Germany's Hannover Re stuck by its aim of earning around $1.15 billion in net profit this year after securing acceptable margins on reinsurance contracts it renewed with insurance companies in January.
German reinsurer Hannover Re said it targeted net profit of around $1.2 billion in 2014, more than its expected target for this year, due in part to rising premiums.
Hannover Re posted a better than expected 30 percent rise in second quarter net profit, helped by a strong performance in reinsurance on cars and homes.
Hannover Re , the world's third-largest reinsurer, beat analyst expectations for its 2012 net income and dividend on Thursday, helped by moderate damage claims and surging investment income.
Reinsurer Hannover Re said it had increased its overall premium volume when renewing contracts with its insurance company customers at the start of the year, amid intense competition.
Reinsurer Hannover Re said it had increased its overall premium volume when renewing contracts with its insurance company customers at the start of the year, amid intense competition.
Hannover Re beat forecasts with net profit that rose by 63 percent to 265.5 million euros ($339 million) in the third quarter, helped by surging investment income and a dearth of big damage claims.