by Riham Alkousaa and Caroline Copley) First Published: 2021-05-06 07:40:49 Updated 2021-05-06 07:52:38
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