"Despite all the challenges both business groups, namely Property & Casualty and Life & Health reinsurance, lived up to our expectations. We are very well on track to achieve our profit target of at least EUR 950 million for the full 2016 financial year", Chief Executive Officer Ulrich WALLIN affirmed.
Gross written premium for the HANNOVER Re Group contracted by 3.8% to EUR 12.5 billion (EUR 12.9 billion). The decrease would have been 1.7% at constant exchange rates. This puts the company very much in line with its expectations for the full year. The retention rose to 89.6% (87.9%), as a consequence of which net premium earned fell only marginally by 0.6% to EUR 10.8 billion (EUR 10.8 billion). Adjusted for exchange rate effects, an increase of 1.7% would have been recorded.
Group net income on the previous year's level
Driven by good business results in reinsurance and solid investment income, the operating profit (EBIT) as at 30 September 2016 closed virtually on a par with the previous year at EUR 1,189.1 million (EUR 1,190.3 million). Group net income improved by a modest 0.5% on the very good level of the previous year's period to reach EUR 790.0 million (EUR 786.0 million). Earnings per share amounted to EUR 6.55 (EUR 6.52).
HANNOVER Re, with gross premium of around EUR 17 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with around 2,500 staff. Established in 1966, the Hannover Re Group today has a network of more than 100 subsidiaries, branches and representative offices worldwide.
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