First-Half 2017: Market Softness and U.S. Mortality Holding Hannover Back
Hannover Re reported net income of EUR 535 million for the first half of 2017, in line with our estimates. The period showed an extremely light loss environment, and the property and casualty underwriting result deteriorated as a result of Ogden and market softness. The problematic U.S. mortality book caused the operating result for life and health reinsurance to decline by 8% and the business to lower its guidance. We maintain our EUR 100 fair value estimate and narrow moat rating.Within prope...
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