Munich Re revises its 2018 targets upwards

Munich Re which announced in early 2018 its intention to achieve a net result between 2 and 2.4 billion EUR (2.47 and 2.97 billion USD), has revised its objectives upwards. It is now expecting a net profit between 2.1 to 2.5 billion EUR (2.6 to 3.1 billion USD) by the end of 2018.

The German reinsurer will also implement a redundancy plan. Nearly 900 jobs, half of which concern employees based in Munich, will be abolished.

Headcount of US entities will also be affected by these downsizing. Munich Re, which has 42 000 employees, hopes to reduce its operating costs by 200 million EUR (247.6 million USD).

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• Insurance industry in Germany