Hannover Re Reports Higher Revenue and Earnings

Hannover Re has announced a 21% increase in Group net income to EUR 1.2 billion in the first half of 2024, confirming its full-year guidance. Reinsurance revenue grew by 5.2% to EUR 12.9 billion, with a return on equity reaching 22.3%.

"We have a successful first six months behind us," stated Jean-Jacques Henchoz, CEO of Hannover Re. Despite rising frequency losses and secondary perils, the company’s selective underwriting and retrocession strategy are keeping it well-prepared for the more loss-intensive second half.

Property and casualty reinsurance saw large losses within the budget and reinsurance revenue increased by 8.8%. Life and health reinsurance results were as expected, with a 2.3% fall in revenue.

The investment portfolio generated a return on investment of 3.3%, exceeding the full-year target. Hannover Re expects to grow reinsurance revenue by over 5% and achieve a full-year Group net income of at least EUR 2.1 billion.