![]() ![]() Against this backdrop, and also thanks to higher investment income in property and casualty reinsurance, the operating profit (EBIT) increased by 12.6% to EUR 1.3 billion (EUR 1.2 billion). Another very good combined ratio of 94.4% (94.7%) was achieved. The figure thus remained below the company's budget of EUR 690 million. These and other large losses resulted in total net expenditure of EUR 572.9 million (EUR 425.7 million). The largest single loss incurred by the insurance industry was the devastating series of explosions at the port of the Chinese city of Tianjin, resulting in a loss of EUR 111.1 million for Hannover Re. There was also an accumulation of man-made losses, above all in the fire and marine lines. An increased number of natural disasters causing comparatively modest major loss expenditure was, however, recorded. The hurricane season in North America and the Caribbean once again passed off unremarkably in 2015. At constant exchange rates growth would have amounted to 6.4%.Īs in the previous years, the burden of large losses was moderate. Net premium earned increased by 15.5% to EUR 8.1 billion (EUR 7.0 billion). The level of retained premium retreated to 89.3% (90.6%). At constant exchange rates growth would have come in at 8.1%. The gross premium volume in property and casualty reinsurance surged by 18.2% to EUR 9.3 billion (EUR 7.9 billion). Particular mention should be made here of specialty lines such as business with agricultural risks and structured reinsurance, although stronger demand also made itself felt in North America and Asia. Against this backdrop, attractive opportunities for premium growth opened up in the 2015 financial year. Guided by its profit-oriented underwriting policy, the company benefited from its long-standing stable customer relationships and its position as one of the world's leading and most financially strong reinsurance groups. Property and casualty reinsurance delivers further rise in profitabilityĭespite intensely competitive market conditions Hannover Re is thoroughly satisfied with the development of its property and casualty reinsurance portfolio. Earnings per share amounted to EUR 9.54 (EUR 8.17). This is the highest figure in the company's history. Group net income climbed by 16.7 % to EUR 1,150.7 million (EUR 985.6 million). The result benefited from major loss expenditure that came in below budget, the favourable development of investment income and a very positive experience in life and health reinsurance. Hannover Re further improved its operating profit (EBIT) after the very good previous year by a substantial 19.7% to EUR 1.8 billion (EUR 1.5 billion). Net premium earned increased by 17.5% to EUR 14.6 billion (EUR 12.4 billion), or by 7.9% adjusted for exchange rate effects. The level of retained premium decreased slightly to 87.0% (87.6%). Despite the challenging general environment in the reinsurance market, the company grew its gross premium by 18.8% to EUR 17.1 billion (EUR 14.4 billion) currency-adjusted growth stood at 8.7%. Hannover Re is exceptionally satisfied with the development of its business in 2015. 2015 best financial year in company’s history The payout ratio of 50% of IFRS Group net income is clearly above the strategic target range of 35% to 40%. We are now increasing this, along with our regular dividend", Mr. "Last year we had already paid our shareholders a special dividend in light of capital management considerations. The Executive Board and Supervisory Board will propose to the Annual General Meeting that a dividend of altogether EUR 4.75 per share (EUR 4.25 per share) should be paid for the 2015 financial year: the payout will take the form of a regular dividend of EUR 3.25 per share plus a special dividend of EUR 1.50 per share. It is envisaged that Hannover Re's shareholders should also benefit from this pleasing business development. What is even more important than the result, however, is that with the successful 2015 financial year we have considerably improved our platform for achieving our financial goals over the coming years", Chief Executive Officer Ulrich Wallin stated. "A strong underwriting result in property and casualty reinsurance and sharply higher net profit in life and health reinsurance – combined with a substantial rise in investment income – are the cornerstones of our outstanding Group net income. Hannover Re closed the 2015 financial year with a record result of EUR 1.15 billion and thus comfortably beat its profit target of EUR 950 million. ![]()
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