The world’s largest reinsurer Munich Re has revealed a surprisingly high profit at the start of the year. In the first quarter, the German DAX-listed group earned around €2.1 billion ($2.2 billion) according to preliminary figures reported on Tuesday. This is almost two thirds more than a year earlier, thanks in part to lower major losses, and around €600 million more than analysts had expected on average. For the current year, chief executive Joachim Wenning is still aiming for a surplus of €5 billion. However, the probability of exceeding this mark has now increased.