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Report: Munich Re expects lower Q1 earnings, CEO says

MunichRe's outgoing CEO Nikolaus von Bomhard expects the reinsurerto post a lower-than-expected first-quarter profit, which will also be lower ona year-over-year basis, Bloomberg News reported April 27.

"Capital markets were highly volatile in the firstquarter — share prices in particular fell — and we will be postingwrite-downs," Von Bombard reportedly told the company's annual shareholdermeeting.

However, he confirmed the reinsurer's full-year profittarget of between€2.3 billion and €2.8 billion, excluding restructuring costs at primaryinsurance unit ERGO, despite calling it an "ambitious" target.

He added that the reinsurer was confident of keeping astable dividend, the newswire reported.