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Munich Re's profit falls 23%, takes hit from previous years' claims

Munich Re

Germany-based Munich Reinsurance Co.'s net profit declined 23% year over year to €632 million ($707.4 million) in the first quarter due to large-claim loss development from previous years, MarketWatch reported. Gross written premiums increased marginally to €13.4 billion from $13 billion in the first quarter of 2018.

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