NU Online News Service, Feb. 2, 12:50 p.m. EST

Munich Re reports 2011 profits of €710 million ($920 million), down from €2.43 billion ($3.19 billion) in 2010, a difference of €1.72 billion ($2.25 billion).

Chief financial officer Jörg Schneider notes the number is a “Respectable profit given the exceptional burdens.”

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