Munich Re has confirmed its target for full year net profits of around €2.6 to €2.8bn.
The reinsurer gave no financial details concerning business in the early part of this year, but chief executive Nikolaus von Bombard told the company's annual meeting that it was 'presently on course' to meeting its goals.
Bombard said: "At this point we have we have no reports of large impairments, which would force us to correct our targets."
Bombard also confirmed that the reinsurer would continue to focus on profitability over increasing turnover.
Munich Re said its core reinsurance business will be the primary motor for growth.
It added that its most recent treaty negotiations in Japan and Korea were successful, but did not give the percentage of contracts that were renewed.
The company said it has no plans for major acquisitions in the reinsurance segment but that it was considering expansion and acquisitions to strengthen its primary insurance business.
Bombard said: "There (in primary insurance), we will either set up new businesses or acquire others, where we see promising areas."
"I can imagine that we will build up our presence in selected markets, like we have just done in Russia by establishing a life/reinsurance company."
Targets are said to include small or mid-sized insurers that could compliment the group's existing portfolio.
The company said it is not interested in selling its troubled primary insurance unit ERGO as it would mean "the group would give up an important competitive advantage."
The insurer is today seeking shareholder permission to buy back up to 10% of its shares up to Oct 2007.
