Hannover Re [4] has achieved record profits in 2023 despite the heavy natural catastrophe losses. The world's third-largest reinsurer posted, by the end of September 2023, a 25% increase in its net result to 1.48 billion USD. Hannover Re is expecting a net result of 1.8 billion USD for the current year as a whole.
For the first nine months of 2023, the company's turnover was up by 3% to 19.5 billion USD. The non-life business generated premiums amounting to 13.5 billion USD.
The Turkey earthquake was the most dramatic event of the first three quarters of the year for the reinsurer, with a net cost of 289 million USD, followed by the violent storms in Italy (140 million USD) and the Morocco earthquake (74 million USD).
The combined ratio for the same period improved by 2.7 points to stand at 91.9% at the end of September 2023.