Munich Re said its 2004 profits would be affected by a €2.5bn ($3.39bn) extraordinary charge announced by HVB Group, in which it holds a 18.34% stake.
The reinsurer said it now expected profits for 2004 to be in the range of €1.7bn to €1.9bns ($2.31 bn and $2.58 bn).
Previously, the reinsurer had forecast 2004 profits of between €1.8bn and €2.0bn ($2.44bn and $2.71 bn).
