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Munich Re FY'17 net profit drops YOY to €375M

German reinsurer Munich Re reported preliminary fourth-quarter 2017 profit attributable to equity holders of €530 million, compared to €491 million in the year-ago period.

For full year 2017, attributable profit came in at €375 million, down year over year from €2.58 billion and in line with its "small profit" forecast due to the high losses resulting from hurricanes Harvey, Irma and Maria.

More details to follow.