Despite an exceptionally disaster-stricken year 2017, Hannover Re achieved a net profit of 958.6 million EUR (1.15 billion USD).
This result is higher than the group's expectations of 800 million EUR (958.4 million USD).
The turnover increased by 8.8% in comparison with 2016, amounting to 17.8 billion EUR (21.3 billion USD). The combined ratio deteriorated by 6.1 points from 93.7% in 2016 to 99.8% a year later.
For the 2018 financial year, the German reinsurer is expecting a net result of more than 1 billion EUR (1.2 billion USD), while in terms of premiums, it is expecting a single-digit growth. This objective will be achieved if the loss expenditure does not exceed 825 million EUR (988.4 million USD).
It should be noted that Hannover Re recorded, in 2017, losses of 850.5 million EUR (1.02 billion USD) as regards Hurricanes Harvey, Irma and Maria and forest fires in California.
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