Hannover Re reported a net loss of EUR126 million ($162 million U.S. at the current exchange rate) for 2008 primarily from investment losses for the year, but all of the loss came from the first three quarters of the year.
The Hannover, Germany-based reinsurer reported income for 2008 dropped from the previous year net income of EUR722 million ($921 million), a drop of 118 percent. However, while the first three quarters showed a loss of EUR143 million ($182 million), the fourth quarter reported a profit of 16 million ($20 million). The company did not give comparison figures to 2007.
Gross written premium for the group was off slightly, by less than 2 percent, or EUR138 million ($176 million), to EUR8.12 billion ($10.4 billion).
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