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.