Hannover Re [4] has published its annual report for the year ending 31 December 2021. The German reinsurer posted a 12.1% turnover increase with 27.8 billion EUR (31.5 billion USD) compared to 24.8 billion EUR (30.5 billion USD) at the end of 2020.
The net profit went from 883.1 million EUR (1.08 billion USD) in 2020 to 1.231 billion EUR (1.4 billion USD) at the end of last year, growing by 39.4% over one year. The operating result rose by 43% to reach 1.734 billion EUR (1.96 billion USD).
The P&C class of business recorded a 76% growth of its net profit which came to 1.082 billion EUR (1.225 billion USD). Non-life premiums worth 19.2 billion EUR (21.7 billion USD) improved by 14.8% compared to 2020. Despite natural disaster losses worth 1.3 billion EUR (1.47 billion USD), the combined ratio gained 3.9 points to stand at 97.7%.
The life and health (L&H) activity totaled 8.6 billion EUR (9.7 billion USD) in premium income compared to 8.02 billion EUR (9.85 billion USD) in 2020. The net result went from 328.9 million EUR (404 million USD) in 2020 to 196.6 million EUR (222.6 million USD) in 2021, which is a decrease of 40.2%. The Covid-19 related losses alone cost 582 million EUR (659 million USD) to the L&H activity of the group.
The company's equity stood at 11.9 billion EUR (13.5 billion USD). The return on equity stood at 10.8%.
Hannover Re has proposed a dividend of 5.75 EUR (6.5 USD) per share to its shareholders for the year 2021.