Hannover Re Group is on track to reach its profit target of up to €470m this year, the company announced this week.

Chief executive Wilhelm Zeller said: "With the result from the first quarter, we have laid a good foundation to reach our net profit goal of €430m to €470m."

Strong results in the last quarter of the year were not enough to salvage earnings for the full year, which were spoiled by hurricanes in North America, the company said.

Zeller said the company expected a significant increase in premium volume this year.

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