HANOVER (dpa-AFX) - Hannover Rück SE (HNR1.DE), a Germany-based reinsurance group, Monday reported higher 9-month earnings, supported by improved reinsurance service results. The company also reaffirmed its full-year profit outlook.
Group net income increased 6.9% to EUR 2.1 billion from EUR 2.0 billion a year earlier. Earnings per share rose to EUR 17.42 from EUR 16.29.
Operating profit (EBIT) grew 16.5% to EUR 2.9 billion from EUR 2.5 billion.
Gross reinsurance revenue declined to EUR 19.5 billion from EUR 19.7 billion last year. At constant exchange rates, revenue would have increased 1.1%.
Net reinsurance service result rose to EUR 2.6 billion from EUR 2.4 billion.
In property and casualty reinsurance, gross reinsurance revenue fell 4.9% to EUR 13.2 billion from EUR 13.9 billion, while net reinsurance service result increased to EUR 1.9 billion from EUR 1.7 billion.
In life and health reinsurance, gross reinsurance revenue increased to EUR 6.3 billion from EUR 5.8 billion, representing growth of 9.5% at constant exchange rates. Net reinsurance service result rose to EUR 717.2 million from EUR 671.3 million.
For the full financial year, Hannover Re reaffirmed its expectation of net income of at least EUR 2.7 billion.
On Xetra, Hannover Re shares closed down 4.37% at EUR 293 on Friday.
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