Hannover Re sees higher net income in Q1

Hannover Re sees higher net income in Q1 | Insurance Business Canada

Insurance News

Hannover Re sees higher net income in Q1

Figures the first to be reported under new financial reporting standards

Insurance News

By
Terry Gangcuangco

It’s the turn of Talanx Group’s Hannover Re to reveal how it performed in the first quarter of 2023.

Reporting for the first time using the new financial reporting standards, Hannover Re posted the following results:

Metric

Q1 2023

Q1 2022

Reinsurance revenue (gross)

€6.57 billion

€6.61 billion

Reinsurance service result (net)

€568 million

€421 million

Net income from investments

€381 million

€393 million

Operating profit/loss

€720 million

€598 million

Group net income

€484 million

€428 million

Of Hannover Re’s reinsurance revenue in the first quarter, €4.6 billion came from property & casualty reinsurance while life & health contributed €1.97 billion.

“With the result for the first three months, we have achieved more than a quarter of the full-year guidance of at least €1.7 billion and are thus very much on course,” chief executive Jean-Jacques Henchoz said in a release.

“At the same time, we have further strengthened our resilience. In the face of the current challenges, we are thereby remaining a reliable partner for our clients.”

The CEO added: “In the renewal negotiations at April 1 we were able to build further on the significant improvements in prices and conditions achieved in the January 1 renewals. We have thus put in place another major cornerstone to secure Hannover Re’s long-term profitability.”

What are your thoughts on Hannover Re’s financial results? Share what you think in the comments below.