Hannover Re's Quarterly Profit Declines
NU Online News Service, May 27, 2:37 p.m. EDT? German reinsurance giant Hannover Re said its first-quarter net income fell 21 percent, to 71.2 million euro ($84.8 million), compared to one year ago, driven down by weak capital markets and unfavorable exchange rates.
Speaking at the reinsurer's annual general meeting in Hanover, Germany, chief executive Wilhelm Zeller noted that gross written premiums across all of Hannover Re's business units were 3.2 billion euro ($3.8 billion) for the 2003 first quarter, down .9 percent compared to the year-ago period.
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