Hannover Re SE raised its profit guidance for 2019 after third-quarter net profit doubled.
Net profit for the period grew to 340.7 million euros ($378.3 million) from EUR170 million a year earlier, the German reinsurer HNR1, +1.92% said Wednesday.
Gross written premium rose 14% to EUR5.70 billion.
“In life and health reinsurance the good underlying profitability is becoming increasingly evident, while property and casualty reinsurance continues to deliver stable results on a high level despite persistent strains from large losses,” Chief Executive Jean-Jacques Henchoz said.
The performance led the company to raise its profit target for the year. It now expects net profit of more than EUR1.25 billion from previous guidance of around EUR1.1 billion.
For next year, the company targets a profit of around EUR1.2 billion.
“In the coming year we are looking for a relatively stable profit contribution from property and casualty reinsurance and sustained good contribution from life and health reinsurance,” the CEO said. however, investment income is expected to fall slightly.
The company raised its net major loss budget for 2020 to EUR975 million from EUR875 million.