Hannover Re: 2024 quarterly results

Hannover Re ended the first quarter of 2024 with reinsurance revenue (gross) amounting to 6.7 billion EUR (7.2 billion USD), up by 1.6% year-on-year.

Net profit improved by 15% to 558 million EUR (602.2 million USD). At 811 million EUR (875.2 million USD), the operating result increased by 13% over one year.

The company's shareholders' equity stood at 10.9 billion EUR (11.8 billion USD) on 31 March of the current year. The return on equity (ROE) was 21.3%.

During the reporting period, the German group's non-life (P&C) business incurred losses worth 378 million EUR (407.9 million USD) due to natural disasters, including the earthquake in Japan, the fires in Chile and the collision between two aircraft at a Japanese airport, costing 25 million EUR (27 million USD), 16 million EUR (17.3 million USD) and 12 million EUR (12.9 million USD) respectively.

The Baltimore bridge collapse in the United States would be the most costly claim for the reinsurer, although the actual cost has not yet been determined.

Hannover Re is expecting a net result of 2.1 billion EUR (2.3 billion USD) for the full 2024 financial year.