Finance boss says €2bn target “increasingly ambitious”
Munich Re chief financial officer Joerg Schneider says its target after-tax profit of above €2bn for 2010, is "increasingly ambitious," Dow Jones reports.
He said the company's target of a combined ratio of 97% in its property/casualty reinsurance business is "presumably not achievable" in 2010.
Schneider expects a return on investment below 4% for 2010 and that the high RoI--of 5.2%--achieved in the first quarter wasn't sustainable for the remainder of 2010.
Schneider confirmed the group's 2010 targets of gross premium income of between €43bn and €45bn. Munich Re's target of a 15% return on risk-adjusted capital over the business cycle stands, he told investors.
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