FRANKFURT Nov 7 Munich Re's freshly upgraded net profit target of around 3 billion euros ($3.84 billion) for 2012 may be "conservative," the reinsurer's chief financial officer Joerg Schneider said on Wednesday.
In a conference call with journalists, Schneider declined to predict by how much the world's biggest reinsurer might raise its dividend for 2012, saying any increase would be done "with judgement".
Munich Re paid a dividend of 6.25 euros per share in 2011.
He was speaking after the group reported forecast-beating third-quarter results. ($1 = 0.7812 euros) (Reporting by Jonathan Gould)