Hannover Re Posts Higher Q1 Profit

Germany's Hannover Rueck SE (ADR) HVRRY posted a 20 percent surge in its net profit for the first quarter. The company's quarterly net profit climbed to 279.7 million euros ($311.8 million), versus a year-ago profit of EUR233 million. Analysts expected a profit of 237 million euros. Gross premium revenue jumped 21 percent to EUR4.4 billion Its net investment income rose 15 percent year-over-year to EUR415.7 million. Hannover confirmed its earnings outlook for the year. Hannover shares fell 4.60 percent to close at $48.51 yesterday.