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Hannover Re H1 Profit Down 39.3%; Says 2020 Guidance Still Not Possible

German re-insurer Hannover Re AG (HVRRY.PK,HVRRF.PK) reported that its group net income for the first-half of 2020 fell by 39.3% to 402.4 million euros from the prior year's 662.5 million euros, reflecting an increase in the reserves established in the Property & Casualty reinsurance business group. Earnings per share were 3.34 euros, down from 5.49 euros in the prior year.

"There are still too many uncertainties associated with providing profit guidance for the full year," said Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re.

The company maintained unchanged the anticipated payout ratio for the ordinary dividend in the range of 35% to 45% of its IFRS Group net income.

Operating profit or EBIT for the first-half of 2020 dropped by 46.6% to 503.5 million euros from 942.1 million euros in the previous year.

Gross written premium for the period rose by 12.4% to 13.1 billion euros from 11.7 billion euros in the prior year. Growth would have reached 12.2% adjusted for exchange rate effects.

Net earned premium increased by 10.9% to 10.4 billion euros from 9.4 billion euros in the previous year. At constant exchange rates growth would have similarly come in at 10.9%.

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