The Munich Re Group has recorded first quarter profits of 420 million Euros, or about USD$560 million. The company says that thanks to business opportunities taken in the life and health reinsurance segment, it can increase its premium forecast for the year.

The company posted an operating result of 746 million Euros – about USD$994 million – compared to 1.19 billion in the first quarter of 2008, for a decrease of about 37 and a half percent.

However, gross premiums written rose by 5.3 percent to 10.4 billion Euros, up from 9.9 billion.

Munich Re’s Reinsurance segment posted a combined ratio of 97.3 percent, with average cost burden from major losses. The Reinsurance segment contributed 665 million Euros to the Group profit.