Munich RE, expected profits

Following the losses suffered for the third consecutive year by the German bank Hypo Vereinsbank (HVB), the insurer Munich Re, which holds 18.34% of the bank's stakes, has announced a shrinking outcome for the year 2004. Instead of the expected amount comprised between 1.8 and 2 billion euros (2.3 and 2.6 billion USD), the insurer's profit should range between 1.7 and 1.9 billion euros (2.2 and 2.4 billion USD).