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.