Hannover Re: H1 2021 results

Hannover Re has posted a turnover increase of 10% in the first half of 2021 to 14.465 billion EUR (17.219 billion USD).

The German reinsurer has recorded a net profit of 670.6 million EUR (798.294 million USD) as at 30 June 2021, a 66.7% growth compared to the 402.4 million EUR (452.588 million USD) accounted for one year earlier.

At the end of June 2021, the operating result stands at 956.1 million EUR (1.138 billion USD) compared to 503.5 million EUR (566.298 million USD) during the same period in 2020, representing an 89.9% improvement.

Non-life premiums are up by 11.9% from 9.174 billion EUR (10.318 billion USD) in H1 2020 to 10.266 billion EUR (12.22 billion USD) a year later.

The half-yearly net profit of the non-life class of business amounts to 592.1 million EUR (704.847 million USD), rising by 141.9% over a year. The non-life combined ratio has improved by 6.3 points to 96%.

The life and health class of business (L&H) has reported an increase of 5.7% in its turnover to reach 4.198 billion EUR (4.99 billion USD). However, this activity is showing a 44.4% decline of its net result to 104.8 million EUR (124.7 million USD). The losses linked to Covid-19 alone have cost the group's L&H activity 263.4 million EUR (313.55 million USD).

The company's shareholders' equity has increased from 11 billion EUR (12.3 billion USD) in the first six months of 2020 to 11.1 billion EUR (13.21 billion USD) at the end of June 2021. The return on equity (ROE) is 12.2%.

For the financial year 2021, Hannover Re expects a net result between 1.15 billion EUR (1.34 billion USD) and 1.25 billion EUR (1.46 billion USD).