Munich Re has seen its quarterly profits fall by 45%, causing the group to revise downward its annual profit forecast.
The company made €436m (£344.3m) in quarter one, down from €790m in the same period last year. The initial forecast for this year was between €2.3bn to €2.8bn. That has now changed to €2.3bn.
"The result for the first quarter is below our expectations," said CFO Jörg Schneider.
"The first three months of the year were marked by a below-average random incidence of major losses. However, we had to cope with significant strains on our investment result."
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