(Bloomberg) -- Hannover Re, the world’s third-biggest reinsurer, rose the most in more than two years after saying it will pay a special dividend and fourth-quarter profit climbed more than analysts estimated.
The shares increased as much as 5.6% in Frankfurt trading, the biggest intraday gain since November 2012. They climbed 5.2% to 91.65 euros at 11:44 a.m., extending this year’s advance to 22% and valuing the company at about 11 billion euros. The Bloomberg Europe 500 Insurance Index rose 16% over the same period.
Net income climbed 9.4% to 290 million euros ($312 million) from a year earlier, the company said Tuesday. That beat the 244 million-euro average estimate of eight analysts surveyed by Bloomberg. The reinsurer will pay a regular dividend of 3 euros a share plus an additional 1.25 euros. Hannover Re was expected to keep the amount unchanged from the 3 euros it paid in 2013, according to a Bloomberg Dividend Forecast.
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