Munich Re has reported a preliminary net profit of around €600 million (about NZ$1.006 billion) for the first quarter of the year.
The company’s major-loss expenditure in property-casualty reinsurance was higher than average in the first quarter, primarily driven by the unusually cold weather in the US, particularly in Texas. Both fields of reinsurance were affected by COVID-19-related losses that Munich Re said were in line with expectations.
Despite these challenges, the company was able to achieve the €600 million net profit due to good operational development overall, and very good performance by its ERGO subsidiary group.
Munich Re will report definitive figures for the first quarter on May 06.