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14th March 2018
Hannover Re produce "pleasing" result in challenging year
Hannover Re has reported that it has generated a highly satisfactory Group net income for 2017 despite large losses-highlights are:
-Group net income of E958.6m(previous year: E1.17bn) beating E800m guidance
-Dividend proposal for 2017: E5.00 per share(E5.00 per share)
-Book value per share: E70.72(E74.61)
-Return on equity: 10.9%(13.7%)
-Gross premium up 8.8% to E17.8bn billion; currency-adjusted: 11.2%
-Combined ratio: 99.8(93.7)
-Major loss expenditure of E1,127.3m substantially higher than budgeted level
-Expectation of Group net income in excess of E1bn for 2018 confirmed.
The 2017 financial year for the (re)insurance industry was dominated by an exceptionally large volume of natural catastrophe losses. Hurricanes Harvey, Irma and Maria as well as numerous other natural disasters led to a historically high level of insured losses well in excess of $100bn, with corresponding strains for Hannover Re.
"The 2017 financial year was a challenging one; it was the year with the heaviest burden of large losses in our company's history. While the generated Group profit fell short of the previous year's good result, it is still pleasing at E959m", ceo Ulrich Wallin stated. "Protecting our clients against catastrophic events is the core of our business model. The fact that we achieved such a good performance despite the large number of losses shows that we have adequately mapped our exposures in our risk management system and the losses fit with the expected values calculated for our risk appetite."
Hannover Re Trends(183 articles)