Munich Re says preliminary figures point to a second quarter net profit of €1.1 billion ($1.8 billion), taking overall half-year earnings to €1.7 billion ($2.7 billion).

The figures mean the business is on track to meet its full-year earnings target of €2.8 billion ($4.5 billion), the reinsurer said in an update ahead of the release of its June quarter results next month.

Munich Re says in the June quarter, major-loss expenditure in property-casualty (P&C) reinsurance business was below average because of comparatively low losses from natural catastrophes.

COVID-related P&C reinsurance were in line with expectations, it said.

The reinsurer made a net profit of €1.2 billion ($1.9 billion) last year, down 55.3% from 2019 as the pandemic fallout squeezed earnings.