NU Online News Service, March 11, 2:49 p.m. EST

Hannover Re Group reported net income rose substantially for 2009, up EUR858 million ($1.17 billion at the current exchange rate) compared to a loss for 2008 on the strength of a moderate catastrophe loss year and its acquisition of ING life reinsurance portfolio.

The Hannover, Germany-based company reported net income of EUR731 million ($1 billion), or EUR6.06 ($8.29) a share for 2009 compared to net loss of EUR127 million ($174 million), or negative EUR1.05 ($1.44) a share, for 2008.

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