Hannover Re sticks to '13 forecasts despite 'competitive environment'
AFPFRANKFURT--Hannover Re, the world's third-biggest reinsurer, said Monday it is sticking to its full-year forecasts for 2013 despite a “considerably more competitive environment.”
February 5, 2013, 12:14 am TWN
“In view of the satisfactory outcome of the treaty renewals on Jan. 1, Hannover Re anticipates a good financial year in non-life reinsurance,” the group said in a statement.
As previously announced, Hannover Re said it is penciling in an increase of “around 5 percent” in total gross premium income for the current year, with premiums in non-life reinsurance growing by 3-5 percent and in life and health insurance by 5-7 percent.
In terms of profit, the reinsurer said it has budgeted some 625 million euros (US$852 million) for major losses this year, up from 560 million euros in 2012.