Hannover Re, the third largest reinsurer in the world, has posted record results for 2015, with a group net income of €1.15 billion, beating the reinsurer’s target profit of €950 million.
The firm also reported an 18.8 percent increase in gross written premiums last year to €17.1 billion. Currency adjusted this was an increase of 8.7 percent to €14.4 billion. It also reported a slightly improved combined ratio of 94.4 percent, compared with 94.7 percent in 2014.
Hannover Re’s major loss expenditure was also €572.9 million lower than budgeted.
The firm’s property/casualty (P/C) sector performed particularly well. The gross premium volume in P/C reinsurance surged by 18.2 percent to €9.3 billion. At constant exchange rates growth would have come in at 8.1 percent. Net premium earned in this sector increased by 15.5 percent to €8.1 billion. At constant exchange rates growth would have amounted to 6.4 percent.
Ulrich Wallin, chief executive officer, Hannover Re, said: "A strong underwriting result in property and casualty reinsurance and sharply higher net profit in life and health reinsurance - combined with a substantial rise in investment income - are the cornerstones of our outstanding Group net income.
“What is even more important than the result, however, is that with the successful 2015 financial year we have considerably improved our platform for achieving our financial goals over the coming years.”
Hannover Re, Reinsurance, Full Year 2015 Results, property and casualty, Ulrich Wallin, Europe