HANOVER, Germany, May 10 (Reuters) - 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 rates.
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