German reinsurance group Munich Re said on Tuesday it would meet its 2021 profit goal as it raised its forecast for gross premiums and predicted higher pandemic-related losses than previously anticipated.

Munich Re made the announcements on the back of its second-quarter earnings release that underscored it was rebounding from the fallout of last year’s coronavirus pandemic outbreak.

Profit in the quarter rose 91% to 1.106 billion euros ($1.30 billion) from 579 million euros, in line with preliminary earnings published last month.

Munich re said it was raising its loss expectations for COVID-19 for its life and reinsurance business this year to 400 million euros from around 200 million euros. For reinsurance, it is raising its forecast on such losses to around 700 million euros from around 500 million.

Flooding centered in Germany from the Bernd storm will cost the company a “mid-three-digit million euro” figure.

The outlook for revenues is brighter, with 2021 gross premiums now forecast at 58 billion euros, up by more than 1 billion euros from previous expectations, Munich Re said.

It aims for profit of 2.8 billion euros this year.