By Pietro Lombardi
Munich Re AG said Tuesday that its first-quarter profit rose more than analysts had expected despite major losses related to February's cold weather in Texas and a hit from the coronavirus pandemic.
The German reinsurance company said net profit for the period was roughly 600 million euros ($722.2 million) compared with EUR221 million a year earlier and consensus expectations of EUR466 million.
Data is preliminary and the reinsurer said it will report its quarterly figures on May 6.
Write to Pietro Lombardi at firstname.lastname@example.org; @pietrolombard10
(END) Dow Jones Newswires
April 20, 2021 06:08 ET (10:08 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.