Business NEWS
German Reinsurance firm Hannover Re swings to profit
By Bettina Padurano for CEOWORLD Magazine Updated:November 6, 2009
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Hannover Re (HNRGn.DE), Germany’s second-biggest reinsurer, reported third quarter IFRS group net income of EUR 159.4 million, compared to group net loss of EUR 395.0 million last year. Earnings per share were EUR 1.32, compared to loss per share of EUR 3.27 in the same quarter last year.
Analysts had been expecting a profit of 151 million euros. Gross written premiums in the period rose to 2.42 billion euros from 1.96 billion euros.
CEO Ulrich Wallin said the firm was lifting its profit target for 2009 to at least 5.75 euros a share from the previous target of 5 euros a share and is looking to pay a dividend of at least 2 euros a share. The group said the result was helped by much lower catastrophe losses following “an unremarkable hurricane season.” Catastrophe losses for the first nine months of the year were 198.2 million euros, compared to 444.9 million euros a year earlier.
Net profit was €159.4 million in the third quarter compared with a net loss of €395 million a year earlier. Gross premium income rose 23% to €2.42 billion from €1.96 billion, boosted by the contribution of the U.S. individual-life-reinsurance portfolio that Hannover Re bought from Bermuda-based reinsurer Scottish Re Group Ltd. in the first quarter.
Hannover Re, has now posted net profit in three consecutive quarters as the financial crisis has eased.
Like rivals Munich Re (MUVGn.DE) and Swiss Re (RUKN.VX), Hannover Re’s third-quarter results were helped by the absence of storms that caused billions of euros in payouts to insurance companies in past years, ravaging reinsurers’ earnings.
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