Germany's Munich Re, the world's largest reinsurer by revenue,
may not reach last year's profit level in 2014 amid sharp
competition and the intentional skipping of certain riskier
businesses, according to the preview of an interview with Chief
Financial Officer Joerg Schneider to be published in Handelsblatt
on Monday.
The company charged lower prices in client contracts in 2014,
which may impact 2015 as well, Mr. Schneider said.
"Hence, it will be difficult to keep the profit level," Mr.
Schneider is quoted as saying.
In 2013, Munich Re posted 51.1 billion euros ($65.18 billion) in
gross premium revenues and EUR3.34 billion profit in 2013.
The CFO also pointed to competition from pension- and hedge
funds, but added Munich Re isn't willing to run certain risks, and
intentionally avoids some businesses.
Write to Emese Bartha at emese.bartha@wsj.com
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