Munich - Shares in German insurance giant Munich Re slumped Tuesday, after the group abandoned its 2010 profit goal in the wake of a 76 per cent drop in fourth-quarter earnings.

The world's biggest reinsurer said earnings for the last three months of 2008 tumbled to 133 million euros (168 million dollars) compared to 552 million euros in the same period in 2007 as a round of turmoil hit financial markets.

This helped to result in the Munich-based company's full-year 2008 profit dropping by 61 per cent to 1.5 billion euros.

As a consequence, Munich Re said its previous profit target of 18 euros a share in 2010 was no longer realistic with investment returns falling short of its 4.5 per cent's goal.

Shares in the group slipped 1.2 per cent to 91.10 euros following the release of the results. (dpa)