Munich Re Says 2Q Net Profit Rose, Beating Market Expectations
July 20 2021 - 9:36AM
Dow Jones News
By Olivia Bugault
Munich Re AG said Tuesday that it booked better-than-expected
net profit in its second quarter, according to its preliminary
results.
The German reinsurance company posted a net profit of roughly
1.1 billion euros ($1.30 billion) for the quarter, up from EUR579
million a year earlier, it said. Net profit also beat consensus of
EUR808 million, it says.
Munich remains well on track to reach EUR2.8 billion in net
profit in its full year, even though it might not be able to meet
its sub-target of EUR400 million in net profit at its life and
health reinsurance business.
"In life and health reinsurance business, these [Covid-19
related losses] clearly exceeded the expectation mainly due to the
high mortality rate in India and South Africa," during the second
quarter, it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
July 20, 2021 10:25 ET (14:25 GMT)
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