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Media Release Munich 9 November 2021 Munich RE Quarterly Statement : Profit guidance for 2021 still attainable - despite hurricane and flash floods ▪ With business and financial performance remaining strong , Munich Re delivers a profit of approximately € 2.1bn for Q1-3 , and € 0.4bn for Q3 ▪ Hurricane Ida and Storm Bernd cause losses of € 1.2bn and € 0.6bn respectively ▪ COVID - 19 gives rise to losses of around € 170m in life and health reinsurance for Q3 , but generates virtually no additional expenditure in property - casualty reinsurance High gains on investments and currency translation effects Christoph Jurecka , CFO ,, The horrific images of the devastation wreaked by Hurricane Ida and Storm Bernd remain vivid in our minds . Business , government and individuals need to make every effort towards achieving the Paris climate goals in order to slow the pace of climate change and prevent the likelihood of natural catastrophes from increasing any further . It is imperative that the Climate Change Conference ( COP26 ) in Glasgow be followed up with immediate action . Munich Re will rigorously implement its ambitious CO₂ reduction targets in its investments , insurance business and own operations . Together , the two weather events - Ida and Bernd - are expected to cost Munich Re € 1.8bn . Nevertheless , our annual target of € 2.8bn remains within reach , thanks to a gratifying operational performance and high investment results . " Summary of Q3 figures Munich Re posted a profit of € 366m ( 199m ) for Q3 and € 2,061m ( 999m ) for Q1-3 . High natural catastrophe claims made their mark on the quarter . Hurricane Ida caused losses amounting to € 1.2bn , while Storm Bernd resulted in losses amounting to € 0.6bn , of which € 0.1bn was attributable to ERGO . The quarterly result was impacted by higher than expected expenditure totalling around € 170m on COVID - 19 - related losses in life and health reinsurance business . High losses were incurred again in particular in the USA , India and South Africa . In property - casualty