FRANKFURT (Reuters) – Hannover Re beat expectations with net profit rising five-fold to 261.3 million euros ($344 million) in the first quarter, helped by surging investment income and the absence of big damage claims.
The result was above the highest forecast of 235 million euros in a Reuters poll of banks and brokerages, and well above the poll average of 200 million euros.
The world's third-biggest reinsurer had been expected to see a strong recovery compared with the same period last year, which was hit by heavy claims from an earthquake and tsunami in Japan.
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