(Bloomberg) — Hannover Re, the world's third-biggest reinsurer, said second-quarter profit rose 10%, helped by a lower level of large claims and higher life reinsurance earnings.
Net income climbed to 211.5 million euros ($282.7 million) from 192.3 million euros a year ago, the reinsurer said in a statement today. Profit compared with the 223.8 million-euro average estimate of 11 analysts surveyed by Bloomberg.
Reinsurers help primary insurers such as Allianz SE and Axa SA shoulder risks for clients. They are facing pressure on their earnings as reinsurance rates decline amid lower-than-average disaster claims and record capital available for their coverage. Funds available in the reinsurance market grew to a record $555 billion by the end the first quarter, according to reinsurance broker Aon Benfield.
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