4th May 2022

Hannover Re generates quarterly profit of E264m despite substantial losses and confirms earnings guidance

Highlights are:
-Gross premium up by 13.9% adjusted for exchange-rate effects
-Major losses in property and casualty reinsurance above budgeted level for the first quarter
-Additional provision for possible losses from the war in Ukraine in the low triple-digit million euro range
-Pandemic-related losses in life and health reinsurance within the expected range
-Gratifying return on investment of 3.1%
-Group net income reaches E264m
-Return on equity beats minimum target at 9.3%
-Earnings guidance for 2022 confirmed
Hannover Re posted a quarterly profit of EUR 264 million in the first three months and confirms its full-year earnings guidance. That was despite sizeable natural catastrophe claims, further pandemic-related losses in life and health reinsurance and additional strengthening of provisions for possible losses resulting from the war in Ukraine.
"While we are all appalled by the suffering that Russia has unleashed in its war on Ukraine, it is not yet possible to put a concrete figure on the economic impact at this point in time," said Jean-Jacques Henchoz, ceo of Hannover Re. "Along with the potential implications of the war in Ukraine, we faced numerous natural catastrophes and further pandemic-related strains in life and health reinsurance in the first three months of the year. Against this backdrop, we again demonstrated the quality of our risk and capital management and stood shoulder-to-shoulder with our clients as a reliable partner."

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