Munich Re 2Q Profit Fell as It Took EUR700 Million Coronavirus Hit
August 06 2020 - 2:06AM
Dow Jones News
By Mauro Orru
Munich Re AG said Thursday that its net profit for the second
quarter of the year dropped as coronavirus-related losses took
their toll.
The German reinsurer said second-quarter net profit fell to 579
million euros ($686.9 million) from EUR993 million for the second
quarter of 2019.
The company absorbed around EUR700 million in
coronavirus-related losses in the quarter.
Munich Re's operating result for the same period decreased to
EUR755 million from EUR1.42 billion.
Munich Re said on July 20 that its quarterly net result amounted
to around EUR600 million, thanks to good performance at its ERGO
business and lower-than-average major losses, which exclude the
impact from the coronavirus pandemic.
Gross premiums written rose to EUR12.83 billion from EUR11.80
billion
Munich Re said it wouldn't issue profit guidance for 2020,
citing uncertainty. However, it anticipates premium income of
around EUR54 billion, up from previous forecasts of around EUR52
billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 06, 2020 01:51 ET (05:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Muenchener Rueckversiche... (PK) (USOTC:MURGY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Muenchener Rueckversiche... (PK) (USOTC:MURGY)
Historical Stock Chart
From Sep 2023 to Sep 2024