Munich Re Falls After Scrapping 2011 Profit Target on Japan
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Munich Re, the world’s largest reinsurer, fell as much as 3.1 percent in Frankfurt trading after scrapping its 2011 profit target on claims from the quake and tsunami in Japan.
The shares dropped 1.2 percent to 108.70 euros at 5:05 p.m. They have declined 6.6 percent since March 10, the day before the record earthquake and tsunami hit Japan.