Munich  - Munich Re, the world's largest re-insurer, reported Thursday it returned to the black in the third quarter, achieving a net result of 644 million euros (947 million dollars).

Citing a recovery setting in on capital markets which helped its investment portfolio and the lack so far of any major natural catastrophes requiring its back-up insurance support, Munich Re said the result compared with the 3 billion euros' red ink a year earlier.

The company said its operating profit tripled year-on-year to 1.2 billion euros, surpassing analysts' projections.

But the company, sounding a note of caution, said it is now projecting full-year earnings of 2.2 to 2.5 billion euros, a slight trimming compared with its August projection of 2.5 billion euros.(dpa)