"The burdens arising from Covid-19 are financially manageable for Munich Re," finance chief Christoph Jurecka said in a statement, despite the health crisis's "considerable impact".
The group said it should return to its pre-pandemic net profit level of 2.8 billion euros ($3.35 billion) in 2021, as it expects coronavirus burdens to be "on a considerably smaller scale" than in 2020.
Compared with expected reinsurance losses of 3.4 billion euros arising from Covid-19 in 2020, virus-induced claims next year are forecast to amount to 500 million euros.
Without the coronavirus, Munich Re would have been able to achieve its original targets for 2020, Jurecka said.
The uncertainty caused by the pandemic led the Bavarian insurer to withdraw its profit forecasts for 2020 earlier this year.
The company added that it was aiming to top one billion euros in net profit this year.
Munich Re posted a third-quarter net profit of around 200 million euros, far down from 865 million euros the same quarter in 2019.