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Munich Re says profits quadrupled in 2012 as disaster payouts subside

FRANKFURT -- Munich Re, the world's biggest reinsurer, said Tuesday its bottom-line profit increased by more than four fold in 2012 on lower losses from natural catastrophes.

Munich Re said in a statement it booked net profit of 3.2 billion euros (US$4.3 billion) last year, compared with 0.71 billion euros a year earlier.

Operating profit also more than quadrupled, soaring to 5.4 billion euros in 2012 from 1.2 billion euros in 2011 and gross premium income was up 5.1 percent at 52.0 billion euros, the statement said.

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