Munich Re: targets confirmed after 'solid' quarter
(CercleFinance.com) - On Tuesday German reinsurer Munich Re confirmed its FY earnings targets, after Q1 results were deemed "solid" by analysts.
This morning the group confirmed that it expects to achieve a net profit of 3.3 billion euros this year.
Q1 net profit reached 608 million euros, slightly above the 589 million euros posted a year ago, while operating profit fell to 780 million euros, from 798 million euros.
The quarter was adversely affected by an impairment charge of 700 million euros, which was reduced to 370 million euros on a net basis, relating to Russian and Ukrainian bond issues.
On the Frankfurt Stock Exchange, Munich Re shares were up on the news, gaining around 1.2% in late morning trading.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
This morning the group confirmed that it expects to achieve a net profit of 3.3 billion euros this year.
Q1 net profit reached 608 million euros, slightly above the 589 million euros posted a year ago, while operating profit fell to 780 million euros, from 798 million euros.
The quarter was adversely affected by an impairment charge of 700 million euros, which was reduced to 370 million euros on a net basis, relating to Russian and Ukrainian bond issues.
On the Frankfurt Stock Exchange, Munich Re shares were up on the news, gaining around 1.2% in late morning trading.
Copyright (c) 2022 CercleFinance.com. All rights reserved.