Hannover Re (HVRRY.PK) has disclosed a 15% increase in its first-quarter Group net income, reaching 558 million euros as opposed to last year’s figure. In per-share terms, the earnings rose from 4.02 to 4.63 euros. The company's operating profit, also known as Earnings Before Interest and Taxes (EBIT), saw a rise of 13% standing at 811 million euros. The company also reported a significant 27% increase in its reinsurance service result, reaching 720 million euros.
Revealing a modest growth of 1.6%, Hannover Re’s gross reinsurance revenue achieved a total of 6.7 billion euros. If the exchange rates had remained stable, the growth could have been higher at around 3.0%.
The company’s future prospects are also positive. Hannover Re expects more than a 5% growth in its total reinsurance revenue in 2024, assuming constant exchange rates persist. The Group net income would be anticipated to touch the minimum threshold of 2.1 billion euros for the full year.
