Germany's biggest re-insurance group, Munich Re, yesterday posted a 45.9 per cent drop in first-quarter net profit, mainly owing to stock market losses. The group said net profit fell to €415 million, from €777 million in the same period a year earlier.

Munich Re's operating profit shed 37.5 per cent to €746 million in the first three months of the year, in large part owing to "significant price losses on the capital markets and their impact on the investment result". Looking ahead, the group maintained its target of net return on risk-adjusted capital of 15 per cent for 2009, but lowered slightly its anticipated gross premium income to between €17-18 billion.

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