Hannover Re’s net income for the first half of 2024 surged 21% to $1.32 billion (EUR1.2 billion), driven by gains in property and casualty reinsurance despite increased secondary peril losses.
Reinsurance revenue rose 5.2% year-on-year to $14.19 billion (EUR12.9 billion), with operating profit climbing 23% to $1.87 billion (EUR1.7 billion). The reinsurance service result increased by 31% to $1.54 billion (EUR1.4 billion).
Property and casualty reinsurance revenue grew 8.8% to $10.01 billion (EUR9.1 billion). Life and health reinsurance revenue fell 2.3% to $4.18 billion (EUR3.8 billion), with a service result of $492.8 million (EUR448 million).
Earnings per share were $10.59 (EUR9.63). Hannover Re expects full-year net income to exceed $2.31 billion (EUR2.1 billion) and forecasts a reinsurance revenue increase of over 5% and a combined ratio under 89% for 2024.
