Following a reversal of epidemics, Munich Re predicts a profit increase in 2022

Following a reversal of epidemics, Munich Re predicts a profit increase in 2022 ...

Munich Re, a German reinsurance business, forecasts a 14% increase in profit this year as it expects a comeback in 2021 from the coronavirus pandemic, despite big claims from natural disasters.

In the United States, devastating storms and cold snaps led to 2021, which was one of the world's largest insurers.

Despite its net profit in 2021, Munich Re more than doubled to 2.9 billion euros ($3.28 billion) compared to 1.2 billion euros a year earlier. The figure is in line with analyst expectations, but it has modestly exceeded the company's own target of 2.8 billion euros.

Munich Re expects a profit of 3.3 billion euros for the current year.

The whole volume of premiums as well as the price indicated that reinsurance contract renewals at the start of the year increased.

"Promoted by this momentum, we will resolutely tap into the favorable market conditions in 2022," said Chief Executive Officer Joachim Wenning.

($1 = 0.8830 euros)

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