Hannover Re unveils half-year outcomes

“Our persistently sturdy and worthwhile progress exhibits how extremely sought-after Hannover Re’s reinsurance safety is amongst our purchasers throughout troublesome occasions,” commented Henchoz. “We delivered a passable consequence within the first half-year, not least due to our superlative danger and capital administration.

“We have been in a position to do that regardless of setting apart reserves for impacts of the struggle launched in opposition to Ukraine in contravention of worldwide regulation, regardless of appreciable massive loss expenditures, and regardless of additional pandemic-related funds.”

Hannover Re, underneath its property and casualty reinsurance enterprise, has established a €316 million reserve for doable losses from the struggle in Ukraine. This drove the corporate’s internet expenditure for giant losses in H1 to succeed in €850 million – a better than anticipated determine for the interval and a rise from final yr’s €326 million. 

Beneath life and well being, in the meantime, Hannover Re incurred €194 million in pandemic-related losses within the first half. The sum represents a decline from €263 million in H1 2021.

Henchoz added: “Our success is grounded on our appreciable underwriting self-discipline, the price effectivity of our enterprise mannequin, and our agile capital administration. On this foundation we’re ideally positioned to deal with the quite a few challenges in our market.

“Towards this backdrop, and due to our sturdy buyer relationships, I’m assured that we are going to obtain our formidable targets for 2022. With the consequence for the primary six months, we now have laid very important groundwork to this finish.”