• Re - 1Q16 net profit of € 430 m ( $ 650 m ) , down 20 % YoY , below inflation , primarily due to weaker returns from equity investments . The bank stated it has shifted its FY16 profit guidance to the lower costs of its previous range as it anticipates more costs to restructure its Ergo primary insurance business .
Munich Re - 1Q16 net profit of €430m ($489m), down 46% YoY, below estimates, primarily due to weaker results from equity investments. The bank stated it has cut its FY16 profit guidance to the lower end of its previous range as it anticipates more costs to restructure its Ergo primary insurance business.