Munich Re Quarterly Profit Falls 16% on Catastrophe Losses
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Munich Re, the world’s biggest reinsurer, said profit fell 16 percent in the first quarter, after losses from natural catastrophes increased and returns from investments declined.
Net income dropped to 790 million euros ($898 million) from 936 million euros a year before, the Munich-based company said in a statement Thursday. Profit beat the 787.3 million-euro average of four analyst estimates compiled by Bloomberg.