Hannover Re has reported a 30.4% increase in Group net income for the first nine months of 2024, reaching EUR 1.8 billion. This growth comes alongside a 7.0% rise in reinsurance revenue, adjusted for exchange rate effects, totaling EUR 19.7 billion.
The company has raised its full-year profit target for 2024 to approximately EUR 2.3 billion and anticipates Group net income of around EUR 2.4 billion for the financial year 2025.
Jean-Jacques Henchoz, CEO of Hannover Re, stated: “In the first nine months of the year Hannover Re continued to chart its successful course. Thanks to the adequate pricing level in property and casualty reinsurance, we are able to achieve a satisfactory level of earnings that puts us in a position to offer reliable reinsurance protection going forward, as we have in the past."
Large losses within property and casualty reinsurance were within budgeted expectations, with significant incidents including flooding in Central and Eastern Europe and Hurricane Helene contributing to expenditures.
Clemens Jungsthöfel, Chief Financial Officer of Hannover Re, commented on their investment strategy: “With our prudent investment strategy, we were able to generate a strong investment result despite volatile interest rate markets and macroeconomic uncertainties.”
Looking ahead to 2025, Hannover Re expects sustained demand for high-quality reinsurance protection and sees profitable growth opportunities across both business groups.
Henchoz further noted: “Demand for the kind of high-quality reinsurance protection offered by Hannover Re will be sustained... For the 2025 financial year we are looking to increase earnings and revenue.”
Hannover Re's projections include a combined ratio below 88% in property and casualty reinsurance and a return on investment expected to reach at least 3.2%.