(Bloomberg) — Munich Re, the world's biggest reinsurer, reported second-quarter profit that missed analyst estimates, hurt by claims linked to a snowstorm in Japan. The shares dropped the most in three months.
Net income advanced 45% to 765 million euros ($1 billion) from the year-earlier period, missing the 798 million- euro average estimate of 11 analysts surveyed by Bloomberg. Major claims in the quarter rose to 617 million euros from 605 million euros, the Munich-based company said in a statement.
The Japanese snowstorm in February was the costliest natural disaster for the reinsurer as customers made their claims in the second quarter. The storm cost an estimated 180 million euros, while claims linked to man-made disasters totalled 326 million euros in the three months through the end of June, including a fire “in the low three-digit million euro range,” Munich Re said, without giving details.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
