FRANKFURT, (Reuters) - Munich Re said it expects to deliver first quarter net profit of close to 1 billion euros ($1.3 billion), putting it on course to reach its full-year profit target.

"We are aiming for a consolidated result of close to 3 billion euros" for the year, Munich Re Chief Executive Nikolaus von Bomhard said in a statement released ahead of the reinsurer's annual shareholder meeting on Thursday.

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

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