Munich Re reported a 47 percent decline in second-quarter net income compared to the same period in 2007, attributing those results primarily to write-downs on the company's equity portfolio.
The company reported a net income of EUR599 million ($923.4 million), compared to EUR1.1 billion ($1.7 billion) a year ago.
Investment results fell nearly 37 percent compared to the second quarter of 2007, dropping to EUR1.6 billion ($2.5 billion) from EUR2.5 billion ($3.9 billion). The quarter included EUR889 million ($1.4 billion) in write-downs, Munich Re said.
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