With investment income off, Munich Re reported 2007 fourth-quarter net income dropped 12 percent compared to the period in 2006.

Net income fell to 560 million euros ($830 million) from 636 million euros for the fourth quarter of 2006.

The reinsurer said fourth-quarter consolidated profit was $873.2 million compared to $991.8 million in 2006. Munich Re said that net earned premiums increased 0.4 percent, and investment results declined 14.4 percent.

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