By Cecilia Butini

German insurer Munich Re AG said Friday that its first-quarter net profit beat expectations, and that it expects to beat 2023 forecasts as a result.

The company posted a preliminary net profit for the first quarter of about 1.3 billion euros ($1.43 billion), beating a consensus expectation of EUR1.01 billion. It said that it still anticipates a net result of about EUR4 billion for the 2023 financial year, though surpassing this target has become more likely due to the first-quarter result, it said. Munich Re's losses from natural catastrophes were higher than expected, hitting its property-casualty reinsurance business, it said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

April 28, 2023 09:15 ET (13:15 GMT)

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