Hannover Re stands by 2013 outlook despite profit fall

7th May 2013, Comments 0 comments

Hannover Re, the world's third-biggest reinsurer, said on Tuesday it was holding to its full-year forecasts for 2013 even though its bottom-line net profit fell in the first three months.

"Based on the good start to the current financial year and the prevailing market climate, Hannover Re is looking to a successful 2013 financial year," the reinsurance giant said in a statement.

"We anticipates group net income for the full year in the order of 800 million euros ($1.04 billion).

This is conditional upon major losses not significantly exceeding the expected level of 625 million euros for the full year and also assumes that there are no drastic downturns on capital markets," Hannover Re said.

In the first three months, net profit fell by 15.3 percent to 221.4 million euros and operating profit was down 15.6 percent, but gross premium income rose by 7.0 percent to 3.8 billion euros, Hannover Re said.

© 2013 AFP

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