Hannover Re: share uo as 2024 target raised
(CercleFinance.com) - German reinsurer Hannover Re raised its net profit forecast for 2024 on Monday, after doing better than expected in the first nine months of the year.
The world's third-largest reinsurer - behind Munich Re and Swiss Re - now expects net income of around E2.3bn this year, up from its previous target of at least E2.1bn.
Citing solid demand for 'quality' reinsurance services and a buoyant market environment, the group adds that it plans to continue growing its net income next year, targeting a profit of around E2.4bn by 2025.
In the first nine months of the current financial year, the impact of hurricanes Helene and Milton had been absorbed and even more than offset by favorable tax factors, it explained, enabling it to post a net profit up 30% to E1.8bn at end-September.
Following this publication, Hannover Re shares gained 3.5% on Monday morning, posting one of the best performances on the DAX index of large German stocks on the Frankfurt stock exchange.
Last Friday, the group announced the departure of its CEO Jean-Jacques Henchoz, after more than five years at the helm of the company, a period during which the company's market capitalization almost doubled to almost E29bn today.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The world's third-largest reinsurer - behind Munich Re and Swiss Re - now expects net income of around E2.3bn this year, up from its previous target of at least E2.1bn.
Citing solid demand for 'quality' reinsurance services and a buoyant market environment, the group adds that it plans to continue growing its net income next year, targeting a profit of around E2.4bn by 2025.
In the first nine months of the current financial year, the impact of hurricanes Helene and Milton had been absorbed and even more than offset by favorable tax factors, it explained, enabling it to post a net profit up 30% to E1.8bn at end-September.
Following this publication, Hannover Re shares gained 3.5% on Monday morning, posting one of the best performances on the DAX index of large German stocks on the Frankfurt stock exchange.
Last Friday, the group announced the departure of its CEO Jean-Jacques Henchoz, after more than five years at the helm of the company, a period during which the company's market capitalization almost doubled to almost E29bn today.
Copyright (c) 2024 CercleFinance.com. All rights reserved.