Ad-hoc | 13 February 2012 11:46
Hannover Rückversicherung AG / Key word(s): Preliminary Results
13.02.2012 11:46
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Hannover Re beats its own guidance for 2011 financial year
Hannover, 13 February 2012: Based on preliminary figures, Hannover Re will
generate Group net income in the order of EUR 600 million for the 2011
financial year. The company will thus comfortably surpass its profit target
of at least EUR 500 million.
Investment income delivered a particularly pleasing performance and hence
played a vital part in this increased profit. Most notably, the balance of
realised gains and losses improved further in the fourth quarter as
Hannover Re continued to use the low interest rate level to generate
disposal gains on high-quality government bonds. In accordance with the
strategic asset allocation, the funds that were released were reinvested
primarily in corporate bonds. The unrealised reserves in the investment
portfolio nevertheless continued to rise. Although net unrealised gains and
losses remained in negative territory for the full financial year, they
also developed favourably in the fourth quarter. Included here are the
inflation swaps taken out for hedging purposes and the fair values of
securities deposits held by US clients on behalf of Hannover Re (ModCo).
The improved result for the 2011 financial year also allows for the net
burden of losses from the flooding in Thailand at a cost of EUR 196
million.
The independent auditors have not yet completed their examination of the
present year-end closing figures, which have also still to be adopted by
the Supervisory Board.
Detailed information on the 2011 financial statements will be published by
Hannover Re on 14 March 2012.
For further information please contact:
Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500,
e-mail: karl.steinle@hannover-re.com)
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick@hannover-re.com)
Investor Relations:
Klaus Paesler (tel. +49 511 5604-1736,
e-mail: klaus.paesler@hannover-re.com)
13.02.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Hannover Rückversicherung AG
Karl-Wiechert-Allee 50
30625 Hannover
Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
E-mail: info@hannover-re.com
Internet: www.hannover-re.com
ISIN: DE0008402215
WKN: 840 221
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hannover;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of Announcement DGAP News-Service
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