HANNOVER Re Group Q1 net income down by 2.4% y-o-y

11 May 2017 — Vlad BOLDIJAR
Group net income for HANNOVER Re contracted to EUR 264.8 million in 1Q 2017, or by 2.35% y-o-y, notes a statement of the world's third largest reinsurer. The value of earnings per share stood at EUR 2.20, the German reinsurer said.

At the same time, Group GWP rose by 6.6% as at 31 March 2017 to EUR 4.5 billion, while the operating profit (EBIT) totaled EUR 399.9 million (vs. EUR 406.7 million).

Per segments, the value of GWP for property and casualty reinsurance increased by 12.5% y-o-y to EUR 2.8 billion (EUR 2.5 billion), while the level of retained premium increased to 88.6% (87.9%). The combined ratio rose from 94.7% to 95.6%. The operating profit (EBIT) increased by 3.4% to EUR 309.8 million (EUR 299.7 million). Group net income went up by 5.4% to EUR 215.4 million (EUR 204.3 million), while earnings per share amounted to EUR 1.79 (EUR 1.69).

Life and health reinsurance GWP as at 31 March 2017 retreated by a modest 1.7% to EUR 1.7 billion (EUR 1.8 billion). The retention increased to 91.3% (90.5%). The operating result (EBIT) for life and health reinsurance totaled EUR 89.8 million (EUR 105.5 million). Group net income was lower than the previous year's very good level (EUR 77.9 million) at EUR 60.6 million. Earnings per share amounted to EUR 0.50 (EUR 0.65).

Read the full press release here.

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