Hannover Re reports 30% profit increase

(dpa via Reuters) — German financial services provider Hannover Re, the third-largest reinsurance group in the world, Monday reported that its net income for the first nine months this year increased by 30.4% to €1.8 billion ($1.9 billion) from the same period last year.

The increase was affected by a positive one-off tax effect of €120 million. Earnings per share were €15.13, up from €11.60.  Operating profit was up by 33.3% to €2.4 billion. Reinsurance revenue (gross) grew by 6.4% to €19.7 billion.

For all of 2024, Hannover Re expects to grow the reinsurance revenue in total business by more than 5% based on constant exchange rates.

Hannover Re raised its full-year 2024 profit target to around €2.3 billion from the original guidance level of at least €2.1 billion. The group’s dividend strategy remains unchanged. The ordinary dividend is expected to increase year-over-year over the 2024-2026 strategy cycle.

It anticipates a net income of around €2.4 billion for the 2025 financial year.