9th May 2021

Munich Re posts profit of €589m for first quarter-on track for 2021 target

Highlights are:
-Above-average major-loss expenditure, particularly due to cold snap in US; COVID-19 losses as expected overall
-ERGO contributed E178m to the Group result.
-April renewals yielded further premium growth(+17.1%) and rising prices(+2.4%)
-gross premiums expected to increase to E57bn in 2021.
Christoph Jurecka, CFO, comments "The pandemic has been testing our solidarity and self-discipline every day. The only way to really improve the situation, however, is a more rapid pace of COVID-19 vaccinations. We will do our part at seven Munich Re and ERGO locations in Germany as soon as our company medical staff is permitted to administer vaccinations. In business terms, we expect that the impact of the pandemic in 2021 will be limited for Munich Re. On top of the anticipated COVID-19 losses, there was an unusual cold snap in the US early this year. We are nevertheless on track to meet our annual target of E2.8bn thanks to robust operating earnings. The April renewals confirmed that the market environment in reinsurance continues to be favourable, and ERGO’s strong results help boost the Group’s profit."

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