DGAP-News
Hannover Re increases Group net income by around 20 percent
DGAP-News: Hannover Rück SE / Key word(s): Half Year Results/Quarter
Results
Hannover Re increases Group net income by around 20 percent
05.08.2015 / 07:30
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Press release
Hannover Re increases Group net income by around 20 percent
- Group net income +19.7%: EUR 531.9 million (EUR 444.4 million)
- Profit guidance for 2015 raised to a figure in the order of EUR 950
million
- Gross premium income climbs by 21.5%
- Return on equity: 14.0%
- Net major loss expenditure rises to EUR 197.4 million (EUR 104.7
million)
- Combined ratio: 95.4% (95.0%)
- Net income from investments under own management +12.9%: EUR 601.3
million (EUR 532.6 million)
Hannover, 5 August 2015: The first half of 2015 closed on a very pleasing
note for Hannover Re. The company had generated significantly more than
half of its full-year profit target after the first six months. In view of
this performance, the expectation for the full 2015 financial year has been
raised from the original level of EUR 875 million to a figure in the order
of EUR 950 million. "Both business groups - namely Property & Casualty and
Life & Health reinsurance - and also the investment portfolio played a
successful part in this positive result", Chief Executive Officer Ulrich
Wallin stated. "The sustained strong profitability of property and casualty
reinsurance shows that with our systematically pursued policy of selective
underwriting we are well placed to tackle the conditions associated with
challenging market phases."
Gross premium sharply higher
Gross written premium for the Hannover Re Group increased by a substantial
21.5% as at 30 June 2015 to EUR 8.6 billion (EUR 7.1 billion). This can be
attributed in part to the strength of the US dollar. At constant exchange
rates growth would still have come in at a pleasing 9.5%. This figure was
better than expected. Key contributory factors here were sizeable
individual transactions in various regions and lines including Asia, North
America, agricultural risks and in the specialty field of Insurance-Linked
Securities. The level of retained premium rose to 88.3% (87.7%). Net
premium earned climbed 20.2% to EUR 7.0 billion (EUR 5.8 billion); at
constant exchange rates growth would have amounted to 8.3%.
Half-year result substantially higher
The operating profit (EBIT) as at 30 June 2015 came in comfortably above
the level of the previous year's period at EUR 789.4 million (EUR 683.7
million), driven by good business results and considerably higher ordinary
investment income. Group net income for the first half-year increased by
19.7% to EUR 531.9 million (EUR 444.4 million). Earnings per share amounted
Press release
Hannover Re increases Group net income by around 20 percent
- Group net income +19.7%: EUR 531.9 million (EUR 444.4 million)
- Profit guidance for 2015 raised to a figure in the order of EUR 950
million
- Gross premium income climbs by 21.5%
- Return on equity: 14.0%
- Net major loss expenditure rises to EUR 197.4 million (EUR 104.7
million)
- Combined ratio: 95.4% (95.0%)
- Net income from investments under own management +12.9%: EUR 601.3
million (EUR 532.6 million)
Hannover, 5 August 2015: The first half of 2015 closed on a very pleasing
note for Hannover Re. The company had generated significantly more than
half of its full-year profit target after the first six months. In view of
this performance, the expectation for the full 2015 financial year has been
raised from the original level of EUR 875 million to a figure in the order
of EUR 950 million. "Both business groups - namely Property & Casualty and
Life & Health reinsurance - and also the investment portfolio played a
successful part in this positive result", Chief Executive Officer Ulrich
Wallin stated. "The sustained strong profitability of property and casualty
reinsurance shows that with our systematically pursued policy of selective
underwriting we are well placed to tackle the conditions associated with
challenging market phases."
Gross premium sharply higher
Gross written premium for the Hannover Re Group increased by a substantial
21.5% as at 30 June 2015 to EUR 8.6 billion (EUR 7.1 billion). This can be
attributed in part to the strength of the US dollar. At constant exchange
rates growth would still have come in at a pleasing 9.5%. This figure was
better than expected. Key contributory factors here were sizeable
individual transactions in various regions and lines including Asia, North
America, agricultural risks and in the specialty field of Insurance-Linked
Securities. The level of retained premium rose to 88.3% (87.7%). Net
premium earned climbed 20.2% to EUR 7.0 billion (EUR 5.8 billion); at
constant exchange rates growth would have amounted to 8.3%.
Half-year result substantially higher
The operating profit (EBIT) as at 30 June 2015 came in comfortably above
the level of the previous year's period at EUR 789.4 million (EUR 683.7
million), driven by good business results and considerably higher ordinary
investment income. Group net income for the first half-year increased by
19.7% to EUR 531.9 million (EUR 444.4 million). Earnings per share amounted
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