- Munich Re achieves quarterly result of around E1.1bn
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21st July 2021
Munich Re achieves quarterly result of around E1.1bn
In the second quarter of 2021, Munich Re's major-loss expenditure in property-casualty reinsurance business was below average, mainly as a result of comparatively low losses from natural catastrophes. COVID-19 related losses in the field of property-casualty reinsurance were in line with expectations. In life and health reinsurance business, these clearly exceeded the expectation mainly due to the high mortality rate in India and South Africa. At ERGO, only minor effects resulted from COVID-19 in the second quarter. Operationally, the result developed favourably in all business fields.
Overall Munich Re achieved a preliminary net profit of around E1.1bn in the stand-alone second quarter of the year 2021(consensus of E808m). The half-year result amounts to around E1.7bn. Munich Re is thus well on track to reach the annual target of E2.8bn, even though the probability of missing the stand-alone sub target of E400m set for the technical result in life and health reinsurance has increased.
Munich Re will report on the definitive figures for the second quarter on 10th August, as planned.
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