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(Bloomberg) – Munich Re, the world’s second-biggest reinsurer, revised its full-year profit target to include restructuring charges at its primary insurance unit and losses on equity investments that hit first-quarter earnings. The shares fell to the lowest in more than eight months.

Munich Re’s new profit target of 2.3 billion euros ($2.6 billion) now includes restructuring costs at the Ergo primary-insurance unit, the company said in a statement on Tuesday. The previous target ranged from that figure to as much as 2.8 billion euros. First-quarter net income fell to 430 million euros from 790 million euros a year ago, missing the 634 million-euro average of seven analyst estimates compiled by Bloomberg.

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