Munich Re: Q2 earnings down sharply
(CercleFinance.com) - On Thursday Munich Re reported a sharp drop in its Q2 earnings due to losses stemming from the coronavirus pandemic.
The German group, the world leader in reinsurance, reported net profit of 579 million euros, against 993 million euros in Q2 2019.
The Covid-19 crisis cost it around 700 million euros over the quarter, Munich Re says, which estimates losses related to the pandemic at around 1.5 billion euros over the first half.
In a statement, Munich Re also highlights the "high" degree of uncertainty surrounding the future economic and financial consequences of the pandemic and says that, under these circumstances, it is not providing any earnings forecasts for FY 2020.
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The German group, the world leader in reinsurance, reported net profit of 579 million euros, against 993 million euros in Q2 2019.
The Covid-19 crisis cost it around 700 million euros over the quarter, Munich Re says, which estimates losses related to the pandemic at around 1.5 billion euros over the first half.
In a statement, Munich Re also highlights the "high" degree of uncertainty surrounding the future economic and financial consequences of the pandemic and says that, under these circumstances, it is not providing any earnings forecasts for FY 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.