Munich Reinsurance Co.'s net profit fell 20% year-on-year to €930 million ($1 billion) in the third quarter due to above-average losses from natural disasters, but it remains on track to outperform this year's profit target of €5 billion, Commercial Risk reported. The reinsurer's Ergo Group A.G. unit contributed €164 million in profit, down 5% year-over-year. Natural catastrophes cost the group's reinsurance business €1.38 billion in the quarter versus €535 million last year.