Hannover Re likely to meet 2016 profit goals despite price declines

Hannover Re S.E. has said that it is likely to achieve its profit target for 2016 despite reductions in reinsurance prices, reported Reuters.

The reinsurer expects €950 million ($1 billion) in net profit in 2016. "We had hoped that the rate reductions would actually decelerate but the opposite happened," Hannover chief executive Ulrich Wallin said. Still, Hannover Re's profitability remained good due to its diversified portfolio, he said.

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