Hannover Re sees reinsurance price pressures easing
Thursday, 08 06 2015, Category: Insurance and Reinsurance, Country: Europe
German reinsurance firm Hannover Re, one of the top five reinsurers in the world, saw better than expected renewals in the first-half, citing a still competitive marketplace but with price pressures easing. The result sees the reinsurer increasing its full-year target.
Hannover Re has beaten expectations in its results announcement today, with net income up 19.7% at €531.9m, premium income up 21.5%, return on equity of 14%, losses up slightly but still only a combined ratio of 95.4% and impressive investment income, all leading it to raise its profit guidance for the year from €875m to €950m.