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Munich Re Q1 Profit Rises; Backs FY22 Profit View, Lifts Gross Premium Outlook

German reinsurance provider Munich Re Group (0KFE.L) reported Tuesday that its first-quarter profit grew to 608 million euros from last year's 589 million euros.

The operating result totaled 780 million euros, down from 798 million euros a year ago.

Gross premiums written increased substantially by 15.7% to 16.83 billion euros from prior year's 14.55 billion euros.

The annualised return on equity or RoE for the quarter was 9.8%, compared to 10.4% a year ago.

Despite the uncertainties of a challenging environment, Munich Re maintained its annual profit guidance of 3.3 billion euros based on a quarterly profit of more than 600 million euros.

Gross premium is now expected to increase to 64 billion euros in 2022, compared to previous estimate of around 61 billion euros.

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