Munich Re's Q1 numbers fall short

First quarter operating profits at Munich Re fell by 27 percent
to EUR726mn ($827mn), missing the analyst consensus by 23
percent.
The drop off in profits and earnings miss reflected a decline in
the investment result and significant impairment losses, with the
combined effect not fully offset by low loss activity.
The company had previously guided at its annual general meeting
thatfirst quarter profits would be "well below"
expectations, causing its stock to come under pressure.
Munich Re said.