German resinsurer Hannover Re said it was on track to reach its full year net profit goal despite lower than expected net profit in the second quarter due to higher claims and lower investment income.
“Increased loss expenditure in the second quarter and diminished return opportunities in the investment portfolio did lead to a smaller profit,” Hannover Re Chief Executive Ulrich Wallin said in a statement on Thursday.
Quarterly net profit of 215 million euros ($240 million) was down 15 percent from a year earlier and below the average forecast of 239 million euros in a Reuters poll of banks and brokerages showed.
Hannover Re aims to earn at least 950 million euros in net profit this year.
Source: Reuters