Munich Re profit plummeted 65 percent

M

The German reinsurer Munich Re recorded a much lower profit in the first quarter than a year earlier. The financial group suffered large insurance losses from the new Cooronavirus, mainly due to the cancellation of many major events.

In total, Munich Re invested some 800 million euros in insurance in the first quarter through the corona virus. The investment branch of the insurer managed to boost its results, despite the turmoil on the stock markets in March. Below the line, the reinsurer had EUR 221 million, a decrease of 65 percent compared to a year earlier.

About the author

Leah Kunze

Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to [email protected]

Add comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

Categories