Munich Re: Quarterly results 2020 in decline

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Munich ReMunich Re recorded a net profit of 221 million EUR (244.36 million USD) in the first quarter of 2020 compared to 633 million EUR (709.9 million USD) in the same period of 2019, thus a 65.1% decrease over one year.

This decrease is mainly due to a loss of about 800 million EUR (884.56 million USD) due to the cancellation or postponement of events. Losses related to natural disasters amounted to 208 million EUR (229.9 million USD) by the end of March 2020 against 195 million EUR (218.7 million USD) in the first quarter of 2019.

As of March 31, 2020, the operating profit deteriorated by 48.5%. It went from 771 million EUR (864.67 million USD) at the end of the first quarter 2019 to 397 million EUR (438.96 million USD) 12 months later. The German reinsurer is to record a turnover of 14.3 billion EUR (15.8 billion USD) by the end of the first quarter of the current year, up 6.8% compared to 2019.

Read also | Swiss Re: Net loss of 225 million USD in the first quarter 2020

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Wed, 13/05/2020 - 11:10
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