MUNICH (dpa-AFX) - Munich Re reported a net result of about 600 million euros in the second quarter, compared to analysts estimation of 405 million euros in the second-quarter. This is due to lower-than-average major losses, excluding COVID-19, and good performance at ERGO.
In the second quarter of 2020, the company registered COVID-19-related losses totalling about 700 million euros in reinsurance. The largest share of the losses is attributable to cover for major events, with a lower impact reported in life and health business as well as other lines ofproperty-casualty insurance, including business interruption.
The company also said it will not implement its 2020/2021 share buy-back programme.
The company will publish its second-quarter results on 6 August.
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