The German insurance group Munich Re closed the first quarter with a net profit of 780 million euros compared to a loss of 947 million accused last yearattributable above all to the tsunami and the earthquake that hit the North-East of Japan. Operating profit stood at $1,20 billion. The first figure is in line with analysts' expectations, while the second is lower than the 1,26 billion expected.
The group, leader in the reinsurance market, confirmed that it is aiming for a profit of 2,5 billion euros for the entire current year. Premium income in the first quarter amounted to 13,27 billion, up 2,2% on the same period last year. And speaking of the latter item, for the whole of 2012 Munich Re revised its estimate for gross premiums to “49-51 billion euro” from “48-50 billion”.
