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Financials

Munich Re expects return to pre-pandemic profit in 2021

FRANKFURT, Dec 1 (Reuters) - Munich Re expects to return to pre-pandemic annual profit levels of 2.8 billion euros ($3.35 billion) in 2021, after a slump to 1.2 billion in 2020, the reinsurer said on Tuesday, sending its shares 2.2% higher.

Group premium income will rise to about 55 billion euros in 2021 from 54 billion in 2020, despite a fall in premium volumes caused by the pandemic.

“Munich Re expects financial consequences from COVID-19 next year as well, but on a considerably smaller scale than in 2020,” it said.

In the fourth quarter of 2020, profit will come to 200 million euros, it added.

Munich Re had withdrawn its guidance in March for a profit increase to 2.8 billion euros in 2020 from 2.7 billion a year earlier. ($1 = 0.8354 euros) (Reporting by Edward Taylor Editing by Arno Schuetze)

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