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Loss in investment income during the first quarter translated into a 20 percent drop in net income for Munich, Germany-based insurer Munich Re Group, but the company’s chief financial officer said the company remains on track to show targeted profit for the year.

The company reported net income of EUR785 million ($1.21 billion), off EUR189 million ($291 million) from the first quarter of last year. The sharpest earning drop came from investments that fell EUR1.5 billion ($2.3 billion) to EUR1.7 billion ($2.6 billion), a drop of 47 percent, Munich Re said.

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