Hannover Re, which is said to be the world’s third largest reinsurer, has published its earnings report for 2022.
Here’s how Hannover Re, part of Talanx Group, fared during the year:
|Gross written premium (GWP)||€33.3 billion||€27.8 billion|
|Net underwriting result||€(124.5 million)||€(211.1 million)|
|Net investment income||€2.1 billion||€1.9 billion|
|Operating profit||€2.1 billion||€1.7 billion|
|Group net income||€1.4 billion||€1.2 billion|
Of the group GWP, €24.2 billion came from property & casualty (P&C) reinsurance while life & health (L&H) reinsurance contributed €9 billion. In terms of operating profit, the split stood at €1.4 billion and €737 million, respectively, for P&C and L&H reinsurance.
When it came to net income, P&C saw a decline of 18.7% to €880 million, while L&H enjoyed a surge from €197 million to €588 million in the company’s latest set of financials.
Chief executive Jean-Jacques Henchoz commented: “In the 2022 financial year we once again demonstrated Hannover Re’s resilience. The environment in which we are operating remains challenging. Property & casualty reinsurance, in particular, saw heavy losses in 2022 from natural catastrophes, the war in Ukraine, and the pandemic.
“Thanks to good profit contributions from the investments and from life & health reinsurance, we were nevertheless able to deliver a pleasing group net income. Building on this success, we can offer our shareholders the prospect of an even more attractive dividend.”
The dividend distribution to be proposed at Hannover Re’s annual general meeting is €6 per share.