HANOVER, Germany, March 13 (Reuters) - Hannover Re on Wednesday refrained from giving a profit outlook for 2012, citing the possible initial public offering of its majority shareholder, German insurer Talanx.
Talanx, which owns a 50.2 percent stake in the world’s third-biggest reinsurer, is moving closer to an IPO, after years of discussion.
Hannover Re said in a statement on Wednesday that it plans to pay a dividend of 2.10 euros per share for 2011, down from 2.30 euros in 2010, when net profit was boosted by a tax gain.
The company said net profit for 2011 was 606 million euros ($794 million), in line with the preliminary result published on Feb. 13 and well ahead of its target for 2011 of earning at least 500 million. ($1 = 0.7628 euros) (Reporting by Christian Kraemer; Writing by Jonathan Gould)