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Munich Re posts 31% fall in Q2 net profit but keeps 2022 profit target

Reuters
Illustration shows a smartphone with displayed Munich Re Group logo

FRANKFURT (Reuters) - Munich Re on Tuesday said it posted a 31% fall in net profit in the second quarter, as it took writedowns on investment losses on stocks, but it confirmed its 2022 profit target.

Net profit in the quarter of 768 million euros ($782.90 million) compares with 1.106 billion euros a year ago and is bigger than expectations of 719 million euros in profit.

($1 = 0.9810 euros)

(Reporting by Tom Sims and Alexander Huebner, editing by Rachel More)