Hannover Re : Q1 2021 miss triggered by COVID-19 losses in life reinsurance
>Group Q1 2021 EBIT came to € 404m vs € 463m for the consensus - Hannover Re reported Q1 2021 EBIT below our and consensus estimates, which was triggered by higher-than-expected COVID-19 related losses in life reinsurance. Otherwise, premium growth came in ahead of expectations and underlying technical profitability in P&C and life reinsurance was very healthy. The company reiterated its guidance for net profit of € 1.15bn to € 1.25bn in 2021 (ODDO BHF: €1,246m) which...Hannover is global reinsurance company. Co. operates through two business groups, Non-Life Reinsurance and Life and Health Reinsurance. Non-Life Reinsurance provides structured reinsurance solutions. Co.'s target markets are Germany and North America, and its specialty lines include Marine, Aviation, Credit and Surety, Structured Reinsurance, Insurance-Linked Securities and the United Kingdom, London market and direct business. Non-Life Reinsurance's Global Reinsurance consists of treaty reinsurance worldwide, facultative reinsurance and global catastrophe business. Life and Health Reinsurance provides solutions for life and health reinsurance and financial solutions.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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