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Entertainment Munich Re defies corona crisis with profit of billions

19:00  20 october  2020
19:00  20 october  2020 Source:   de.reuters.com

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Munich (Reuters) - For the world's largest reinsurer Munich Re, despite the corona pandemic and a violent hurricane season, it is enough to make a billion profit this year.

Books by world's biggest reinsurer Munich Re are pictured in office building in Munich © Reuters / Michaela Rehle Books by world's biggest reinsurer Munich Re are pictured in office building in Munich

In the third quarter, net profit was around 200 million euros, less than a quarter of the previous year's figure of 865 million euros, like the Munich-based company Back on Tuesday announced. Damage related to the corona crisis alone - from the cancellation of major events to life insurance in the USA - made a total of 800 million euros from July to September. Overall, the pandemic and its consequences have cost the group around 2.2 billion euros. Nevertheless, Munich Re achieved a profit of around one (previous year: 2.5) billion euros in the first nine months. Rivals like Swiss Re, on the other hand, are writing deep red numbers in the corona crisis.

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The stock exchange was relieved by the preliminary quarterly figures. Munich Re shares turned positive. CEO Joachim Wenning recently announced a vague profit forecast for autumn. Munich Re plans to announce the detailed quarterly figures on November 5th.

The wave of corona infections hits the reinsurer primarily through the cancellation of events such as pop concerts or the Olympic Games, but also through protection against temporary factory closures as a result of the pandemic. In contrast, payouts from life insurance policies, for which Munich Re would have to be responsible, especially in the USA, are hardly significant. "We are far from unexpectedly high numbers of victims," ​​Wenning said. "As far as its lethality is concerned, the coronavirus is comparatively mild."

In addition, an unusual accumulation of hurricanes is looming this year. The damage from cyclones, forest fires and other catastrophes such as the explosion in the port of Beirut were above average in the quarter, said Munich Re. She calculates that she has to use twelve percent of her premium income from reinsurance for major claims. In the first half of the year it was already 18 percent. The primary insurance subsidiary Ergo, on the other hand, did well again.

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