Hannover Re: 2024 results

Hannover Re closed the 2024 financial year with gross reinsurance revenue of 26.4 billion EUR (27.5 billion USD), showing a 7.9% growth over one year.

Net reinsurance service result climbed by 82% to 3 billion EUR (3.1 billion USD).

The reinsurer's operating result was 68% higher than the figure recorded for the same period in 2023, reaching 3.3 billion EUR (3.4 billion USD).

As at 31 December 2024, the annual net profit amounted to 2.3 billion EUR (2.4 billion USD), against 1.8 billion EUR (2 billion USD) a year earlier, representing an increase of 28%.

Expenditure on major claims in the non-life (P&C) business stood at 1.6 billion EUR (1.7 billion USD). This cost was within the budgeted range of 1.825 billion EUR (1.9 billion USD).

Costing 230 million EUR (239.6 million USD), Hurricane Milton (Mexico, USA) is considered the biggest loss for Hannover Re, followed by the flooding in Central and Eastern Europe with losses totalling 194 million EUR (202.1 million USD).

The German group will propose a dividend of 9 EUR (9.4 USD) per share for the 2024 financial year at its next Annual General Meeting.

Hannover Re is expecting losses ranging from 500 to 700 million EUR (545 to 763 million USD) as a result of the Los Angeles forest fires at the beginning of 2025.