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(Bloomberg) — Munich Re, the world’s biggest reinsurer, posted third-quarter profit that missed analyst estimates as low interest rates eroded returns from its fixed-income investments.

Net income rose 16% from the year-earlier period to 735 million euros ($920 million), the Munich-based company said in a statement today. That fell short of the 778 million-euro average estimate of 11 analysts surveyed by Bloomberg.

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