Hannover Re: results as at 30 September 2022

As at 30 September 2022, Hannover Re has posted a turnover of 26.3 billion EUR (25.6 billion USD), which represents a 21% increase over one year.

The net profit has progressed by 1.7% to reach 871 million EUR (847.594 million USD) at the end of September 2022. At that date, the operating result reached 1.328 billion EUR (1.292 billion USD), growing by 3.7% over twelve months.

During the period under review, the (P&C) class of business recorded a 28% improvement in written premiums at 19.5 billion EUR (18.976 billion USD). The 545 million EUR (530.355 million USD) net profit has declined by 26% compared to the same period of 2021. The non-life combined ratio deteriorated by 1.3 points to stand at 99.2%.

During the first nine months of 2022, natural catastrophe claims have cost the group's P&C class of business 1.484 billion EUR (1.444 billion USD). The most expensive catastrophe being hurricane Ian in the United States with net incurred losses of 276 million EUR (268.583 million USD), followed by floods in Australia and storm Ylenia in Europe with respective costs of 211 million EUR (205.33 million USD) and 115 million EUR (111.91 million USD).

Hannover Re has also established a provision of 331 million EUR (322.105 million USD) for the war in Ukraine.

The life and health activity (L&H) has posted a 6.6% increase in its turnover during the period under review to 6.8 billion EUR (6.62 billion USD). At 369 million EUR (359.084 million USD), the net result has shown a sharp rise of 146%. Covid-19 related losses totalled 227.8 million EUR (221.679 million USD) at the end of September 2022.

The company's shareholders' equity amounted to 8.3 billion EUR (8.07 billion USD). The return on equity (ROE) stood at 11.5%.