Hannover Re expects YE profit of EUR 1.25 billion following HY results

16 August 2021 — Andrei Victor

Global reinsurer Hannover Re has reported Group net income of EUR 670.6 million for the first half of 2021 (vs. EUR 402.4 million), while the operating profit (EBIT) on the Group level improved substantially to EUR 956.1 million (EUR 503.5 million). At the same time, group GWP increased by 10.0% to EUR 14.5 billion (EUR 13.1 billion). For the full year 2021, the reinsurer continues to expect net income in the range of EUR 1.15 billion to EUR 1.25 billion.

PC reinsurance GWP increased 11.9% to EUR 10.3 billion. The underwriting result including interest on funds withheld and contract deposits amounted to EUR 316.8 million (EUR -160.7 million) for property and casualty reinsurance. The combined ratio improved sharply to 96.0% (102.3%) and was thus within the expectation of no more than 96%. The operating profit (EBIT) in property and casualty reinsurance surged to EUR 777.9 million (EUR 290.0 million). Net income improved to EUR 592.1 million (EUR 244.7 million). 

Gross written premium in life and health reinsurance rose by 5.7% to EUR 4.2 billion (EUR 4.0 billion). The operating result (EBIT) declined by 16.4% to EUR 179.1 million (EUR 214.2 million), while net income contracted by 44.4% to EUR 104.8 million (EUR 188.4 million). 

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