Hannover sticks to 2014 target despite weaker market -paper

FRANKFURT Tue May 6, 2014 2:51am EDT

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FRANKFURT May 6 (Reuters) - Hannover Re repeated its net profit goal of around 850 million euros ($1.2 billion) this year despite reinsurers' weakening pricing power and stiff market competition, its chief financial officer told a German newspaper.

"We are capable of maintaining our profitability," Roland Vogel told financial daily Boersen Zeitung in an interview published on Tuesday.

"We can live pretty well with a softening market and competitive pressure," he added.

Reinsurers have seen prices pressured by an influx of pension fund money into the reinsurance market. Insurers are also asking for a better deal from their reinsurers after resinsurers posted strong profits in 2013, helped by lower-than-average payouts for big damage claims. ($1 = 0.7205 Euros) (Reporting by Jonathan Gould, editing by Thomas Atkins)

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