Hannover Re: H1 2023 results

Hannover Re has recorded an 18% increase in its net profit to 960 million EUR (1.05 billion USD) for the first half of 2023, against 815 million EUR (854.9 million USD) as at 30 June 2022.

During the period under consideration, the operating result amounted to 1.4 billion EUR (1.5 billion USD), representing a 21% growth over one year.

The gross reinsurance income was up by 3.9% to 12.3 billion EUR (13.4 billion USD) at the end of June 2023. The company's shareholders' equity stood at 9.3 billion EUR (10.1 billion USD) at this time, compared with 9.1 billion EUR (9.7 billion USD) as at 31 December 2022.

Hannover Re is expecting a net income of 1.7 billion EUR (1.9 billion USD) for the entire current financial year.

It is worth recalling that, since 1 January 2023, the German group has been reporting its financial results in compliance with the new IFRS17 and IFRS9 accounting standards.