Munich Re trims 2016 forecast after weak Q1
Wednesday, 05 11 2016, Category: Insurance and Reinsurance, Country: Europe
German reinsurer Munich Re said it expected net profit this year to come in at 2.3 billion euros ($2.62 billion), the bottom of its previous guidance, following a weak first quarter.
Quarterly net profit fell 45 percent to 430 million euros after minorities, hit by writedowns on investments amid capital market swings, the world's biggest reinsurer said on Tuesday.
Munich Re had been aiming for a net profit of between 2.3 and 2.8 billion euros this year, down from 3.1 billion in 2015, but had already said reaching the goal would be ambitious.