Hannover Re: 2022 results

On 9 March 2023, Hannover Re released its final results as at 31 December 2022. Its turnover has reached 33.3 billion EUR (35.5 billion USD), up by 19.9% compared to the 27.8 billion EUR (31.5 billion USD) posted in 2021.

The annual net profit improved by 14.2% to 1.41 billion EUR (1.5 billion USD) against 1.23 billion EUR (1.4 billion USD) a year earlier. As for the operating result, it amounted to 2.1 billion EUR (2.2 billion USD), which represents a 20.3% increase over one year.

Non-life written premiums were up by 26.1% to 24.2 billion EUR (25.8 billion USD). The P&C class of business ended the past year with an 18.7% drop in its net profit to 880 million EUR (939.4 million USD).

The non-life combined ratio lost 2.1 points to stand at 99.8%. The property and casualty activity performance was heavily impacted by natural catastrophe losses amounting to 1.4 billion EUR (1.5 billion USD) and by the constitution of a 331 million EUR (353.3 million USD) provision for the war in Ukraine.

During the period under review, life and health (L&H) underwritings totaled 9 billion EUR (9.6 billion USD) against 8.5 billion EUR in 2021. The net profit came to 588 million EUR (627.7 million USD), showing a strong progression of 198.5%. Covid-19 claims cost the L&H class of business 276 million EUR (294.6 million USD) in 2022.

The company's equity amounted to 8.1 billion EUR (8.6 billion USD). The return on equity (ROE) was 14.1%. The 251.9% solvency ratio exceeded the 180%-200% range.

Hannover Re has proposed the distribution of a dividend of 6 EUR (6.4 USD) per share for the financial year 2022.