(Bloomberg) — Munich Re, the world’s biggest reinsurer, reported second-quarter profit that missed analyst estimates, hurt by claims linked to a snowstorm in Japan. The shares dropped the most in three months.

Net income advanced 45% to 765 million euros ($1 billion) from the year-earlier period, missing the 798 million- euro average estimate of 11 analysts surveyed by Bloomberg. Major claims in the quarter rose to 617 million euros from 605 million euros, the Munich-based company said in a statement.

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