Agence France-PresseMay 7, 2013 01:45
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.