Aug. 5, 2020, 2:09 a.m. EDT

Hannover Re offers no outlook as profit falls 39%

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By Pietro Lombardi

Hannover Re SE said Wednesday that it can't give an outlook for the year and it posted lower profit for the first six months as it set aside more money to cover potential losses caused by the coronavirus pandemic.

The German reinsurance giant said net profit fell roughly 39% in the first half to 402.4 million euros ($475 million).

The coronavirus pandemic hit results mostly in the second quarter, it said, when the company stowed away EUR380 million in property and casualty reserves for estimated losses related to the pandemic.

First-half gross written premiums rose more than 12% to EUR13.15 billion, it said.

Hannover Re said it can't give an outlook for the year.

"There are still too many uncertainties associated with providing profit guidance for the full year," Chief Executive Jean-Jacques Henchoz said.

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