Hannover Re in line with its objectives

Two thirds of Hannover Re's portfolio due for renewal on the 1 January 2011. The total premiums reported on that date amounted to 3.35 billion EUR (4.4 billion USD).

The reinsurer estimates that the slight increase by 2% of its underwriting is consistent with its expectations.

Hannover Re has announced that tariff increases have occurred in the motor business in Germany as well as in the offshore oil risks. In contrast, price declines have affected the renewal of the natural catastrophe risks.

These factors allow the Group to confirm its net result target of 650 million EUR (867 million USD) in 2011.