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  • German reinsurance giant Munich Re said Thursday it took huge charges related to the coronavirus pandemic which cut deeply into its second-quarter profits. COVID-19 related losses totalled around 700 million euros ($830 million) during the quarter, Munich Re said, and around 1.5 billion euros for the six months to the end of June. Of that amount, 1.4 billion euros were attributed to "property-casualty reinsurance" and around 100 million euros to health and life insurance. The German reinsurer said consolidated profit was 579 million euros for the quarter, a fall of 42 percent compared with the same period of 2019, when profit was 993 million euros. The Bavaria-based company did not issue profit guidance for 2020 due to a "high level of uncertainty regarding the further economic and financial consequences of Covid-19" Shares in Munich Re were down 4.4 percent in midday trading, the largest faller on Germany's DAX index, which was flat. "Munich Re will emerge from this crisis economically stronger," chief executive Joachim Wenning said. "We are growing profitably, while taking steps to benefit from the significantly improved market conditions for reinsurers." Munich Re says it expects premium income of around 54 billion euros in 2020, a record for the company, according to the CEO. Gross premiums increased by 8.7 percent in the quarter compared with the same period of the previous year. The Ergo primary insurance brand posted a third-quarter operating profit of 173 million euros, up 28 percent year-on-year. The company's reinsurance segment added 407 million euros to the profit, while life and health reinsurance business generated a profit of 59 million euros. Renewals in July show premium growth of 8.3 percent, amid rising prices of 2.8 percent, the company said. "Prices have risen in nine consecutive renewal rounds, and premium income has grown correspondingly," Wenning added. edf/hmn/rl
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  • Munich Re takes 700 mn-euro virus hit in second quarter
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