Cats push Munich Re profits 9.4% lower

Net profits at Munich Re declined 9.4 percent to EUR974mn ($1.07bn)
during the second quarter, as a series of natural catastrophes hit
the bottom line.
The operating result of EUR1.5bn was also some 19.5 percent
below the figure for the same quarter last year.
The net result was just over double the analyst consensus, with
outperformance driven by realised gains, foreign exchange movements
and lower than expected restructuring costs.
Operating profits in the P&C reinsurance business were dow