FRANKFURT: German reinsurer Hannover Re posted a forecast-beating 20 percent rise in net profit to 279.7 million euros ($314 million) in the first quarter on the back of double-digit percentage gains in premiums and income from investments.
Quarterly net profit beat the highest forecast of 256 million euros in a Reuters poll of banks and brokerages and was far above the poll average of 237 million, helped by favourable foreign exchange effects. Net profit was 233 million euros in the year earlier quarter.
The world's third largest reinsurer said the result made it confident of achieving its net profit target of around 875 million euros in 2015.
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