Munich Re posts 42% drop in Q2 net profit amid COVID-related losses

German reinsurance group Munich Re said on Thursday that net profit declined 42% in the second quarter, with around 700 million euros ($832 million) in losses related to the coronavirus pandemic in the period.

FRANKFURT, Aug 6 (Reuters) - German reinsurance group Munich Re MUVGn.DE said on Thursday that net profit declined 42% in the second quarter, with around 700 million euros ($832 million) in losses related to the coronavirus pandemic in the period.

The company, which is not providing a full-year profit target given uncertainty around the virus but did slightly raise its outlook for premium income, had already announced preliminary earnings in July.

($1 = 0.8415 euros)

(Reporting by Tom Sims; editing by Thomas Seythal)

((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))

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