Clipping | Postado no dia: 17 May, 2022
Reinsurer Munich Re sees profit rise 3% in the quarter to 608 million euros
Reinsurer Munich Re reported a profit of 608 million euros ($643.08 million) in the first quarter of 2022, up 3% from 589 million euros a year earlier. A company statement said the gain was pressured by a drop in its investment income after it made write-downs of nearly 700 million euros in Russian and Ukrainian bonds. The German reinsurer said it was maintaining its full-year profit guidance at 3.3 billion euros, although it warned of “considerable uncertainty regarding the financial impact” of the war in Ukraine. “The financial fallout from the war and the sanctions severely impacted our first quarter results,” said CFO Christoph Jurecka. “Munich Re is helping to provide humanitarian aid to the people of Ukraine and fully supports sanctions against Russia.
The financial consequences of the war and the sanctions severely impacted our results in the first quarter: We wrote off impairment losses on Russian and Ukrainian bonds and recorded the first claims. Despite the uncertainties of a challenging environment, Munich Re maintains its annual guidance of €3.3 billion based on a quarterly profit of more than €600 million.
