California wildfires singe Munich Re profits

Posted On: Mar. 6, 2019 5:03 AM CST

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

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.