Hannover Re increases Q1 profit to EUR 558 million, confirms guidance 2024

HANNOVER RUECK SE HNR1:

• HANNOVER RE INCREASES QUARTERLY PROFIT TO EUR 558 MILLION

• GUIDANCE FOR 2024 CONFIRMED

• Q1 GROUP NET INCOME UP BY 15% TO EUR 558 MILLION

• Q1 REINSURANCE REVENUE RISES TO EUR 6.7 BILLION

• LARGE LOSSES IN PROPERTY AND CASUALTY REINSURANCE COMFORTABLY WITHIN BUDGETED AND BOOKED EXPECTATION

• RESULT IN LIFE AND HEALTH REINSURANCE IN LINE WITH EXPECTATIONS

• RETURN ON INVESTMENT AHEAD OF TARGET AT 3.3%

• RETURN ON EQUITY REACHES 21.3%

• Q1 LOSSES WERE CAUSED BY EARTHQUAKE IN JAPAN AT TURN OF YEAR IN AN AMOUNT OF EUR 25 MILLION, WILDFIRES IN CHILE COSTING EUR 16 MILLION AND COLLISION BETWEEN TWO AIRCRAFT AT A JAPANESE AIRPORT AMOUNTING TO EUR 12 MILLION

• AT TIME OF QUARTERLY CLOSING, IT WAS NOT YET POSSIBLE TO PUT A NUMBER ON WHAT WILL PROBABLY BE LARGEST INDIVIDUAL LOSS RESULTING FROM BRIDGE COLLAPSE IN BALTIMORE HARBOUR

• IN TOTAL, LARGE LOSS EXPENDITURES INCURRED IN Q1, INCLUDING BALTIMORE BRIDGE COLLAPSE, WILL REMAIN COMFORTABLY WITHIN BOOKED LARGE LOSS BUDGET

• Q1 INVESTMENT INCOME IN PROPERTY AND CASUALTY REINSURANCE SURGED BY 41% TO EUR 421 MILLION (EUR 298 MILLION)

• Q1 OPERATING PROFIT (EBIT) CLIMBED BY 13% TO EUR 811 MILLION (EUR 720 MILLION)

• OUTLOOK 2024: IN VIEW OF IMPROVED MARKET ENVIRONMENT, ANTICIPATES A COMBINED RATIO UNDER 89% FOR PROPERTY AND CASUALTY REINSURANCE

• ORDINARY DIVIDEND IS EXPECTED TO INCREASE YEAR-ON-YEAR OVER 2024-2026 STRATEGY CYCLE