Hannover Re: Covid ravages H1 earnings

(CercleFinance.com) - On Wednesday Hannover Re announced a 39% drop in its H1 2020 net profit, resulting from a higher level of claims relating to the Covid-19 pandemic.


The German reinsurer said that its net profit reached 402 million euros over the first six months of the year, against 663 million euros a year ago.

In a statement, the group said that it set aside the equivalent of 380 million euros in provisions for losses related to the coronavirus pandemic in Q2.

In all, Hannover Re made provisions for losses of some 600 million euros relating to Covid in the first half of the year.

In these circumstances, the reinsurance group refused to provide any kind of financial forecasts for 2020.

The share was down around 1.5% on the Frankfurt Stock Exchange on Wednesday.



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