Hannover Re Q2 profits down on weaker underwriting

Second-quarter P&C net income at Hannover Re fell 30 percent
year on year to EUR172mn ($192mn), missing analyst consensus by 12
percent.
Q2 P&C operating income declined 21 percent to EUR261mn as a
result of lower net earned premium and a weaker underwriting
result.
Citi analyst Andrius Budnikas said in a research note:
"Overall, this is a slightly weaker set of results driven by
higher claims frequency and severity.
"Although some of this could be considered a
"one-off", the underlying.