In the second quarter of 2021, Munich Re's major-loss expenditure in property-casualty reinsurance business was below average, mainly as a result of comparatively low losses from natural catastrophes. COVID-19 related losses in the field of property-casualty reinsurance were in line with expectations. In life and health reinsurance business, these clearly exceeded the expectation mainly due to the high mortality rate in India and South Africa. At ERGO, only minor effects resulted from COVID-19 in the second quarter. Operationally, the result developed favorably in all business fields.
Munich Re is thus well on track to reach the annual target of EUR 2.8 billion, even though the probability of missing the stand-alone sub target of EUR 400 million set for the technical result in life and health reinsurance has increased (including the result from reinsurance treaties with non-significant risk transfer).
Munich Re will report on the definitive figures for the second quarter on 10 August, as planned.