Munich Re Q1 profits up, sticks to full-year targets

FRANKFURT: Munich Re, the world's biggest reinsurer, said Tuesday it is standing by its full-year targets for the current year after the first three months "went very well."

"The first three months of 2013 went very well for Munich Re group-wide," the reinsurer said in a statement.

It posted net profit of 979 million euros ($1.3 billion) in the period from January to March, an increase of 25.2 percent year-on-year.

Chief financial officer Joerg Schneider attributed the improvement to "lower claims burdens from major losses, but group operating earnings also proved to be robust.

"After this good start, we are optimistic of achieving our profit target for the year of close to 3.0 billion euros," Schneider said.