Hannover Re's Quarterly Profit Declines
NU Online News Service, May 27, 2:37 p.m. EDT?German reinsurance giant Hannover Re said its first-quarter netincome fell 21 percent, to 71.2 million euro ($84.8 million),compared to one year ago, driven down by weak capital markets andunfavorable exchange rates.
Speaking at the reinsurer's annual general meeting in Hanover,Germany, chief executive Wilhelm Zeller noted that gross writtenpremiums across all of Hannover Re's business units were 3.2billion euro ($3.8 billion) for the 2003 first quarter, down .9percent compared to the year-ago period.
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