German Reinsurer Munich Re Sheds 8% After Trimming Earnings Guidance

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Fires, floods and other disasters regularly cost the world's largest reinsurer, Munich Re. However, the second quarter was much better.

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Reinsurer Munich Re's disappointing results dragged down insurance stocks across Europe. The TKMS spin-off boosted Thyssenkrupp. The DAX itself showed little movement.

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German reinsurance company Munich Re reported a net profit of 2.1 billion euros in the second quarter of this year, compared to 1.6 billion euros a year earlier. The higher profit was mainly due to unusually low losses due to natural disasters, German news agency dpa reported. Half-year profit amounted to 3.2 billion euros.

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Munich - Fires, floods and other disasters regularly cost the world's largest reinsurer Munich Re dearly. But in the second quarter it went much better.