The Munich Re Group reported net income of EUR3.93 billion ($5.74 billion) for 2007, up 11.9 percent from 2006.

The group said its operating results compared with the previous year decreased to EUR5.1 billion ($7.5 billion) due to a significant rise in natural catastrophe losses. The combined ratios remained at a "good level"--96.4 percent in reinsurance and 93.4 percent in primary insurance, the firm said.

Nikolaus von Bomhard, Munich Re chairman and chief executive officer, said the firm is well above its target with a return on risk-adjusted capital of over 20 percent, and is reporting "a record result for the fourth time in a row."

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