Germany's Hannover Rueck falls as Q1 earnings underperform

Hannover Rueck SE

14/05/2024 10:31

** Hannover Rueck  HNRGn.DE  shares slide 3.4% after the
German reinsurance company reported Q1 results that
underperformed peer Munich Re  MUVGn.DE 
    ** It reports net income growing 15% to 558 million euros
($601.58 million) in the quarter, slightly below consensus as
per J.P. Morgan
    ** Although Deutsche Bank analysts call the results
"incredibly strong", they "wonder to what extent the numbers may
be seen as a little underwhelming, at least on initial glances"
    ** DB and RBC Capital Markets point to Munich Re's
greater-than-expected Q1 operating profit in April
    ** Hannover's stock is up 5.32% this year, compared to
Munich Re's 18.53% jump
    

($1 = 0.9276 euros)

 (Reporting by Paolo Laudani)
 ((Paolo.Laudani@thomsonreuters.com))