FRANKFURT, Germany (AP) — Reinsurance company Munich Re says its first-quarter net profit rose 25 percent as the company saw modest outlays for natural disasters and raised its prices for catastrophe coverage.
Net profit was 979 million euros ($1.28 billion) in the first three months of the year, up from 782 million euros the same quarter a year ago. Gross premiums for all its insurance and reinsurance businesses rose 0.5 percent to 13.28 billion euros.
The company said Tuesday its payouts were low as it faced fewer claims for catastrophic events such as Hurricane Sandy, which hit the east coast of the U.S. in the fourth quarter.
Munich Re also said it had been able to raise prices for reinsurance coverage, which backstops primary insurers so the system can cover large losses from disasters.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.