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Hannover Re coy on 2012 outlook, cites Talanx IPO
March 14, 2012 / 7:08 AM / 6 years ago

Hannover Re coy on 2012 outlook, cites Talanx IPO

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)

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