Hannover Re sees itself on course for record profit
Hannover Re, the world's third-largest reinsurer, sees itself on course for a record profit in the current year despite several costly natural catastrophes. In the third quarter, the DAX-listed group earned a good 439 million euros on balance, almost one and a half times as much as a year earlier, as it announced in Hannover on Thursday. CEO Jean-Jacques Henchoz therefore believes that Hannover Re is still well positioned to earn at least EUR 1.7 billion for the year as a whole. After the first nine months, a surplus of 1.4 billion euros is on the books.
In the third quarter, the severe storms in northern Italy had a particularly heavy impact on the Group, costing 132 million euros. The destruction caused by the forest fires on the Hawaiian island of Maui cost the reinsurer 87 million euros. Like other major insurers, Hannover Re has been calculating its business figures in accordance with new accounting standards since this year. The previous year's figures have been adjusted accordingly.
Hannover Re's record profit projection for the year is not deterred by the quarterly costs associated with natural catastrophes in Italy and Hawaii, as the company still earned a substantial 439 million euros in the third quarter, despite these setbacks. Despite the heavy financial impact of the storms in Italy and the forest fires in Hawaii, totaling 229 million euros, Hannover Re continues to report positive quarterly figures under the new accounting standards.
Source: www.dpa.com
