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Hannover Re optimistic for 2012 as prices rise


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Hannover Re optimistic for 2012 as prices rise

1:33am EST

 

FRANKFURT, Feb 1 (Reuters) - Hannover Re is optimistic for 2012 after obtaining higher prices and premiums when it renewed contracts with insurance companies at the start of this year to help them cover big losses such as hurricanes and earthquakes.

 

"Overall, we expect rising premiums and rising earnings in 2012," Chief Executive Ulrich Wallin told a journalist briefing.

 

The world's third-biggest reinsurer obtained price increases of 3-6 percent when renewing the annual contracts with insurers in January.

 

About two thirds of Hannover's non-life reinsurance business premiums were up for renewal at the start of the year, and the group said it boosted the volume of renewed premiums by 6 percent to 3.693 billion euros ($4.8 billion).

 

Wallin declined to comment on the reinsurer's 2011 results, which the group is preparing to unveil on March 14.

 

"We certainly have no reason to give any sort of profit warning," he said.

 

Hannover Re has said it expected to post net profit of at least 500 million euros in 2011 and possibly pay out more than 40 percent of it as a dividend. ($1 = 0.7625 euros)

 

 

Cheers  :)

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