Hannover Re: interim results short of estimates
(CercleFinance.com) - Hannover Re has reported H1 earnings that are slightly below estimates, although confirmed its forecast of FY 2019 earnings of about 1.
1 billion euros.
On Thursday the German group, which is the fourth largest reinsurer in the world, reported a 19% rise in H1 net profit to 663 million euros, a performance that fell short of expectations due to a disappointment in life reinsurance, analysts said.
In property and casualty reinsurance, Hannover Re posted operating profit that is down 4.6% at 656.9 million euros, while net income from investments rose by 16.4% to 865.6 million euros.
The group also confirmed its target of a net profit of about 1.1 billion euros this year, excluding gains on Viridium, for a dividend representing between 35% and 45% of net income.
The Hannover Re share was down 0.6% at 138 euros in Frankfurt after these figures were announced.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
1 billion euros.
On Thursday the German group, which is the fourth largest reinsurer in the world, reported a 19% rise in H1 net profit to 663 million euros, a performance that fell short of expectations due to a disappointment in life reinsurance, analysts said.
In property and casualty reinsurance, Hannover Re posted operating profit that is down 4.6% at 656.9 million euros, while net income from investments rose by 16.4% to 865.6 million euros.
The group also confirmed its target of a net profit of about 1.1 billion euros this year, excluding gains on Viridium, for a dividend representing between 35% and 45% of net income.
The Hannover Re share was down 0.6% at 138 euros in Frankfurt after these figures were announced.
Copyright (c) 2019 CercleFinance.com. All rights reserved.