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.
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(END) Dow Jones Newswires