Hannover Re’s net income climbs 21% YoY in H1 2024

Earnings per share stood at $10.59.

Hannover Re’s first half (H1 2024) group net income jumped 21% year-on-year (YoY) to $1.32b (EUR1.2b), attributable to the growth in property and casualty reinsurance, despite an increase in losses from secondary perils such as flooding.

Reinsurance revenue in H1 2024 rose by 5.2% YoY to $14.19b (EUR12.9b), with operating profit (EBIT) increasing by 23% YoY to $1.87b (EUR1.7b). 

The company’s reinsurance service result, which reflects the profitability of its underwriting activity, grew by 31% YoY to $1.54b (EUR1.4b).

Hannover Re saw an 8.8% YoY increase in reinsurance revenue in property and casualty reinsurance, reaching $10.01b (EUR9.1b) during the first six months. 

The company’s life and health reinsurance division generated results in line with expectations, driven by sustained demand for financial solutions. Reinsurance revenue in this segment contracted by 2.3% to $4.18b (EUR3.8b), whilst the reinsurance service result totalled $492.8m (EUR448m) in H1 2024.

Earnings per share during the period thus came in at $10.59 (EUR9.63) and $8.76 (EUR7.96).

Hannover Re confirmed its full-year guidance, expecting the group net income to reach at least $2.31b (EUR2.1b), assuming stable capital markets and no unforeseen large losses. 

The company also anticipates growth in reinsurance revenue of more than 5% and a combined ratio of less than 89% in property and casualty reinsurance for 2024.

($1.00 = EUR0.91)