HANOVER (dpa-AFX) - German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported Wednesday that its first-quarter Group net income fell 13.8 percent to 264 million euros from last year's 306 million euros.
Earnings per share stood at 2.19 euros, lower than 2.54 euros last year.
The results reflected sizeable natural catastrophe claims, further pandemic-related losses in life and health reinsurance and additional strengthening of provisions for possible losses resulting from the war in Ukraine.
Operating profit or EBIT reached 396 million euros, down 1.8 percent from last year.
Gross written premium increased 19.5 percent to 9.33 billion euros from last year's 7.81 billion euros. Gross premium went up by 13.9 percent adjusted for exchange-rate effects
Net premium earned was 6.71 billion euros, up 17.9 percent from last year's 5.69 billion euros.
Further, the company confirmed its earnings guidance for 2022. Hannover Re continues to expect net income of 1.4 billion euros to 1.5 billion euros for the year.
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