Hannover Re expects to spank 2009 targets

Hannover Re’s newly appointed chief leadership said he expects the firm to hit its earnings targets seeing that 2009 despite an estimated payout of €30 million for the fresh Air France plane crash.

Ulrich Wallin said he is confident the reinsurer commitment meet its target of a €600 million net profit after a commendable first half.

Business was “good” in the first six months of 2009, Wallin said, adding that the settle down expects major claims to be under 10% of net premiums in return the second quarter.

Returns from capital investments were ’stable’, he said.

The pecuniary crisis has helped to boost turnover, Wallin added, because insurers who at sea money in the credit crunch are buying extra cover from reinsurers.

Hannover anticipates a 20% success in gross premium income for 2009, with expected earnings per piece at €5.

“The price increases in the reinsurance deal in have continued on June 1 and July 1 but not at the under any circumstances we expected,” Wallin said.