Hannover Re increased the premium income in traditional property and casualty reinsurance by 3.3% in the treaty renewals as at 1 January 2026. With the quality of the renewed business still good overall, an average risk-adjusted price decline of 3.2% was recorded.

According to the Group, based on preliminary unaudited financials, Group net income in the 2025 financial year grew to EUR 2.64 billion (EUR 2.33 billion). Hannover Re thus achieved its earnings target, which it had raised to around EUR 2.6 billion in the fourth quarter of 2025.

Key takeaways:

• Premium growth of 3.3% in the renewals of traditional property and casualty reinsurance as at 1 January 2026; average risk-adjusted price decline of 3.2%
• Largely stable terms and conditions support continued high quality of the business written
• Preliminary Group net income for 2025 of EUR 2.6 billion in line with expectations
• Guidance for 2026 confirmed: Group net income of at least EUR 2.7 billion

Treaties with a premium volume of EUR 10,196 million were up for renewal on 1 January 2026. This corresponds to 61% of business in traditional property and casualty reinsurance (excluding facultative reinsurance, ILS business and structured reinsurance).

Hannover Re renewed treaties with a volume of EUR 9,369 million, while treaties worth EUR 827 million were cancelled. Together with EUR 1,165 million from new and restructured treaties and from changes in prices and treaty shares, the total renewed premium volume grew by 3.3% to EUR 10,535 million.

Based on preliminary unaudited financials, Hannover Re generated reinsurance revenue of EUR 26.8 billion (EUR 26.4 billion) in the 2025 financial year.

The operating profit (EBIT) amounted to EUR 3.5 billion (EUR 3.3 billion). Property and casualty reinsurance contributed EUR 2.6 billion (EUR 2.4 billion) to the operating result, while life and health reinsurance accounted for a share of EUR 0.9 billion (EUR 0.9 billion).

The pleasingly strong underwriting result in property and casualty reinsurance made it possible also in the fourth quarter to further increase the resilience in the loss reserves and at the same time to realise hidden losses in the investment portfolio. Group net income increased to EUR 2.64 billion (EUR 2.33 billion). Hannover Re thus achieved its earnings target, which it had raised to around EUR 2.6 billion in the fourth quarter.

As already announced in November, Hannover Re expects Group net income for the 2026 financial year of at least EUR 2.7 billion, an increase of 12.5% compared to the previous year's original forecast.

"We booked profitable growth in a highly competitive market environment in the renewals at the start of the year. Our strong market position, long-standing and partnership-focused client relationships, as well as cost advantages were crucial factors. We were able to partially offset more significant price reductions in certain lines within our overall portfolio thanks to our broad positioning. In areas where business is profitable, we were able to add to our market shares. The quality of our written portfolio remains on a good level overall", commented Clemens Jungsthöfel, Chief Executive Officer.

The full report can be found here.