Munich Re [4] recorded a 41.7% drop in net profit in the second quarter of 2020. It went from 992 million EUR in Q2 2019 to 578 million EUR (650 million USD) twelve months later. This decrease includes 700 million EUR (787.306 million EUR) of Coronavirus-linked losses.
The recorded claims mainly concern the event cancellation coverage. As at 30 June 2020, the operating results amounted to 755 million EUR (849.166 million USD) against 1.57 billion EUR in 2019, a decrease of 51.9%.
The German reinsurer's turnover reached 12.827 million EUR (14.426 million USD) during Q2 2020, an increase of 8.7% over one year. Despite these results, Munich Re's solvency margin remains stable at 211% against 212% during Q1 2020. The return on equity (ROE) was set at 10.4%.
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