Hannover Re Q3 Profit Drops 23%

Hannover Re reported a 23% drop in its third-quarter profit. Hannover Re's quarterly net profit declined to EUR205.5 million, versus a year-ago profit of EUR265.5 million. However, analysts were expecting a profit of EUR208 million. Its net investment income fell 27% to EUR364.2 million, versus estimates of EUR361 million. For 2013, it expects a net profit of about EUR800 million on revenue growth of about 5%.