By Giulia Petroni

Muenchener Rueckversicherungs-Gesellschaft AG, or Munich Re, said Tuesday that it has withdrawn its profit guidance for the full year and suspended its share buyback program due to the coronavirus crisis.

"Owing to the great uncertainty concerning the macroeconomic and financial impacts of Covid-19... Munich Re will not attain its profit guidance of 2.8 billion euros [$3.1 billion] for 2020," the German reinsurer said.

The company anticipates profit to be in the low three-digit million euro range in the first quarter of 2020 as its property-casualty reinsurance segment saw a considerable claims burden mainly due to the cancellation and postponement of large events.

Munich Re also said it would suspend its share buyback program until further notice.

The company said the dividend increase proposal, which will be discussed at the next annual general meeting on April 29, remains unchanged.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 31, 2020 12:56 ET (16:56 GMT)

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