07/20/2021 | Press release | Distributed by Public on 07/20/2021 08:01
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 favorably in all business fields.
Overall, Munich Re achieved a preliminary net profit of around €1.1bn in the stand-alone second quarter of the year 2021 (consensus of €808m*). The half-year result amounts to around €1.7bn. Munich Re is thus well on track to reach the annual target of €2.8bn, even though the probability of missing the stand-alone sub target of €400m 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 10 August, as planned.
*Mean value derived from the estimates of 14 financial analysts
**Including the result from reinsurance treaties with non-significant risk transfer