Munich Re's profit falls 23%, takes hit from previous years' claims
Posted On: May. 8, 2019 5:52 AM CST
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.