Hannover Re Posts Higher Net Profit on Below-Budget Large Losses
By Adria Calatayud
Hannover Re reported a higher third-quarter net profit and reiterated its full-year guidance, after large losses to date came in below its budgeted expectation.
The German reinsurer said Monday that it made a quarterly net profit of 694.7 million euros ($774.1 million) compared with 650.8 million euros in the same period last year. Analysts had forecast group net profit at 638 million euros, according to consensus estimates provided by the company.
Reinsurance revenue fell 1% to 6.6 billion euros, against consensus expectations of 6.62 billion euros.
Hannover Re said large losses in its property-and-casualty segment totaled 1.32 billion euros in the first nine months of the year, coming in below its budgeted expectation of 1.79 billion euros. The August earthquake in Colombia, Atlantic windstorms that affected the Iberian Peninsula and Morocco, and Winter Storm Fern in the U.S. and Canada at the start of the year represented the biggest losses, it said.
The company said it is very confident of achieving its full-year guidance, which calls for a net profit of at least 2.7 billion euros.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
November 09, 2026 02:10 ET (07:10 GMT)
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