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German reinsurer Munich Reinsurance Co.’s profit declined almost 19% year-on-year to €1.38 billion ($1.4 billion) in the first half of the year, Asia Insurance Review reported. The reinsurer’s profits dropped despite a 12% increase in gross premiums written to €32.7 billion, which was mostly driven by strong organic growth across all lines, especially property and casualty reinsurance. The reinsurer recorded approximately €200 million in expenses related to the Ukraine war.