May 10, 2017 / 5:40 AM / 2 months ago

Hannover Re says on track for FY target even after Q1 profit drop

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HANOVER, Germany, May 10 (Reuters) - German reinsurer Hannover Re reported a small drop in first-quarter net income on Wednesday, in line with expectations, but said it was on track to meet its full-year profit target.

Group net income was down 2 percent in the first three months of the year to 264.8 million euros ($288.26 million), as the industry faces dropping reinsurance prices and low interest rates.

The company reiterated its goal of generating profit of more than 1 billion euros this year.

"With our pleasing quarterly result we have put in place a good basis for achieving our targets," Chief Executive Ulrich Wallin said in a press release.

$1 = 0.9186 euros Reporting by Tom Sims; Editing by Maria Sheahan

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