Munich Re on target after first quarter profit nears €1bn

The reinsurance giant has made one-third of its projected profits for the year within the first three months of 2006

Munich Re is a little more confident of meeting this year’s target of a post-tax return of 15% on risk-adjusted capital after a healthy profit of €979mn ($1.24bn) for the first quarter. The group has already made over one third of what it has promised to make this year, even as managing board member Jörg Schneider warned that subsequent quarters were statistically more exposed to losses.