NU Online News Service, May 9, 2:55 p.m. EDT
Natural catastrophes took a toll on Munich Re’s first-quarter earnings as the company reports a net loss of €948 million (U.S. $1.36 billion at current exchange rate) compared to net income of €485 million ($695 million) for the same period last year.
The Munich, Germany-based company says earnings per share stood at minus-€5.28 (minus-$7.57), down from €2.54 ($3.64) a share for the same period last year. Net premium earned increased 15 percent, or €1.5 billion ($2.17 billion), to €11.7 billion ($16.7 billion).
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