Muenchener Ruec Share Price (0KFE)

1ST AND 2ND POSTT

German insurance company Munich Re reported that its bottom line was hit in the fourth quarter by restructuring costs, a loss at the health division, a higher tax rate and costs generated by Superstorm 'Sandy'. However, in spite of the storm that hit the US north-east coast in October, natural catastrophe losses for the full year were much lower at �1.3bn, compared to �4.5bn last year. Munich Re saw fourth-quarter earnings fall by 24% to �480m, but the full-year profit surged to �3.2bn compared to �710m a year earlier. Premiums rose by more than 5.0% in 2012 to �52bn while operating earnings reached �5.4bn. "This very pleasing profit is founded on our rigorous risk management, disciplined underwriting policy and the realisation of profitable business opportunities," said Chief Financial Officer Joerg Schneider. "Our core business in insurance and reinsurance is healthy, while the claims burden from major losses was slightly below average