EQS-Adhoc

Hannover Rück SE: Hannover Re to achieve full-year profit target; operating result 2023 impacted by reserve increase above planned level

EQS-Ad-hoc: Hannover Rück SE / Key word(s): Annual Results/Preliminary Results Hannover Rück SE: Hannover Re to achieve full-year profit target; operating result 2023 impacted by reserve increase above planned level 06-Feb-2024 / 18:20 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Based on preliminary, unaudited financial figures, Hannover Re reached an operating result (EBIT) of EUR 1.97 billion (consensus: EUR 2.40 billion) in the financial year 2023.

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 EUR 1.7 billion (2022: EUR 1.38 billion).

Accordingly, the operating result for Property & Casualty reinsurance reached EUR 1.10 billion (forecast: at least EUR 1.6 billion). The underlying profitability, however, developed very favourably due to the attractive market environment and was fully in line with expectations. Life & Health reinsurance contributed EUR 0.87 billion (forecast: at least EUR 0.75 billion) to the operating result.

Group net income increased to EUR 1.8 billion and Hannover Re thus achieved its annual profit target of at least EUR 1.7 billion (consensus: EUR 1.8 billion). In particular a one-off tax effect had a positive impact, reducing the Group tax rate to 1.4% in 2023 (previous year: 22.7%).

Hannover Re will publish the annual report for the 2023 financial year as announced on 18 March 2024.

 

End of Inside Information

---

06-Feb-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

---

Language:	English
Company:	Hannover Rück SE
	Karl-Wiechert-Allee 50
	30625 Hannover
	Germany
Phone:	[phone]
Fax:	[phone]
Internet:	www.hannover-re.com
ISIN:	DE0008402215
WKN:	840 221
Indices:	DAX
Listed:	Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
EQS News ID:	1831723

End of Announcement	EQS News Service

1831723  06-Feb-2024 CET/CEST