Hannover Re: H1 results better than expected

(CercleFinance.com) - On Monday, Hannover Re reported a 21% increase in net profit for the first half of the year, ahead of expectations, confirming its full-year forecasts.


The world's third-largest reinsurer, behind Munich Re and Swiss Re, announced a 21% increase in net profit to E1.2bn for H1.

Gross revenues rose by 5.2% to E12.9bn, including growth of 6.1% at constant exchange rates.

The German group says it generated net investment income of just under E1bn in H1, compared with E851m a year earlier, corresponding to a return on investment of 3.3%.

Its combined ratio, a key indicator of business profitability, improved to 87.8% from 91.7% in the first half of 2023, in line with its target of below 89%.

For 2024, the group confirmed its target of an annual profit of at least E2.1bn, based on expected revenue growth of over 5% at constant exchange rates.

In Frankfurt, Hannover Re shares were up over 5% in the wake of this publication, posting the strongest rise on the DAX index.


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