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)