Profits up at reinsurance major Hannover Re

Germany-based reinsurance group Hannover Re was able to reaffirm its full-year outlook on Monday after reporting higher nine-month earnings.

Group net income increased 6.9% to €2.1 billion ($2.35 billion) from €2.0 billion a year earlier. Earnings per share rose to €17.42 from €16.29.

Operating profit grew 16.5% to €2.9 billion from €2.5 billion.

Gross reinsurance revenue declined to €19.5 billion from €19.7 billion last year. At constant exchange rates, revenue would have increased 1.1%.

Net reinsurance service result rose to €2.6 billion from €2.4 billion.

In property and casualty reinsurance, gross reinsurance revenue fell 4.9% to €13.2 billion from €13.9 billion, while net reinsurance service result increased to €1.9 billion from €1.7 billion.

In life and health reinsurance, gross reinsurance revenue increased to €6.3 billion from €5.8 billion, representing growth of 9.5% at constant exchange rates. Net reinsurance service result rose to €717.2 million from €671.3 million.

For the full financial year, Hannover Re reaffirmed its expectation of net income of at least €2.7 billion.