12th November 2023

Hannover Re boosts earnings and is well on track for full-year profit target

Highlights are:
-Group net income rises by 25% to E1.4bn
-Reinsurance revenue reaches E18.5bn
-Large losses in property and casualty reinsurance within budget
-Result in life and health reinsurance as expected
-Return on investment beats target at 3%
-Return on equity comfortably ahead of minimum target at 20%
-Outlook for 2023: Still on track to deliver Group net income of at least E1.7bn
Hannover Re has generated a nine-month profit of E1.4bn and is thus confirming its Group net income target for the full year.
"We can look back on a favourable business development over the past nine months and with a more than satisfactory Group profit we are still well on track to achieve our full-year targets," said Jean-Jacques Henchoz,ceo of Hannover Re. "The expenditures from large losses are within our budget after three quarters. We are, however, seeing a clear trend towards increasing frequency losses, above all from secondary risks, and a growing burden of man-made losses."

Hannover Re Trends(236 articles)