• Net premiums earned increased by 8.7% to €12.6bn • Results were hit by event insurance claims due to COVID-19 and higher mortality in USA which was not COVID-related • Pre-tax profit decreased by 37% to €476m in Q1 20 • Tax ratio increased from 16% for Q1 19 to 54% for Q1 20 largely attributable to non-tax-deductible losses on disposal and write-downs • Prices rose by 3.0% and premium volume increased by 25.7% to some €2.1bn at April renewals
07 May 2020
Strong April renewals but Q1 results hit by COVID-19 and US mortality
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Strong April renewals but Q1 results hit by COVID-19 and US mortality
Munich Reinsurance Company (MUV:WBO) | 0 0 (-0.2%) | Mkt Cap: 28,293m
- Published:
07 May 2020 -
Author:
Dieter Hein -
Pages:
3
• Net premiums earned increased by 8.7% to €12.6bn • Results were hit by event insurance claims due to COVID-19 and higher mortality in USA which was not COVID-related • Pre-tax profit decreased by 37% to €476m in Q1 20 • Tax ratio increased from 16% for Q1 19 to 54% for Q1 20 largely attributable to non-tax-deductible losses on disposal and write-downs • Prices rose by 3.0% and premium volume increased by 25.7% to some €2.1bn at April renewals