Munich Re says it is likely to achieve its net profit target of €2-€2.4 billion ($2.9-$3.49 billion) this year, based on indicative figures from the first quarter.

The German reinsurer will release its earnings results for the March quarter on Tuesday next week. Net income for last year was €2.6 billion ($3.78 billion).

The company says Joachim Wenning was formally made Chairman of the board of management at last week’s annual general meeting, taking over from Nikolaus von Bomhard.