Munich Re Shares Decline After First-Quarter Profit Warning
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Munich Re, the world’s second-biggest reinsurer, fell the most since August 2013 after saying first-quarter profit will be lower than it previously expected.
Earnings for the quarter will also be lower than a year earlier after market turmoil caused the company to write down equity investments, Chief Executive Officer Nikolaus von Bomhard said at the annual shareholder meeting in Munich on Wednesday. Munich Re’s profit target for the year is “ambitious,” he said.