Munich Re's profit slumped as the reinsurer took a hit to its investment portfolio in a volatile quarter for financial markets.

Second-quarter adjusted profit was $1.19 a share from $1.52 year earlier, the New York-based insurer said Tuesday.

CEO Dan Arnold says the firm is eyeing continued records in its headcount, despite the usual dropoff in broker moves during downturns.

The biggest U.S. life insurer reported earnings results that beat analyst estimates even as the rate environment weighed on investing profitability.

Insurer's board says it will conduct a comprehensive search for a new leader, after meeting Wednesday.