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A man carrying his belongings leaves his house as he walks past buildings destroyed by artillery in Chernihiv on Thursday, April 21, 2022. Photo: Emilio Morenatti/AP “The financial consequences of the war and the sanctions severely impacted our result in the first quarter,” Munich Re’s Chief Financial Officer Christoph Jurecka said in a statement Tuesday. “We made writedowns for impairment losses on Russian and Ukrainian bonds alike and recorded the first claims.” (Credit: Emilio Morenatti/AP)

(Bloomberg) — Munich Re incurred steep losses on Russian and Ukrainian bonds in its investment portfolio and warned of risks to its outlook from the conflict between the two countries, along with volatile markets and the pandemic.

The German reinsurer wrote down the value of the securities by almost 700 million euros ($740 million) in the first quarter, or 370 million euros on a net basis, it said Tuesday. It also saw about 100 million euros in costs related to the war, while major losses from natural disasters were below average.

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