HANOVER, Germany May 10 German reinsurer
Hannover Re reported a small drop in first-quarter
net income on Wednesday, in line with expectations, but said it
was on track to meet its full-year profit target.
Group net income was down 2 percent in the first three
months of the year to 264.8 million euros ($288.26 million), as
the industry faces dropping reinsurance prices and low interest
The company reiterated its goal of generating profit of more
than 1 billion euros this year.
"With our pleasing quarterly result we have put in place a
good basis for achieving our targets," Chief Executive Ulrich
Wallin said in a press release.
($1 = 0.9186 euros)
(Reporting by Tom Sims; Editing by Maria Sheahan)