German reinsurer Munich Re said its first-quarter net profit fell 33% to €543m as losses from floods in central Europe weighed on earnings.
The company said it paid out €230m in claims for the June floods.
The burden on earnings from major losses rose to €605m in the quarter from €452m a year earlier. Gross premiums written rose 1.6% to €12.81 billion.
Munich Re also said that it saw smaller returns on its investments, which are mostly in bonds and other fixed-income securities.
The company's investment result fell by €250m to €1.56 billion and it had increased writedowns on interest rate derivatives and options.
Reinsurance companies provide backup coverage to primary insurers so that the industry can handle losses from major disasters.
