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Munich Re says 'good start' to 2013, sticks to targets

26th April 2013, Comments0 comments


Munich Re, the world's biggest reinsurer, said Friday it is standing by its full-year targets for the current year after getting off to a "good start" in the first three months.

"We have made a good start to the current year," chief executive Nikolaus von Bomhard said in a statement.

"Following the good result for the first quarter, we are confident of being able to achieve our profit target. We are aiming for a consolidated result of close to 3.0 billion euros" ($3.9 billion), von Bomhard said.

Munich Re is scheduled to publish its first quarter figures on May 7, but von Bomhard revealed that profits for the period from January to March "should be close to 1.0 billion euros."

By comparison, it booked net profit of 782 million euros in the first three months of 2012.

As already reported, Munich Re's net profit rose more than fourfold in the whole of 2012 due to lower losses from natural catastrophes.

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© 2013 AFP

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