Hannover Re Monday reported group net income for the first half of the year increased by 21% to €1.2 billion ($1.31 billon).
Reinsurance revenue increased 5.2% to €12.9 billion.
The reinsurer said it saw “further modest improvements in risk-adjusted prices and conditions” at April 1 property/casualty reinsurance renewals.
Large losses in property and casualty reinsurance were within budget, Hannover Re said in its earnings statement.
The company also reiterated guidance that group net income for the full year should reach at least €2.1 billion and that it expects a combined ratio of less than 89% in property/casualty reinsurance for 2024 “in view of the improved market climate.”
Hannover Re CEO Jean-Jacques Henchoz said in the earnings statement that while the company saw “significant” growth in property and casualty reinsurance and satisfactory Group net income, there was also “a continued trend towards increasing frequency losses and losses from secondary perils such as flooding.”
