Hannover Re FY24 Net Income Rises; Confirms FY25 Profit View

Hannover Rueck

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(RTTNews) - German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported Thursday its preliminary fiscal 2024 results, reporting higher Group net income than last year, in line with expectations. Looking ahead, for fiscal 2025, Hannover Re continues to anticipate Group net income of around 2.4 billion euros.

For the year, Group net income increased to 2.3 billion euros from 1.8 billion euros a year ago.

The operating profit or EBIT amounted to 3.3 billion euros, up from 1.97 billion euros last year. Property and casualty reinsurance contributed 2.4 billion euros, up from 1.1 billion euros last year.

Hannover Re generated reinsurance revenue of 26.4 billion euros, higher than prior year's 24.5 billion euros.

Hannover Re said it increased the premium income in traditional property and casualty reinsurance by 7.6% in the treaty renewals as at January 1, 2025.

Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re, said, "Demand for high-quality reinsurance capacities was once again higher than in the previous year. … Looking ahead to our targets for 2025, the successful renewals in January give me grounds for optimism. Growth in traditional business as well as the double-digit increase in structured reinsurance will be pivotal to achieving our growth target for 2025."

Hannover Re plans to publish its audited annual financial statement on March 13.

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