Hannover likely to meet or beat goals
By George Frey |
August 12, 2009, Wednesday
|
Print Edition
Print Edition
GERMAN reinsurer Hannover Re AG is past the financial crisis and expects to meet or even surpass some of its full-year targets - and is considering acquisitions, the company's chief financial officer said.
In an interview at the company's Hannover offices, CFO Roland Vogel told The Associated Press that the company was well on its way to meet its net profit forecast of around 600 million euros (US$852 million) for the full year.
"We've already met two-thirds of our net income guidance for the full year," Vogel said. "We're confident we'll achieve all goals, maybe even outperform on some levels. The likelihood that we outperform has increased."
Reinsurers sell backup coverage to primary insurers so the insurance system can absorb large losses in the event of such losses or catastrophes.
Vogel said reaching the company's goals was however dependent on the rest of the year's catastrophes, especially American hurricane season. So far, things have been calm on that front.
He said one or two "normal" hurricanes have been factored in to the company's forecasts, while something extraordinary like the 2005 hurricane season, which ravaged the United States Gulf coast, could still affect 2009 earnings.
American National Oceanic and Atmospheric Administration forecasters earlier this month lowered their outlook for the 2009 hurricane season, which runs from June to November.
The forecasters said they expect a normal to below normal season, with seven to 11 named tropical storms compared to nine to 14 forecast in May.
In an interview at the company's Hannover offices, CFO Roland Vogel told The Associated Press that the company was well on its way to meet its net profit forecast of around 600 million euros (US$852 million) for the full year.
"We've already met two-thirds of our net income guidance for the full year," Vogel said. "We're confident we'll achieve all goals, maybe even outperform on some levels. The likelihood that we outperform has increased."
Reinsurers sell backup coverage to primary insurers so the insurance system can absorb large losses in the event of such losses or catastrophes.
Vogel said reaching the company's goals was however dependent on the rest of the year's catastrophes, especially American hurricane season. So far, things have been calm on that front.
He said one or two "normal" hurricanes have been factored in to the company's forecasts, while something extraordinary like the 2005 hurricane season, which ravaged the United States Gulf coast, could still affect 2009 earnings.
American National Oceanic and Atmospheric Administration forecasters earlier this month lowered their outlook for the 2009 hurricane season, which runs from June to November.
The forecasters said they expect a normal to below normal season, with seven to 11 named tropical storms compared to nine to 14 forecast in May.
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