Munich Re Expects to Beat 1Q Net Profit Forecast After Strong Start to Year
By Ian Walker
Munich Re said that it had a strong start to the new year and expects net profit for the first quarter to beat market forecasts, while backing its full-year forecast.
The German reinsurer said Tuesday that preliminary net profit for the quarter was 2.1 billion euros ($2.24 billion) compared with market forecasts of EUR1.48 billion based on 11 analysts' estimates.
The company said that it still expects to report a net profit for the year of EUR5 billion, but could exceed this given the first-quarter performance.
The Bavarian company plans to report first-quarter earnings on May. 8.
Shares at 0931 GMT were up 2% at EUR426.80. They are up 14% over the year to date.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
April 23, 2024 05:47 ET (09:47 GMT)
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