- The Hanover Re earns much more
Hannover Re, the world's third-largest reinsurer, is on track to meet its annual targets after posting a sharp increase in profits in the second quarter. The company, a member of the DAX index, reported a profit of €603 million, up by more than one-sixth from the previous year. Analysts surveyed by Bloomberg had expected a lower figure.
While gross premiums written grew by just 5.2% to €6.2 billion, the investment result was significantly better, and the company retained a larger share of its income in its property and casualty business after adjusting for claims, administration, and distribution expenses.
CEO Jean-Jacques Henchoz said the company is well-prepared for the typically more loss-prone second half of the year. He confirmed the company's annual targets, which include achieving a record result of at least €2.1 billion in 2021.
The Hannover Re, based in Germany, has confirmed its annual targets, aiming for a record result of at least €2.1 billion in 2021. Despite a moderate increase in gross premiums written, Germany remains a significant operational base for the globally renowned reinsurer.
