Hannover Re shares fall on earnings miss
Hannover Re shares fell 4.6 percent to EUR47.21 by mid-morning after the reinsurer missed analyst expectations for its half-year net income, which came in at EUR144mn compared to a consensus of EUR163mn.
The biggest cause for the miss was investment write-downs with a mark-to-market charge of EUR84.6mn taken, mostly due to losses on inflation hedges.
However, its non-life operating profits almost trebled for the half-year, albeit still below most analysts' forecasts.
Hannover grew the gross written premium of its P&a...
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