Munich Re's investment result for the period from April to June 2017 fell 31% due in part to derivative performance.
In its latest financial results, Munich Re said its investment result excluding insurance-related investments declined to €1,889m from €2,750m. The investment result represents an overall return of 3.2%.
"There was a decline in the net balance of derivatives, with losses from equity derivatives and a lower result from interest-rate derivatives having a negative impact on the result," Munich Re said.
The proportion of investments in equities (including equity-linked derivatives) increased slightly to 6.0% as at 30 June 2017 (31 December 2016: 5.0%).
Fixed-interest securities, loans and short-term fixed-interest investments continued to make up the largest portion of Munich Re's holdings, with a share of around 87% at market value.