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Media Release Munich 6 May 2021 Munich RE Quarterly statement : Munich Re posts profit of € 589m , on track for 2021 target ▪ Above - average major - loss expenditure , particularly due to cold snap in USA ; COVID - 19 losses as expected overall ▪ ERGO contributes € 178m to Group result in Q1 April renewals yield further premium growth ( + 17.1 % ) and rising prices ( + 2.4 % ) ▪ Munich Re expects gross premiums to increase to € 57bn in 2021 Christoph Jurecka , CFO " The pandemic has been testing our solidarity and self - discipline every day . The only way to really improve the situation , however , is a more rapid pace of COVID - 19 vaccinations . We will do our part at seven Munich Re and ERGO locations in Germany as soon as our company medical staff is permitted to administer vaccinations . In business terms , we expect that the impact of the pandemic in 2021 will be limited for Munich Re . On top of the anticipated COVID - 19 losses , there was an unusual cold snap in the United States early this year . We are nevertheless on track to meet our annual target of € 2.8bn thanks to robust operating earnings . The April renewals confirmed that the market environment in reinsurance continues to be favourable , and ERGO's strong results help boost the Group's profit . " Summary of Q1 figures Munich Re generated a profit of € 589m ( 221m ) in Q1 2021. The operating result increased year on year to € 798m ( 397m ) , particularly owing to a considerably lower burden arising from COVID - 19 losses - especially in property - casualty reinsurance , while the other non - operating result amounted to - € 12m ( -11m ) . The currency result totalled - € 23m ( 144m ) and the effective tax rate was 16.3 % ( 53.5 % ) . Gross premiums written increased by 1.9 % year on year to € 14,551m ( 14,284m ) .