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imageFRANKFURT: German reinsurer Hannover Re said Wednesday it is confident of meeting its full-year targets after a strong rise in profits in the third quarter and first nine months.

"In view of its results for the first nine months, Hannover Re is confident of achieving its full-year targets for 2014," the group said in a statement.

In concrete terms, Hannover Re said it is pencilling in "stable to slightly higher gross premium and net profit in the order of 850 million euros" ($1.06 billion) for the whole of 2014.

"This is conditional on major loss expenditure not significantly exceeding the anticipated level of 670 million and assumes that there are no unforeseen adverse developments on capital markets," the statement said.

In the period from July to September, Hannover Re booked a 21.4 percent rise in net profit to 251 million euros.

Underlying or operating profit rose by 39.1 percent to 407.1 million euros on a 9.9 percent increase in gross premium income to 3.64 billion euros.

"Hannover Re is very satisfied with the development of its business as at 30 September 2014... despite difficult general conditions," said chief executive Ulrich Wallin.

"We are well placed to navigate the challenging market environment and are confident of achieving our full-year profit target," he said.

Copyright AFP (Agence France-Presse), 2014

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