The world's largest reinsurer, Munich Re, said it achieved a strong third-quarter profit, despite big losses related to intense windstorm activity.
Third-quarter profit for Munich Re rose to €365m from €42m a year earlier.
The higher profit came despite an estimated €550m in losses related to the four hurricanes that hit the US and typhoon activity in Japan.
Despite the catastrophe losses, a member of Munich Re board of management said the company was hoping to achieve its target of €2bn in profit for the year.
The spokesman said given "normal" business experience for the rest of the year, profit for 2004 is likely to be nearer the lower end of the anticipated range at €1.8bn.
In reinsurance Munich Re boosted net profit to €294m from €118m a year earlier.
