Hannover Re, the world’s third-biggest reinsurer, reported that first-quarter profit was little changed as rates charged by the industry remain under pressure.
Property and casualty reinsurance prices declined on policies renewed for April 1 amid an oversupply of capital and muted demand from clients, according to Willis Re.
Hannover Re, the world’s third- biggest reinsurer, said third-quarter profit fell 23 percent on lower investment income, beating analysts’ estimates.
Hannover Re, the world’s third- biggest reinsurer, has sufficient capital to offer investors a steady dividend and pursue potential purchases, Chief Executive Officer Ulrich Wallin said.
Hannover Re, the world’s fourth- biggest reinsurer, expects record earnings this year after reporting a 63 percent increase in third-quarter profit.
Hannover Re, the world’s fourth- biggest reinsurer, cut its dividend payout after full-year profit fell 19 percent on higher claims from natural disasters.
"The most important keys to this success were solid growth, a good underwriting result in non-life reinsurance and exceptionally pleasing investment income."
- Hannover Re on Mar 06, 2013