Hannover Rueck up after 2024 outlook hike, positive 2025 view

Hannover Rueck SE

11/11/2024 08:12

** Shares in Hannover Rueck  HNRGn.DE  rise 3.1% after the
world's third-largest reinsurer hiked its 2024 profit target,
citing favourable business development and a positive tax effect
    ** The German group expects FY profit of around 2.3 billion
euros ($2.5 billion), vs previous target of at least 2.1 billion
    ** "We believe that this demonstrates the strong underlying
earnings power of the company at point when 2024 expectations
have begun to reduce at peers to reflect a more active H2 for
catastrophe losses," J.P.Morgan says
    ** "The destruction left behind by Hurricanes Helene and
Milton serves as a reminder that hurricane season is not yet
over," CEO Jean-Jacques Henchoz says in a statement, but adds
the company is on the right track and optimally positioned for
the remaining months of 2024
    ** The group also sees an increase in 2025 earnings and
revenue, with a net income of around 2.4 billion euros for the
year
    ** The stock, up 13.7% YTD, is among the best performers on
Germany's blue-chip index  .GDAXI  and the pan-European STOXX
600  .STOXX  

($1 = 0.9330 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))