Munich Re announced a preliminary 8% rise in fourth quarter net profit today but only a small profit for the full year after a series of natural disasters.
The quarterly net profit of €530m fell short of the €560m expected by six banks and brokerages in a Reuters poll.
Its full year net of €392m fell well short of its initial goal of €2-2.4 billion.
The German reinsurer had warned last year that it could miss its full-year net profit goal after a spate of storms, earthquakes and fires in North America resulted in a big loss in the third quarter.
"In 2018, we will be pressing ahead with the digital transformation of Munich Re, and also seizing opportunities for profitable growth in traditional business," the company's chief financial officer Joerg Schneider said.
The results highlight the difficulty faced by the broader industry, as insurers have to pay claims of around $135 billion for 2017, the most ever.
Last year's deadly hurricanes Harvey, Irma and Maria in the US and Caribbean, wildfires in California and earthquakes in Mexico destroyed infrastructure and homes.
The sector was already struggling with thin margins, stiff competition and falling prices.
A big question for the industry has been whether the run of catastrophes would allow them to achieve higher prices for their coverage, which have been in decline for years.
Munich Re said that the January renewals season for reinsurance showed prices up by about 0.8%, compared with drops of 0.5% in 2017 and 1% in 2016.
A turnaround in prices would be the first major reversal since Hurricane Katrina in 2005.
The company said its dividend would remain stable at €8.60 per share for 2017, unchanged from 2016.
"Our dividend is reliable," Schneider said.
