German reinsurance group Munich Re on Wednesday forecast a 14% leap in revenue this yr because it reported a bounceback in 2021 from the coronavirus pandemic regardless of huge claims from pure disasters.
Marked by devastating hurricanes and chilly snaps in america, 2021 was one of many costliest ever for the world’s insurers.
Nonetheless, Munich Re internet revenue in 2021 greater than doubled to 2.9 billion euros ($3.28 billion), up from 1.2 billion euros [$1.4 billion] a yr earlier. The determine is consistent with analyst expectations however barely exceeded the corporate’s personal goal of two.8 billion euros.
For the present yr, Munich Re forecasts revenue of three.3 billion euros [$3.7 billion].
It stated that reinsurance contract renewals at the beginning of the yr rose by the general quantity of premiums in addition to by worth.
“Propelled by this momentum, we are going to resolutely faucet into the favorable market atmosphere as we enhance our revenue to three.3 billion euros in 2022,” Chief Govt Officer Joachim Wenning stated.
($1 = 0.8830 euros)
(Reporting by Tom Sims and Alexander Huebner; modifying by Riham Alkousaa and Miranda Murray)
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