Hannover Re reports net income climb for 2023

DPA
·1 min read
A Hannover Re sign stands in front of the insurance company's headquarters. The preliminary group net income at German reinsurance firm Hannover Re grew to €1.8 billion ($1.9 billion) from last year's €0.78 billion, the company reported on Wednesday. Raphael Knipping/dpa
A Hannover Re sign stands in front of the insurance company's headquarters. The preliminary group net income at German reinsurance firm Hannover Re grew to €1.8 billion ($1.9 billion) from last year's €0.78 billion, the company reported on Wednesday. Raphael Knipping/dpa

The preliminary group net income at German reinsurance firm Hannover Re grew to €1.8 billion ($1.9 billion) from last year's €0.78 billion, the company reported on Wednesday.

It said the results were in line with expectations.

Earnings before interest and taxes (EBIT) was €1.97 billion, up from €1.52 billion last year.

An increase in reserves in property and casualty reinsurance had a significant impact on EBIT, particularly in the fourth quarter, the company noted.

Reinsurance revenue rose to €24.4 billion from €24.1 billion last year.

The total renewed premium volume grew by 6.9% to €10.21 billion.

Looking ahead to fiscal 2024, Hannover Re continues to anticipate group net income of at least €2.1 billion.

Reinsurance revenue is expected to grow by more than 5% on the group level, with volume growth likely to be stronger in property and casualty reinsurance than in life and health reinsurance.

Hannover Re will publish its annual financial statement on March 18.