German reinsurance giant Hannover Re said Tuesday it is upgrading its full-year forecasts after a “very good” first nine months.
“Hannover Re is expecting a very good result for the 2012 financial year,” said chief executive Ulrich Wallin.
Gross premium income was set to increase by 8.0-9.0 per cent, instead of the previously projected 5.0-7.0 per cent. And in profit terms, “group net income for the first nine months puts in place a good platform for achieving a very pleasing result for the full 2012 financial year”, Wallin said.
“At this point in time it is our assumption that group net income in excess of 800 million euros is realistic.” In the nine months to September, net profit soared 76 per cent to 670.8 million euros ($857 million) on a 13.6-percent increase in gross premiums to 10.3 billion euros. Looking ahead to next year, Wallin said that gross premium income would grow by around 5.0 per cent and net profit was projected to reach around 800 million euros.
Frankfurt, Nov 06, 2012 (AFP)
