Munich Re: H1 2021 net income exceeds initial forecasts

Munich ReDespite the Covid-19 epidemic, Munich Re has achieved a net profit of 1.1 billion EUR (1.3 billion USD) by the end of the first semester of 2021, which is twice as much as the figure achieved one year earlier.

The announced amount is significantly higher than the reinsurer's initial forecasts which were targetting 808 million EUR (962 million USD).

This performance can be explained by a relatively low level of property and casualty claims, mainly in the natural catastrophes class of business.

The group has confirmed its annual net profit target of 2.8 billion EUR (3.3 billion USD) by the end of 2021, while Germany has just suffered very serious floods which have cost as much as 6 billion EUR.

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