Munich Re, the world's largest reinsurer, has reported a third-quarter loss of E859 (£550m).
Munich Re, the world's largest reinsurer, has reported a third-quarter loss of E859m (£550m).
The German-based company blamed its downturn on the falling value of its stock holdings and the cost of summer floods in Europe.
The result compared with a E1.21bn (£777m) loss last year. However, this performance was when the company took most of the E2.6bn in charges for payouts from the World Trade Centre attacks.
Munich Re said that its investment losses totalled E1.6bn (£1bn) and costs of E500m (£320m) caused by August's floods in Europe.
The company said its net profit for the full year would exceed the 250 million euros that it posted last year.
