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California wildfires singe Munich Re profits

A firefighter attempts to douse flames during the Woolsey Fire in Southern California.

German reinsurer Munich Reinsurance Co.'s net profit declined 56% year over year to €238 million ($271 million) in the fourth quarter of 2018 from €538 million in the fourth quarter of 2017, primarily due to California wildfire losses of around €430 million, Reuters reported. Munich Re's net profit increased to €2.275 billion in 2018 from €392 million in 2017. 

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