Hannover Re: third quarter 'strong,' but shares flat
(CercleFinance.com) - German reinsurer Hannover Re raised its full-year profit guidance, citing "strong performance" in life and health reinsurance".
The world's third-largest reinsurer reported third-quarter net income up 38.3% at over 1 billion euros.
In life and health reinsurance, its operating result (EBIT) tripled to 477.7 million euros, particularly due to improved profitability at its US mortality business.
Meanwhile, the property and casualty reinsurance business continued to deliver stable results, despite persistent strains from large losses, the group said.
After a slight major loss experience in the first half of the year, large loss expenditure in the third quarter reached 405.3 million euros, on the back of Hurricane Dorian, the typhoon Faxai in Japan and the insolvency of the UK tour operator Thomas Cook.
Hannover Re raised its profit guidance for the current year to over 1.25 billion euros, up from its original forecast of 1.1 billion euros.
The stock was slightly down (-0.3%) after these results, having risen by over 35% this year, largely outperforming a 20% rise in the STOXX Europe 600 Insurance index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The world's third-largest reinsurer reported third-quarter net income up 38.3% at over 1 billion euros.
In life and health reinsurance, its operating result (EBIT) tripled to 477.7 million euros, particularly due to improved profitability at its US mortality business.
Meanwhile, the property and casualty reinsurance business continued to deliver stable results, despite persistent strains from large losses, the group said.
After a slight major loss experience in the first half of the year, large loss expenditure in the third quarter reached 405.3 million euros, on the back of Hurricane Dorian, the typhoon Faxai in Japan and the insolvency of the UK tour operator Thomas Cook.
Hannover Re raised its profit guidance for the current year to over 1.25 billion euros, up from its original forecast of 1.1 billion euros.
The stock was slightly down (-0.3%) after these results, having risen by over 35% this year, largely outperforming a 20% rise in the STOXX Europe 600 Insurance index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.