Munich Re reports better-than-expected Q1 net profit

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Illustration shows a smartphone with displayed Munich Re Group logo

FRANKFURT (Reuters) - The German reinsurer Munich Re on Friday said it posted a better-than-expected net profit of around 1.3 billion euros ($1.43 billion) in the first quarter and that it may exceed its full-year target.

Analysts had expected profit of 1.012 billion euros, according to a consensus forecast published by Munich Re.

There was no year-earlier comparison figure because of accounting changes.

Munich Re reiterated its aim of net profit of 4 billion euros for the full year.

"Surpassing this target has become more likely due to the Q1 result," it said.

($1 = 0.9112 euros)

(Reporting by Tom Sims, Editing by Rachel More and Matthias Williams)