HANOVER (dpa-AFX) - German re-insurer Hannover Re AG (HVRRY.PK, HVRRF.PK) reported Thursday that its third-quarter Group net income declined to 185.37 million euros from last year's 265.46 million euros.
Earnings per share were 1.54 euros, down from 2.20 euros a year ago.
Operating profit or EBIT was 324.53 million euros, compared to last year's 399.34 million euros.
In the quarter, gross written premium, however, grew to 7.16 billion euros from last year's 6.15 billion euros. Net premium earned increased to 6.12 billion euros from 5.39 billion euros a year ago.
Looking ahead for fiscal 2021, the company continues to expect Group net income of 1.15 billion euros to 1.25 billion euros.
Gross premium for the Group is expected to show growth at least in the upper single-digit percentages adjusted for exchange rate effects.
Following the good performance in the first nine months, the company now expects a return on investment of more than 2.4 percent for the current financial year.
Further ahead, for fiscal 2022, Hannover Re anticipates Group net income of 1.4 billion euros to EUR 1.5 billion euros, a return on investment of at least 2.3 percent, as well as growth of at least 5 percent in Group gross premium adjusted for exchange rate effects.
Copyright RTT News/dpa-AFX