Hannover Re Increases Profit Targets for 2024 and 2025

Hannover Re has announced a rise in its profit target for 2024, now aiming for approximately EUR 2.3 billion. Additionally, it expects Group net income to reach around EUR 2.4 billion in 2025. This projection follows a strong business performance in the first nine months of 2024, where the Group net income increased by 30.4% to EUR 1.8 billion.

Reinsurance revenue grew by 7.0% when adjusted for exchange rates, totaling EUR 19.7 billion. Despite significant losses from hurricanes and flooding, the results remained within expected budgets. Property and casualty reinsurance performed well, with a 9.4% increase in revenue, while life and health reinsurance aligned with predictions.

Jean-Jacques Henchoz, CEO, attributes these results to consistent pricing and strategic investments, with a return on investment reaching 3.1% and a return on equity at 22.9%. The capital adequacy ratio stood strong at 260%, supporting the company’s growth objectives.