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Munich Re Q3 Profit Rises, Gross Premiums Written Up 9.4%; Annual Target Unchanged

Munich Re (0KFE.L) said it recorded third quarter profit of 366 million euros compared to 199 million euros, a year ago. Earnings per share was 2.61 euros compared to 1.44 euros. The company noted that high natural catastrophe claims made their mark on the quarter. The quarterly result was also impacted by higher than expected expenditure on COVID-19-related losses in life and health reinsurance business. The operating result declined to 204 million euros from 353 million euros, prior year.

Third quarter gross premiums written rose by 9.4% to 15.48 billion euros from 14.15 billion euros, last year.

Looking forward, Munich Re said it is still aiming for a consolidated profit of 2.8 billion euros for fiscal 2021.

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