The reinsurer mentioned the largest share of these losses "is attributable to cover for major events, with a lower impact reported in life and health business as well as other lines of property-casualty insurance, including business interruption".
Excluding COVID-19, MUNICH Re nevertheless posted a satisfactory net result of approx. EUR 600 million in the second quarter "due to lower-than-average major losses (excluding COVID-19) and good performance at ERGO".
The German reinsurer mentioned it will provide the final Q2 results on August 6th.
During the first quarter of 2020, MUNICH Re generated a profit of EUR 221 million, 65% lower year-on-year, decrease mostly driven by the pandemic effects on the markets and world-wide businesses. More details here.