Munich Re confident about its outlook

Frankfurt - Munich Re, the world's biggest reinsurer, said Thursday that it was confident for the full year after getting off to a “good start” in the first quarter.

“The first quarter of 2014 went well for Munich Re,” chief financial officer Joerg Schneider said in a statement.

Net profit fell by 4.6 percent to 919 million euros in the period from January to March.

Underlying or operating profit was down 4.6 percent at 1.307

billion euros, while gross premium income slipped by 2.7 percent 12.924 billion euros.

“Our operating earnings are robust,” finance chief Schneider insisted.

“In addition, we were largely spared major losses. Despite negative currency effects, we almost matched the outstanding result of the first quarter last year. After this good start, we are optimistic of achieving our profit target of 3.0 billion euros for the year,” Schneider said. - Sapa-AFP