Hannover Rueck SE

Earnings Release • Sep 21, 2017

News Details

Ad-hoc | 21 September 2017 07:33

Hannover Rück SE: Hannover Re expects its large loss budget to be exceeded

Hannover Rück SE / Key word(s): Profit Warning/Final Results

21-Sep-2017 / 07:33 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

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Hannover, 21 September 2017: The insurance industry currently finds itself faced with a number of severe natural catastrophe events, the losses from which cannot as yet be precisely quantified; they include Hurricanes Harvey and Irma. Hannover Re expects that its defined large loss budget of EUR 825 million will be able to absorb the losses associated with these events. However, the most recent natural disasters, namely Hurricane Maria and the earthquake in Mexico – for which no detailed loss advices are available to date -, will give rise to further substantial strains that will exceed the large loss budget.

Consequently, fulfilment of a major criterion for Hannover Re’s profit guidance is at risk, which means that the targeted Group net income of more than EUR 1 billion may not be achieved.

As things currently stand, a dividend payment on the level of the previous year continues to be possible.

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21-Sep-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

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Language:	English
Company:	Hannover Rück SE
	Karl-Wiechert-Allee 50
	30625 Hannover
	Germany
Phone:	+49-(0)511-5604-1500
Fax:	+49-(0)511-5604-1648
E-mail:	info@hannover-re.com
Internet:	www.hannover-re.com
ISIN:	DE0008402215
WKN:	840 221
Indices:	MDAX
Listed:	Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxemburg

End of Announcement	DGAP News Service