The German group Munich Re , the world’s reinsurance , said Wednesday expect a slight decline in its net profit in the first quarter, however, should not prevent it from achieving its objectives in 2014 .
Bavarian reinsurer , which officially release its financial results for the first quarter on May 8 , expected to record a profit after tax of approximately € 900M over this period, said Wednesday his patron, Nikolaus von Bomhard , to the shareholders of the group met in general meeting. His remarks were reported by AFP a spokesman of the group.
This result , a slight decrease compared with 979m euros posted in the first three months of 2013, is also lower than the forecast of analysts compiled by Dow Jones Newswires , which focuses on a net profit of 967m euros consensus excluding minority interests .
At the Frankfurt Stock Exchange , the announcement came as a cold shower for investors that have put the title in Munich Re tail featuring Dax index. At 12:05 GMT , the action of reinsurance ceded 2.24% to 166.16 euros.
“We can meet the challenges of 2014, which will no doubt considerable , with optimism and confidence,” said von Bomhard shareholders . The boss of the group confirmed the previously announced target of a net profit of 3 Bn euros in 2014, down from 3.3 billion euros last year. This result should be supported primarily by reinsurance , the net result is expected in the range between 2.3 and 2.5 billion euros. These targets are ” ambitious ” but ” achievable ,” said Mr. Bomhard .
