Hannover Re sees increase in Q1 net income
Hannover Re sees increase in Q1 net income | Insurance Business America
Insurance News
Hannover Re sees increase in Q1 net income
Figures the first set released 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.
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