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Hannover Re Posts Higher Q1 Profit

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Germany's Hannover Rueck SE (ADR) (OTC: HVRRY) posted a 20 percent surge in its net profit for the first quarter.

The company's quarterly net profit climbed to 279.7 million euros ($311.8 million), versus a year-ago profit of EUR233 million. Analysts expected a profit of 237 million euros.

Gross premium revenue jumped 21 percent to EUR4.4 billion

Its net investment income rose 15 percent year-over-year to EUR415.7 million.

Hannover confirmed its earnings outlook for the year.

Hannover shares fell 4.60 percent to close at $48.51 yesterday.

 

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