Hannover Re 9M Profit Climbs, Raises FY19 Profit View; Sees Weak Profit In FY20

German re-insurer Hannover Re AG (HVRRY.PK, HVRRF.PK) reported Wednesday that its nine-month group net income climbed 38.3 percent to 1.0 billion euros from previous year's 725.3 million euros.

Earnings per share amounted to 8.32 euros, higher than 6.01 euros last year. The operating profit or EBIT improved 20.6 percent to 1.40 billion euros.

Gross written premium climbed 16.0 percent to 17.4 billion euros from last year's 15.0 billion euros. At constant exchange rates, the increase would have been 13.3 percent.

Net premium earned rose 12.7 percent to 14.4 billion euros from prior year's 12.8 billion euros, or 10.3 percent adjusted for exchange rate effects.

Further, Hannover Re raised Group net income guidance for 2019 to more than 1.25 billion euros from originally expected 1.1 billion euros.

Gross premium should see growth of around 10 percent based on constant exchange rates. This compares with the single-digit percentage increase that had originally been anticipated.

Further, for fiscal 2020, the company anticipates Group net income of around 1.2 billion euros.

Hannover Re expects to book gross premium growth of around 5 percent and a return on investment of roughly 2.7 percent for 2020.

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