Munich Re has said it will report a net profit for Q2 2021 of around £946m when it publishes its results on 10th August. It said this would take half-year net profit to £1.5bn and put the group on track to hit its annual target for the year of £2.4bn.

In a corporate statement, Munich Re said: “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 favourably in all business fields.”

Ergo is Munich Re’s insurance division.

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