Munich Re said it sustained a 99 percent decrease in profit for the third quarter affected by the financial turmoil that has impacted earnings of the insurance industry.
The Munich, Germany-based insurer reported third-quarter profit dropped EUR1.2 billion (U.S. $1.53 billion at the current exchange rate) to EUR12 million ($15 million) from EUR1.22 billion ($1.55 billion).
The results were on net earned premiums of EUR8.86 billion ($11.3 billion), up EUR91 million ($116 million) from last year's quarter of EUR8.77 billion ($11.2 billion).
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