(Bloomberg) — Munich Re, the world's second-biggest reinsurer, fell the most since August 2013 after saying first-quarter profit will be lower than it previously expected.
Earnings for the quarter will also be lower than a year earlier after market turmoil caused the company to write down equity investments, Chief Executive Officer Nikolaus von Bomhard said at the annual shareholder meeting in Munich on Wednesday. Munich Re's profit target for the year is "ambitious," he said.
"Capital markets were highly volatile in the first quarter — share prices in particular fell — and we will be posting writedowns," von Bombard said.
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