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Munich Re Q2 profit €579m

Christian Fernsby ▼ | August 6, 2020
Munich Re generated a profit of €579m (993m) in Q2 2020, and €800m (1,626m) in Q1-2.
Munich Re
Munich Re   Business development was encouraging
Business development was encouraging, with the exception of the drag on profit due to coronavirus-related losses totalling around €700m in Q2 and some €1.5bn in Q1-2 2020.

Topics: Munich Re

Of the €1.5bn in coronavirus-related losses incurred since the beginning of the year, approximately €1.4bn was attributable to property-casualty reinsurance and around €0.1bn to life and health reinsurance.

In the ERGO field of business, pandemic-related losses were in the low double-digit million euro range.

The operating result fell year on year to €755m (1,419m), while the other non-operating result amounted to –€6m (–54m).

The currency result totalled €23m (27m), and the effective tax rate was 19.3% (25.7%).

Compared to Q2 2019, gross premiums written increased by 8.7% to €12,827m (11,799m); in Q1-2, they rose by 7.7% to €27,112m (25,175m).

Despite our dividend payment, equity was only slightly lower at the reporting date (€29,766m) than at the start of the year (€30,576m).

Munich Re’s solvency ratio remained stable at 211% in Q2 (31 March 2020: 212%).

In Q2 2020, annualised return on equity (RoE) amounted to 10.4%.