Munich Re 2016 profit target falls

Munich Re today (16 March) announced a profit target of EUR2.3bn to
EUR2.8bn ($2.6bn to $3.1bn) for 2016, down from guidance of
EUR2.5bn to EUR3bn a year earlier and the consensus estimate of
EUR2.7bn.
The reinsurer has taken a more cautious approach amid persistent
market headwinds and ongoing challenges at its primary insurance
unit Ergo.
Outgoing CEO Nikolaus von Bomhard said that the 2016 profit
guidance was "an ambitious target, especially because we
cannot expect to see a repeat of...