Hannover Re May Reduce Full-Year Forecast, Frankfurter Reports

Hannover Re may cut its full-year profit forecast following the earthquake and tsunami in Japan, Frankfurter Allgemeine Sonntagszeitung reported, citing an interview with Chief Financial Officer Roland Vogel.

The reinsurer is awaiting the first-quarter results before it can update its 2011 projection, Vogel said in the preview of an article that will be published in the newspaper tomorrow. A larger-than-expected tax gain may help Hannover Re to avoid a loss in the first three months of the year, the newspaper cited him as saying.

Hannover Re sold its entire equities portfolio in the first quarter because of uncertainty in financial markets, Vogel told Frankfurter Allgemeine Sonntagszeitung.

Hannover Re, the world’s third-biggest reinsurer, estimates its claims from the natural disaster in Japan at about 250 million euros ($362 million), it said March 23.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net;

To contact the editors responsible for this story: Angela Cullen at acullen8@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.