Hannover Rueck SE

Earnings Release • May 24, 2002

News Details

Ad-hoc | 24 May 2002 10:01

Hannover Rückvers. english

Quarterly net income more than doubled – Record result forecast for 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Quarterly net income more than doubled – Record result forecast for 2002 In the first quarter of the current financial year gross written premiums of the Hannover Re Group grew by 34% compared to the same quarter of the previous year to reach EUR 3.2 billion. Operating profit (EBIT) increased by 140% to EUR 174 million despite difficult capital market conditions. Quarterly net income grew by 118% to EUR 90 million, while earnings per share rose by 99% to EUR 2.78. For the 2002 year as a whole Hannover Re anticipates – subject to a major loss experience in line with the multi-year average and a normal development on the capital markets – EBIT of more than EUR 600 million, net income of EUR 300 million and earnings per share well in excess of EUR 9. Hannover Re will provide further details of its 2002 first quarter report at today’s Annual General Meeting, in a press release scheduled to be put out around 2.30 p.m. and on the internet. Contact: Ralf Arndt, phone 05 11 / 56 04-15 00, e-mail: ralf.arndt@hannover- re.com end of ad-hoc-announcement (c)DGAP 24.05.2002 ——————————————————————————– WKN: 840221; ISIN: DE0008402215; Index: MDAX Listed: Amtlicher Handel in Hannover, Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Stuttgart 241001 Mai 02