Hannover, 14 January 2013:
Based on a detailed analysis of its non-life reinsurance portfolio, Hannover Re anticipates a net burden of losses in the amount of EUR 261 million from Hurricane Sandy. Loss-triggered treaty conditions generate further net premiums in the amount of EUR 23.5 million, hence reducing the strain to EUR 237.5 million.
"This loss expenditure leaves us comfortably within our major loss budget for the financial year just ended. Our expectation of generating Group net income in excess of EUR 800 million for 2012 remains unaffected by this loss", Chief Executive Officer Ulrich Wallin emphasised.
Hannover Re will report in detail on the events of the 2012 financial year at its press conference on the annual results to be held on 7 March 2013.