Munich Re Eyes Return To Pre-pandemic Profit Levels In 2021
Sumaira FH 2 months ago Tue 01st December 2020 | 06:50 PM
Frankfurt am Main, Dec 1 (UrduPoint / Pakistan Point News - 1st Dec, 2020 ) :German reinsurance giant Munich Re said Tuesday it was aiming to return to its pre-pandemic profit targets in 2021, expecting to take a far smaller hit from coronavirus-related claims next year.
The group said it should return to its pre-pandemic net profit level of 2.8 billion Euros ($3.35 billion) in 2021, as it expects coronavirus burdens to be "on a considerably smaller scale" than in 2020.
The uncertainty caused by the pandemic led the Bavarian insurer to withdraw its profit forecasts for 2020 earlier this year.
It cautioned however that its forecasts face "considerable uncertainty" owing to the fragile economic outlook and the "unclear future of the pandemic".