Hannover Re 2022 Net Pft EUR1.41B [MarketWatch]
HANNOVER RE SE S/ADR (HVRRY)
NASDAQ:AMEX Investor Relations:
hannover-re.com/122688/investors
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Source: MarketWatch
The German reinsurer said net income for the year was 1.41 billion euros, up from EUR1.23 billion in 2021. Gross written premiums rose 13% to EUR33.3 billion, helped by a life-and-health result that beat expectations and offset high losses at its property-and-casualty segment, it said. Return on investment was 3.2%, above its target of more than 2.5%, the company said. The reinsurer said it anticipates net profit in 2023 of at least EUR1.7 billion as it expects favorable market conditions to continue. However, with insurers' switch to new IFRS accounting standards in 2023, there is no direct comparison between the years, the company said. Based on its growing P&C portfolio, Hannover Re will increase its net major-loss budget for 2023 to EUR1.725 billion from EUR1.4 billion in 2022, as part of its updated guidance, it said. Write to Ed Frankl at edward.frankl@dowjones.com
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