Hannover Rück raises profit target - Hannover Re’s profits climb 8% as natural disasters decline in 2024
Hannover Re, the world's third-largest reinsurer, has reported a positive nine-month period with net income rising by nearly 8% to €2 billion. The company benefited from lower large-scale claims, totaling just under €1.2 billion, a 10% decrease from the previous year. This news comes as Achim Berge Olsen takes over as CEO following the departure of Clemens Jungsthöfel.
The company's performance was also boosted by fewer natural disasters this year. Notably, the California wildfires in January alone cost the group €615 million. Looking ahead, CEO Clemens Jungsthöfel, before his departure, anticipated profits of at least €2.7 billion for 2024. Net income is projected to reach around €2.6 billion, €200 million more than previously announced. In the third quarter, Hannover Re earned €651 million, a 2% decline from the same period last year, but the company expects higher profits this year due to the reduced number of natural disasters.
With the leadership transition complete and a positive financial outlook, Hannover Re is well-positioned for the coming year. The company's resilience in the face of changing conditions and its ability to manage risks effectively have been evident in its recent performance.
