Munich Re posts Q3 2021 numbers

Source	Q3 2021 profit	Q3 2020 profit	Q1-3 2021 profit	Q1-3 2020 profit
Reinsurance	€232 million	€63 million	€1.59 billion	€619 million
ERGO	€134 million	€136 million	€467 million	€381 million
Consolidated	€366 million	€199 million	€2.06 billion	€999 million

  

“Hurricane Ida caused losses amounting to €1.2 billion, while Storm Bernd resulted in losses amounting to €0.6 billion, of which €0.1 billion was attributable to ERGO,” noted Munich Re. “The quarterly result was impacted by higher-than-expected expenditure totalling around €170 million on COVID-19-related losses in life and health reinsurance business. High losses were incurred again in particular in the USA, India, and South Africa.”

The group continued: “In property-casualty reinsurance, by contrast, COVID-19 losses were significantly below expectations, with virtually no pandemic losses incurred in Q3. In the ERGO field of business, COVID-19 expenditure had an adverse earnings impact of €12 million in Q3.

“Overall, Iosses attributable to COVID-19 totalled €680 million in the reinsurance field of business for Q1-3, with around €470 million attributable to life and health reinsurance and around €210 million to property-casualty reinsurance. Nine months into 2021, ERGO posted only minor losses related to COVID-19.”

Munich Re added that it now expects COVID-19 losses for its reinsurance field of business to amount to around €800 million for the whole year, with around €600 million from life and health reinsurance and the remainder from property and casualty. The full-year estimate for ERGO stands at around €20 million to €30 million.

Commenting on the interim results, chief financial officer Christoph Jurecka said: “Our annual target of €2.8 billion remains within reach, thanks to a gratifying operational performance and high investment results.”

Excluding insurance-related investments, Munich Re’s investment result in the quarter rose from €1.69 billion previously to €2.11 billion this time around.