Munich Re expects to post a profit of about €3 billion ($3.8 billion) this financial year, according to figures from its annual general meeting last week.

Initial estimates show first-quarter profit will be about €1 billion ($1.27 billion), the reinsurer says.

Despite “difficult market conditions” last year, the €3.2 billion ($4.06 billion) profit was a “very pleasing result”, CEO Nikolaus von Bomhard told the group’s AGM last week.

“Following the good result for the first quarter, we are confident of being able to achieve our profit target,” he said.

“In reinsurance, our bespoke consultancy services and the comprehensive solutions we offer our clients continue to be the basis for our success.

“In primary insurance, we expect the introduction of the new product family in life insurance, the improved sales advice approach and the restructuring of our sales organisation to provide important stimuli for growth and earnings.”

Munich Re will pay more than €1.25 billion ($1.59 billion) to shareholders for last financial year.

The meeting also elected Ann-Kristin Achleitner to the supervisory board, to replace Hans-Jürgen Schinzler, who retired on December 31.