EQS-News: Hannover Re confirms guidance for 2024 on the back of further improvements in terms and conditions and sustained attractive prices
Source: EQS
Corporate news Hannover Re confirms guidance for 2024 on the back of further improvements in terms and conditions and sustained attractive prices
Hannover, The market environment for the renewals proved to be more stable than in the previous year. At the same time, demand for reinsurance capacity, which was limited primarily to covers from existing market players, grew. "We are satisfied with the outcome of the renewals. Against the backdrop of the loss experience in 2023, continuing high levels of inflation and geopolitical uncertainties, we were able to secure further necessary rate improvements in many lines and regions," said Treaties with a premium volume of Hannover Re renewed a premium volume of Prices were generally stable or slightly higher. As in the previous year, Hannover Re grew its book of non-proportional reinsurance more strongly in the renewals. The premium volume here rose by 10.6% to "Demand for our high-quality reinsurance protection was again very strong," said Regional markets: High frequency of large losses Following a year of heavy losses in the region In In The premium volume generated by Hannover Re in the renewals in the Reinsurance capacity for catastrophe covers is still inadequate in some Latin American countries. Hannover Re acted on associated business opportunities within the scope of its risk appetite and kept up the trend towards improved rates and conditions. Rates are on a high level overall, and further upward adjustments should be possible in loss-affected business. The bulk of traditional property and casualty reinsurance is only renewed over the course of the year, however, most notably in the main renewals as at 1 July. Broadly speaking, Worldwide markets: Significantly improved terms and conditions in some lines The premium volume in the credit, surety and political risks lines grew by 10.7% in an attractive market environment. Here, too, a shift away from proportional towards non-proportional programmes is evident, with good profitability of the underlying business. Aviation and marine reinsurance saw premium volume grow by 11.5%. The positive trend of the previous year in the aviation sector was sustained, with price increases of more than 10% in non-proportional business, while growth on the proportional side was somewhat less vigorous. Hannover Re maintained its robust market position in the marine sector despite the available reinsurance capacity. Improved prices and conditions were recorded for coverage of strikes, riots and civil commotion (SRCC). In agricultural insurance, further adjustments were particularly notable under programmes that had suffered losses. The premium volume was boosted by 16.4% in response to improved terms and conditions. Hannover Re was thus able to further grow its business in The prevailing market climate in structured reinsurance continues to present business opportunities that enabled Hannover Re to generate further profitable growth in its portfolio. A shift towards non-proportional coverage is still evident, which should lead to further improvements in prices and conditions. The main renewal season in facultative reinsurance showed the expected stability in view of the attractive market landscape, with risk-adjusted prices remaining on a high level. Hannover Re posted moderate rate increases in catastrophe-exposed business. The premium volume in natural catastrophe business recorded high single-digit percentage growth in the renewals as at Preliminary key figures for the full 2023 financial year Based on preliminary, unaudited financial figures, Hannover Re reached an operating result (EBIT) of An increase in reserves in Property & Casualty reinsurance had a significant impact on EBIT, particularly in the fourth quarter, which led to a much greater increase in the confidence level of reserves than originally planned. According to initial estimates, the resiliency reserve at the end of the 2023 financial year will be significantly higher than the targeted Accordingly, the operating result for Property & Casualty reinsurance reached Group net income increased to Reinsurance revenue rose to Guidance for 2024 confirmed "The significantly improved profitability of our reinsurance business assures our resilience in a volatile environment," Henchoz said. "I am therefore convinced that we shall achieve our goals for the 2024 financial year." As already announced in December, Hannover Re anticipates Group net income of at least Hannover Re expects a combined ratio under 89% for the Property & Casualty reinsurance business group in 2024 in view of the improved market environment. In the Life & Health reinsurance business group, Hannover Re anticipates a reinsurance service result of more than Achievement of the earnings guidance for 2024 is based on the premise that large loss expenditure does not significantly exceed the budgeted amount of Hannover Re will publish its audited annual financial statement on
Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with around 3,500 staff. Established in 1966, the Please note the disclaimer: https://www.hannover-re.com/535917
Contact
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Language: | English |
Company: | Hannover Rück SE |
Karl-Wiechert-Allee 50 | |
30625 Hannover | |
Phone: | +49-(0)511-5604-1500 |
Fax: | +49-(0)511-5604-1648 |
Internet: | www.hannover-re.com |
ISIN: | DE0008402215 |
WKN: | 840 221 |
Indices: | DAX |
Listed: | Regulated Market in |
EQS News ID: | 1831791 |
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1831791 07.02.2024 CET/CEST