FRANKFURT May 6 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
"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)