Hannover RE beats estimates, P&C Re drives growth [Yahoo! Finance]
HANNOVER RE SE S/ADR (HVRRY)
NASDAQ:AMEX Investor Relations:
hannover-re.com/122688/investors
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Source: Yahoo! Finance
“An all-round beat led by P&C Re underwriting while the FY guidance has been maintained as expected,” said analysts at RBC Capital Markets in a note. The financial services provider beat expectations across all metrics, showing improvement in its combined ratio compared to the previous quarter. Both the property&casualty and life&health reinsurance segments reported positive performance. The company posted a net income of €603 million, exceeding consensus estimates by 13%. This translated to a strong return on equity of 22.4% for the first half of the year. Investment income came in at €511 million, slightly ahead of expectations, RBC said. The P&C Re segment delivered an EBIT of €532 million, surpassing consensus estimates. The combined ratio stood at 87.6%, improving to 85.1% when adjusted for large loss variance. The L&H Re segment significantly outperformed, with EBIT reaching €320 million. Hannover Rück's solvency ratio climbed to 276%, comfortably above its target range
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