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Hannover Re's net profit rises 20%

Posted On: Nov. 11, 2016 5:00 AM CST

German reinsurer Hannover Re S.E.'s net profit climbed 20% to €304 million ($332 million) in the third quarter, driven by strong results in both its reinsurance business and investments, Daily Mail reported. Roland Vogel, chief financial officer at Hannover Re, said that the reinsurer could make a profit of €1 billion in 2016. Hannover Re's exposure to Hurricane Matthew was just under €100 million and would be included in the fourth quarter, Mr. Vogel said.

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