Hannover Re: H1 2024 results

Hannover Re's reinsurance revenue (gross) for the first half of 2024 increased by 5.2% to 12.9 billion EUR (13.8 billion USD).

The non-life business (P&C) posted revenues of 9.1 billion EUR (9.7 billion USD), up by 8.8% over one year. In the first six months of the current year, expenses linked to major claims cost the company's P&C segment 566 million EUR (606.3 million USD). The most expensive claims were those relating to flooding in Germany, civil unrest in New Caledonia, and flooding in the United Arab Emirates and Brazil.

Life and health reinsurance revenue climbed by 2.8% to 3.8 billion EUR (4.1 billion USD).

The German group's net profit stood at 1.2 billion EUR (1.3 billion USD) as at 30 June 2024, representing a 21% improvement compared to the 960 million EUR (1.05 billion USD) recorded one year earlier.

Operating result reached 1.7 billion EUR (1.8 billion USD), marking a 23% growth over one year.

During the reporting period, the company's equity amounted to 10.7 billion EUR (11.5 billion USD). Return on equity (ROE) was 22.3%.

Hannover Re is expecting a net profit of 2.1 billion EUR (2.3 billion USD) for the full current financial year.