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Munich Re has dropped its medium-term earnings per share goal and declined to give a profit forecast for 2009 amid financial market turmoil.
“For 2009 and 2010… the investment result will be well below the long-term target of 4.5 percent. This means that the objective of €18.00 ($22.70) earnings per share set in 2007 for 2010 is also out of reach,” Chief Financial Officer Joerg Schneider said in a statement on Tuesday.
The world’s largest reinsurer added, however, that it is in good financial shape and able to exploit chances for profitable business, after it confirmed its net profit of €1.5 billion ($1.892 billion) in 2008, down nearly two-thirds from the record €3.9 billion ($4.92 billion) posted in 2007.
Munich Re’s EPS was €7.48 ($9.43) in 2008.
(Reporting by Jonathan Gould)