Hannover Re, one of the world’s leading reinsurers, announced that it substantially increased the Group net income in the 2024 financial year and intends to enable its shareholders to participate in the favourable business performance with a 25% higher total dividend, the Group said in its press release.

The Executive Board and Supervisory Board will propose to the Annual General Meeting a dividend distribution of altogether EUR 9.00 (previous year: EUR 7.20) per share. This is comprised of an ordinary dividend of EUR 7.00 (EUR 6.00) per share and a special dividend of EUR 2.00 (EUR 1.20) per share.

Group net income increased by 28% to EUR 2.3 billion (EUR 1.8 billion). Earnings per share thus reached EUR 19.31 (EUR 15.13). Shareholders' equity amounted to EUR 11.8 billion (EUR 10.1 billion). The increase in shareholders' equity is primarily a reflection of the retained earnings in the financial year.

The key takeaways of the report include:

• Group net income rises by 28% to EUR 2.3 billion and reaches guidance, which had been revised higher in autumn 2024
• Return on equity increases to 21.2% and clearly exceeds strategic target
• Reinsurance revenue increases by 7.9% to EUR 26.4 billion
• Operating profit (EBIT) in property and casualty reinsurance improves substantially to EUR 2.4 billion
• Life and health reinsurance boosts operating result (EBIT) to EUR 934 million
• Return on investment of 3.2% beats target
• Proposed dividend of EUR 9.00 per share including special dividend
• Guidance for 2025 confirmed: Group net income of around EUR 2.4 billion

"We can look back on a very successful 2024 financial year, in which we grew steadily and generated a very pleasing Group profit. With the planned dividend increase, we are living up to our commitment to continuously grow the ordinary dividend over our current strategy cycle and underscoring our positioning as an attractive dividend stock", said Jean-Jacques Henchoz, Chief Executive Officer.

"The figures published today show that Hannover Re is optimally positioned for the future. In a market environment currently impacted by climate change and geopolitical tensions, we have succeeded in sustainably securing our profitability, further expanding our resilience and remaining a financially robust and reliable partner for our clients", commented Jean-Jacques Henchoz. "In just a few weeks, as announced, I will be handing over the reins of Chief Executive Officer to Clemens Jungsthöfel, who will write the next chapter of Hannover Re's success story as one of the world's leading reinsurers", CEO added.

The full report can be found here.