FRANKFURT May 9 German reinsurance giant Munich
Re said on Tuesday that net profit rose to 557
million euros ($608 million) in the first quarter of this year,
which it said kept it on track to meet its profit target for the
Profit in the first quarter rose from 436 million euros in
the same quarter a year earlier. Banks and brokerages on average
had expected Munich Re to post a slightly higher net profit of
584 million euros, according to a Reuters poll.
"We are very pleased with the profit for the quarter of 557
million euros, and are on track to meet our profit target for
the full year," Joerg Schneider, the company's chief financial
officer, said in a statement.
($1 = 0.9156 euros)
(Reporting by Tom Sims; Editing by Maria Sheahan)