MURGY Muenchener Rueckversicherungs Gesellschaft AG (PK)

   By Mauro Orru 
 

Munich Re AG said Monday that its net result for the second quarter of 2020 came ahead of consensus estimates, according to preliminary results.

The German reinsurance company said its quarterly net result amounted to around 600 million euros ($685.7 million), beating consensus estimates from 20 analysts of EUR405 million.

Munich Re attributed the result to good performance at its ERGO business and lower-than-average major losses, which exclude the impact from the coronavirus pandemic.

However, the company raked in around EUR700 million in coronavirus-related losses in reinsurance in the quarter.

"The largest share of these losses is attributable to cover for major events, with a lower impact reported in [the] life and health business as well as other lines of property-casualty insurance, including business interruption," the company said.

Munich Re confirmed that it won't go ahead with its share buyback program of up to EUR1 billion, as it doesn't expect uncertainty to subside between now and early 2021.

Final results for the second quarter will be published on Aug. 6.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 20, 2020 10:06 ET (14:06 GMT)

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