Hannover Rueck up after 2024 outlook hike, positive 2025 view
** Shares in Hannover Rueck HNRGn.DE rise 3.1% after the world's third-largest reinsurer hiked its 2024 profit target, citing favourable business development and a positive tax effect
** The German group expects FY profit of around 2.3 billion euros ($2.5 billion), vs previous target of at least 2.1 billion
** "We believe that this demonstrates the strong underlying earnings power of the company at point when 2024 expectations have begun to reduce at peers to reflect a more active H2 for catastrophe losses," J.P.Morgan says
** "The destruction left behind by Hurricanes Helene and Milton serves as a reminder that hurricane season is not yet over," CEO Jean-Jacques Henchoz says in a statement, but adds the company is on the right track and optimally positioned for the remaining months of 2024
** The group also sees an increase in 2025 earnings and revenue, with a net income of around 2.4 billion euros for the year
** The stock, up 13.7% YTD, is among the best performers on Germany's blue-chip index .GDAXI and the pan-European STOXX 600 .STOXX
($1 = 0.9330 euros)
Reporting by Ozan Ergenay
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