Munich Re profit rises to EUR608M, though sees slight loss from war in Ukraine
By Ed Frankl Muenchener Rueckversicherungs-Gesellschaft AG said Tuesday that first-quarter profit rose slightly on lower-than-average major losses in its property-casualty segment, though it took an over 100 million euro hit from the effects of the war in Ukraine.
Munich Re said major losses in its property-casualty reinsurance segment were EUR667 million, down from EUR892 million last year, with the largest losses coming from heavy rainfall in Australia and winter storms in Europe. "We made write-downs for impairment losses on Russian and Ukrainian bonds alike and recorded the first claims," Chief Financial Officer Christoph Jurecka said.
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