Munich Re and the industry have been rebounding from the fallout of last year's coronavirus pandemic outbreak, but Munich Re nevertheless expects COVID-19 losses at its reinsurance arm to now total 800 million euros ($924.32 million) this year, up from 700 million euros previously.

Despite those losses, and steep claims from storms in Germany and the United States, a 2021 profit target of 2.8 billion euros "remains within reach," Chief Financial Officer Christoph Jurecka said.

The reaffirmation of its guidance target came as it reported third-quarter earnings.

Net profit of 366 million euros ($422.88 million) in the third quarter compared with 199 million euros a year earlier. Last month, it said profit in the period was around 400 million euros.

Its shares were indicated to open 2.3% lower.

The Munich-based company said that results were dampened by 170 million euros in COVID-19-related losses to its life and health reinsurance division. That impact was "higher than expected", Munich Re said.

($1 = 0.8655 euros)

(Reporting by Tom Sims and Alexander Huebner; Editing by Riham Alkousaa, Kim Coghill and Louise Heavens)