HANOVER (dpa-AFX) - German re-insurer Hannover Re AG (HVRRY.PK, HVRRF.PK) reported Wednesday that its first-quarter Group net income increased 1.7 percent to 305.9 million euros from last year's 300.9 million euros. Earnings per share amounted to 2.54 euros, up from 2.49 euros last year.
The operating profit or EBIT, meanwhile, contracted 5.3 percent to 403.8 million euros from 426.6 million euros a year ago.
The gross written premium booked by Hannover Re grew 11.9 percent to 7.80 billion euros from prior year's 6.98 billion euros. Adjusted for exchange rate effects, growth would have amounted to 16.8 percent.
Net premium earned climbed 11.7 percent to 5.7 billion euros from 5.1 billion euros last year. Growth would have reached 16.4 percent at constant exchange rates.
Further, the company confirmed its profit target for fiscal 2021. Hannover Re continues to expect net income in the range of 1.15 billion euros to 1.25 billion euros for the 2021 financial year.
The return on investment is anticipated to be roughly 2.4 percent and Group gross premium is forecast to show growth in the upper single-digit percentages adjusted for exchange rate effects.
The net major loss budget for 2021 is now set at 1.1 billion euros, compared to previous 975 million euros, primarily due to the growth in the underlying business.
The Executive Board and Supervisory Board have proposed an ordinary dividend of 4.50 euros per share for the 2020 financial year.
Copyright RTT News/dpa-AFX
Kostenloser Wertpapierhandel auf Smartbroker.de