FRANKFURT, May 9 (Reuters) - German reinsurance giant Munich Re said on Tuesday that net profit rose to 557 million euros ($608 million) in the first quarter of this year, which it said kept it on track to meet its profit target for the full year.
Profit in the first quarter rose from 436 million euros in the same quarter a year earlier. Banks and brokerages on average had expected Munich Re to post a slightly higher net profit of 584 million euros, according to a Reuters poll.
“We are very pleased with the profit for the quarter of 557 million euros, and are on track to meet our profit target for the full year,” Joerg Schneider, the company’s chief financial officer, said in a statement.
$1 = 0.9156 euros Reporting by Tom Sims; Editing by Maria Sheahan