Munich Reinsurance today reported a profit of €688m (£469m) for the first quarter of 2005, a 26.7% increase over the comparable period last year.

The company's gross written premiums reduced by 1.9%, to €10.2bn (£6.9bn), Munich Re said.

Munich Re said the results were boosted by improved profits from the company's primary insurance arm, which recorded a profit of €121m (£82.5m)—a 120% increase over the first quarter of 2004.

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