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Hannover Re closed the first three quarters of 2024 with a net profit of 1.8 billion EUR (2 billion USD), up 30.4% over one year.
Reinsurance revenue (gross) increased by 6.4% from 18.5 billion EUR (19.6 billion USD) at 30 September 2023 to 19.7 billion EUR (22 billion USD) one year later.
Operating income stood at 2.4 billion EUR (2.7 billion USD), showing a 33.3% progression compared with the same period in 2023.
The non-life combined ratio improved by 4 points to 87.9%.
For the non-life (P&C) segment, major loss expenses of 1.3 billion EUR (1.5 billion USD) were within the projected budget of 1.4 billion EUR (1.6 billion USD).
Flooding in Central Europe in the first nine months of 2024 is considered to be Hannover Re's biggest loss, costing 225 million EUR (251.2 million USD).
This event was followed by Hurricane Helene and flooding in the United Arab Emirates, which cost 130 million USD (145.1 million USD) and 121 million USD (135.1 million USD) respectively.
The German group is expecting a net income of 2.3 billion EUR (2.6 billion USD) for the full year 2024, and 2.4 billion EUR (2.7 billion USD) for 2025.
