Hannover Re posts rising profit

The world’s third global reinsurer posted a net profit up by 42% at 858.3 million EUR (1.1 billion USD) in 2012. Gross written premiums amounted to 13.7 billion EUR (18.1 billion USD). In non-life insurance, gross written premiums grew by 13.1% at 7.7 billion EUR (10.2 billion USD). The combined ratio of the year was of 95.8% compared to 104.1% a year earlier.

In non-life business the operating profit amounted to 272.2 million EUR (359.7 million USD). In life insurance, gross premiums amounted to 6 billion EUR (7.9 billion USD), that is an increase of 14.9% over one year. The operating profit of 291.1million EUR (384.7 million USD) in this class increased by 33.7% compared to 2011.