Hannover Re makes a good start to the 2015 financial year

7 May 2015 —
The first three months of the current year passed off very satisfactorily for Hannover Re; the Group generated a quarterly profit of EUR 279.7 million (EUR 233.0 million). "The fact that we were able to boost our net income by a further 20.1% compared to the previous year's quarter can be attributed in particular to the outstanding contribution from life and health reinsurance and another satisfactory underwriting result in property and casualty reinsurance. Investment income also fully lived up to our expectations", Chief Executive Officer Ulrich Wallin stated. Given this successful start to the year, Hannover Re is confident of achieving its profit guidance in the order of EUR 875 million for the full 2015 financial year.

Gross premium sharply higher
Gross written premium for the Hannover Re Group increased by 21.4% as at 31 March 2015 to EUR 4.4 billion (EUR 3.6 billion). Growth thus surpassed the expectations. At constant exchange rates gross premium would have risen by 10.3%. The level of retained premium was slightly higher than in the comparable period at 88.6% (88.4%). Net premium earned grew by 17.8% to EUR 3.4 billion (EUR 2.9 billion); growth would have totalled 6.9% adjusted for exchange rate effects.

Hannover Re posts pleasing quarterly profit
The operating profit (EBIT) as at 31 March 2015 came in at EUR 429.0 million (EUR 349.6 million), comfortably beating the already good level of the previous year. The gratifying increase of 22.7% was driven in particular by the significantly improved result in life and health reinsurance. Group net income consequently came in at a highly satisfactory EUR 279.7 million (EUR 233.0 million). Earnings per share climbed to EUR 2.32 (EUR 1.93). Read the full story

Hannover Re makes a good start to the 2015 financial year
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