Hannover Re, one of the world’s leading reinsurers, generated Group net income of EUR 1.8 billion in the first nine months of the year, the Group said in its press release.

Against the backdrop of the favourable business development and a positive tax effect in the third quarter, Hannover Re is raising its full-year profit target to around EUR 2.3 billion. Guidance for Group net income of around EUR 2.4 billion for the 2025 financial year is announced for the first time.

• Group net income after three quarters increases by 30.4% to EUR 1.8 billion
• Reinsurance revenue grows by 7.0% adjusted for exchange rate effects to EUR 19.7 billion
• Large losses in property and casualty reinsurance within the budgeted expectation
• Result in life and health reinsurance in line with expectations
• Return on investment reaches 3.1%
• Return on equity stands at 22.9%
• Full-year profit target for 2024 raised to around EUR 2.3 billion
• Guidance 2025: Group net income of around EUR 2.4 billion expected.

“In the first nine months of the year Hannover Re continued to chart its successful course. Thanks to the adequate pricing level in property and casualty reinsurance, we are able to achieve a satisfactory level of earnings that puts us in a position to offer reliable reinsurance protection going forward, as we have in the past. The destruction left behind by Hurricanes Helene and Milton serves as a reminder that hurricane season is not yet over. Nevertheless, we are still very much on the right track and feel optimally positioned for the remaining months, and we are therefore raising our full-year profit target”, explained Jean-Jacques Henchoz, Chief Executive Officer.