Microsoft has released a new update for Office 2016 to fix an issue that causes graphical content to get deleted from email messages.
This article describes update 4484418 for Microsoft Office 2016 that was released on August 4, 2020.
Be aware that the update in the Microsoft Download Center applies to the Microsoft Installer (.msi)-based edition of Office 2016. It doesn't apply to Office subscription or Office 2016 Click-to-Run editions, such as Microsoft Office 365 Home (see What version of Office am I using?).
Improvements and fixes
This update fixes an issue that causes graphical content to get deleted from email messages.
August 4, 2020, update for Office 2016 (KB4484418)