HANNOVER Re's Q1 net income reached EUR 233 million; the company reaffirmed its target of EUR 850 million for FY2014

8 May 2014 — Vlad BOLDIJAR
hannover_re1German reinsurer HANNOVER Re reported for the first-quarter a 0.7% increase in net income to EUR 233 million and a 3.6% contraction in gross written premium to EUR 3.6 billion (EUR 3.8 billion in 1Q2013), while after adjustment for exchange rate effects, net premium earned decreased 2.6% to EUR 2.9 billion. Further, HANNOVER Re reaffirmed its net income guidance in the order of EUR 850 million for the full financial year.

"The quarterly profit of EUR 233 million was driven by a very pleasing underwriting result in non-life reinsurance and good investment income. This shows that we have adjusted well to the challenging business environment", Chief Executive Officer Ulrich WALLIN commented.

By major business lines, gross premium in non-life reinsurance contracted by 4.1% to EUR 2.1 billion, the operating profit increased by 8.4% to EUR 280.5 million, while the Group net income went up by 13.1%, to EUR 197.9 million.

Gross written premium in life and health reinsurance fell by 2.8% to EUR 1.5 billion. In this segment, the operating profit contracted to EUR 65.6 million (EUR 102.4 million in 1Q2013), while the Group net income totaled EUR 43.4 million compared to EUR 75.1 million at the end of March 2013.

Read the press release here.

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