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Financials

Munich Re withdraws profit guidance for 2020

FRANKFURT, March 31 (Reuters) - Munich Re on Tuesday withdrew its profit guidance for the year, blaming insurance claims triggered by the coronavirus in the first quarter.

Munich Re said it’s property-casualty reinsurance segment saw considerable claims in the first quarter from losses tied to the cancellation and postponement of large events, blaming the coronavirus.

“Munich Re will not attain its profit guidance of 2.8 billion euros ($3.08 billion) for 2020 as a whole,” the reinsurer said in a statement on Tuesday.

A share buyback programme slated for the 2020/2021 period will be discontinued until further notice, it said. ($1 = 0.9104 euros) (Reporting by Edward Taylor Editing by Arno Schuetze)

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