Munich Re's profit grows nearly 30%

Munich Reinsurance Co.'s net profit grew 28% year over year to €557 million ($608 million) in the first quarter compared to €436 million in the first quarter of 2016, Amwal Al Ghad reported citing Reuters. The reinsurer's Ergo Group A.G. unit contributed €91 million in profit, up from a slight loss in the previous year. "We are on track to meet our profit target for the full year," said Joerg Schneider, chief financial officer at Munich Re.

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