Daily Insurance Industry News
Daily Insurance Industry News
Tuesday 14th of August 2018
July 3, 2009

Hannover Re expects to hit 2009 targets

by David Masters

Story link: Hannover Re expects to hit 2009 targets

Hannover Re’s newly appointed chief executive said he expects the firm to hit its earnings targets for 2009 despite an estimated payout of €30 million for the recent Air France plane crash.

Ulrich Wallin said he is confident the reinsurer will meet its target of a €600 million net profit after a good first half.

Business was “good” in the first six months of 2009, Wallin said, adding that the firm expects major claims to be under 10% of net premiums for the second quarter.

Returns from capital investments were ‘stable’, he said.

The financial crisis has helped to boost turnover, Wallin added, because insurers who lost money in the credit crunch are buying extra cover from reinsurers.

Hannover anticipates a 20% growth in gross premium income for 2009, with expected earnings per share at €5.

“The price increases in the reinsurance market have continued on June 1 and July 1 but not at the rate we expected,” Wallin said.


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