MUNICH (dpa-AFX) - The devastating earthquake in Turkey and Syria caused the world's largest reinsurer Munich 's profits to fall in the first quarter. Increased major losses and negative currency effects caused net income to fall 14 percent year-on-year to just under 1.3 billion euros, the DAX-listed group said in Munich on Tuesday. The quake in Turkey cost Munich Re around 600 million euros. Nevertheless, CFO Christoph Jurecka sees improved chances that Munich Re will exceed its profit target of around 4.0 billion euros this year.

For the first time, the figures were calculated in accordance with the new accounting standards IFRS 17 and IFRS 9, which will apply to large insurers from the beginning of 2023. The prior-year figures for the first quarter have been adjusted accordingly. In the first quarter, the Group increased its insurance sales by almost eight percent to 14.3 billion euros. Investments also generated significantly higher returns thanks to higher interest rates. The Board of Management expects further tailwind from higher prices in property-casualty reinsurance: In the treaty renewals at April 1, Munich Re achieved 4.7 percent higher prices for its clients here and expanded its business volume by 11.1 percent./stw/tih