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Munich Re Q1 profit falls by less than expected

Nikolaus von Bomhard, CEO of German reinsurance giant Munich Re, is pictured during the company's annual general meeting in Munich
Christpf Stache | AFP |Getty Images

German reinsurer Munich Re's net profit fell by less than expected to 790 million euros ($898 million) in the first quarter, helped by low damage claims and the weakness of the euro.

The world's largest reinsurer had been expected to post net profit of 762 million euros, down from 936 million in the year-earlier quarter, the average forecast in a Reuters poll of banks and brokerages showed.

The company said it is still aiming for a profit of between 2.5 billion euros and 3 billion euros this year.