Home Financial News Hannover Re : confident for 2012 after ‘pleasing’ first half

Hannover Re : confident for 2012 after ‘pleasing’ first half

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German reinsurance giant Hannover Re said it was anticipating “good results” for 2012 after a “very pleasing” first six months.   

“In view of the continuing attractive market opportunities in non-life and life/health reinsurance as well as the gratifying group net income as of June 30, we anticipate a good result for the full 2012 financial year,” Hannover Re said in a statement.

Full-year gross premiums were projected to grow 5.0-7.0 per cent, it said.   In the first six months, Hannover Re booked a bottom-line net profit of 405.3 million euros ($498 million), up 85.5 per cent over the year-earlier period.

Operating profit, as measured by earnings before interest and tax, more than doubled to 597.2 million euros in the January-June period from 248.9 million euros.

The group said year-earlier figures had been hit by exceptionally heavy losses from natural disasters.  First-half gross premium income grew 14 per cent to 6.9 billion euros, Hannover Re said.

Frankfurt, Aug 10, 2012 (AFP)