Low damage claims help Munich Re beat expectations in Q1

FRANKFURT Tue May 7, 2013 1:48am EDT

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FRANKFURT May 7 (Reuters) - Munich Re reported forecast-beating net profit of 972 million euros ($1.3 billion) in the first quarter as low damage claims offset an 11 percent drop in income from investments.

The world's biggest reinsurer had been expected to post quarterly net profit after minorities of 931 million euros, the average of eight forecasts in a Reuters poll of banks and brokerages showed.

"After this good start, we are optimistic about achieving our profit target for the year of close to 3 billion euros," Chief Financial Officer Joerg Schneider said in a statement on Tuesday.

($1 = 0.7659 euros) (Reporting by Jonathan Gould; Editing by Maria Sheahan)

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