By Ed Frankl 
 

Muenchener Rueckversicherungs-Gesellschaft AG said Tuesday that its third-quarter profit almost doubled despite high losses from Hurricane Ida and summer floods in Europe, and the lingering impact of the Covid-19 pandemic.

The German reinsurer generated quarterly net profit of 366 million euros ($424.1 million) compared with EUR199 million for the same period the previous year.

The result is close to preliminary figures issued in October, when the company said it would make a profit of around EUR400 million. At the time, expectations were of a EUR10 million loss, according to analysts' estimates provided by the company.

The quarterly result was hit by higher-than-expected coronavirus-related losses of around EUR170 million in life & health reinsurance business, the Bavarian insurer said.

Hurricane Ida in the U.S. caused around EUR1.2 billion in property-casualty reinsurance losses, while floods that struck central Europe in July cost it roughly EUR600 million, it said, confirming comments from October.

The company said it expects to meet its 2021 profit target of EUR2.8 billion, but lowered its life & health insurance outlook to a profit of EUR200 million, from EUR400 million previously.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

November 09, 2021 02:07 ET (07:07 GMT)

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