Munich Re has reported a preliminary net profit of around €1.1 billion (about NZ$1.87 billion) for Q2 2021. The company reported net profit of about €1.7 billion for the first half of the year.

Munich Re said it is “well on track” to reach its annual target of €2.8 billion. However, it noted that the probability has increased that it will miss the stand-alone sub-target of €400 million set for the technical result in life and health reinsurance.

Munich Re’s major-loss expenditure in property-casualty reinsurance was below average in the second quarter, driven mainly by comparatively low losses from natural catastrophes. COVID-19-related losses in P&C reinsurance were in line with expectations, the company said. In life and health reinsurance, those losses exceeded expectations, mainly due to the high mortality rates in India and South Africa.

Munich Re will report on the definitive figures for Q2 on Aug. 10.