Exceeding FY 5 bln eur net target more likely after strong Q1 (Il Sole 24 Ore Radiocor) - Berlin, 23 Apr - German reinsurer Munich Re said that in the first quarter its net profit should come in at around 2.1 billion euros, ahead of analysts' expectations of 1.476 billion, according to preliminary results.

In property-casualty reinsurance, the combined ratio was approximately 75%, attributable in particular to below-average major-loss expenditure.

Life and health reinsurance recorded a total technical result of around 0.6 billion euros while ERGO's bottom line was at around 0.3 billion euros.

Thanks to a favourable capital market environment, Munich Re said it achieved a high investment result, with an ROI of approximately 3.8%, and a positive currency result.

Munich Re still anticipates a bottom line of 5 billion euros for the 2024 financial year.

"Surpassing this target has become more likely due to the Q1 result," it said.

Munich Re will provide final first quarter results on May 8, as scheduled.

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(RADIOCOR) 23-04-24 12:08:44 (0384) 5 NNNN