Hannover Re: quarterly results beat expectations
(CercleFinance.com) - Hannover Re beat expectations with net profit up 3% at 273 million euros in the first quarter, after investment income was better than expected.
By comparison, the German reinsurer had been expected to post a quarterly net profit of 260 million euros.
"Both business groups, namely property & casualty and life & health reinsurance, as well as the investments, performed favourably and supported attainment of the goals set for the full year," said chief executive Ulrich Wallin.
Quarterly investment income amounted to 391.5 million euros, from 392.9 million euros one year earlier, which was more than the 362 million analysts had expected.
The company has confirmed net income guidance for 2018 above 1 billion euros, which is consistent with the current consensus of 1.05 billion, analysts said.
The Frankfurt-listed share was up 0.9 percent after these numbers.
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By comparison, the German reinsurer had been expected to post a quarterly net profit of 260 million euros.
"Both business groups, namely property & casualty and life & health reinsurance, as well as the investments, performed favourably and supported attainment of the goals set for the full year," said chief executive Ulrich Wallin.
Quarterly investment income amounted to 391.5 million euros, from 392.9 million euros one year earlier, which was more than the 362 million analysts had expected.
The company has confirmed net income guidance for 2018 above 1 billion euros, which is consistent with the current consensus of 1.05 billion, analysts said.
The Frankfurt-listed share was up 0.9 percent after these numbers.
Copyright (c) 2018 CercleFinance.com. All rights reserved.