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• Group Net Income: Slightly above EUR2.3 billion, exceeding the initial target of EUR2.1 billion.

• Total Dividend: EUR9 per share, including a EUR7 ordinary dividend and a EUR2 special dividend, a 25% increase from the previous year.

• P&C Reinsurance Revenue Growth: 11% currency-adjusted growth rate.

• Combined Ratio: 86.6%, within the target range below 89%.

• Large Loss Impact: EUR200 million below budget.

• Life & Health Reinsurance Revenue: Stable year-on-year.

• Reinsurance Service Result: EUR883 million, exceeding the target of more than EUR850 million.

• Return on Investments: 3.2%, driven by higher interest rates and strong operating cash flow.

• Operating Cash Flow: EUR5.7 billion.

• Group Cost Ratio: 3.2%.

• Return on Equity: 21.2%.

• Solvency Ratio: Approximately 261%.

• Shareholders' Equity Increase: Up by 16.5%.

• CSM Increase: About 6%.

• Risk Adjustment Increase: 7.4%.

• EBIT for P&C: More than doubled to EUR2.4 billion.

• Life & Health EBIT: EUR934 million, an increase of 7%.

• New Business Generation: EUR624 million.

• Investment Result: Strong ordinary income with a return on investment of 3.2%.

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Release Date: March 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Hannover Rueck SE (HVRRF) reported a group net income slightly above EUR2.3 billion, surpassing the initial target of EUR2.1 billion.

• The company proposed an increase in the ordinary dividend to EUR7 per share, complemented by a special dividend of EUR2, totaling EUR9, a 25% increase from the previous year.

• The P&C reinsurance segment saw a currency-adjusted growth rate of 11% in reinsurance revenue, with a combined ratio of 86.6%, indicating strong profitability.

• The return on investments was 3.2%, driven by higher interest rates and strong operating cash flow, exceeding the target of 2.8%.

• Hannover Rueck SE (HVRRF) maintained a strong solvency ratio of about 261%, reflecting healthy capitalization and providing flexibility for future growth opportunities.

Negative Points

• The Life & Health reinsurance revenue remained stable, with growth in morbidity and longevity offset by the runoff of the US mortality business.

• The company faced regulatory challenges in China affecting the Financial Solutions business, impacting new business generation.

• The impact of large losses was EUR1.63 billion for the full year, with Hurricane Milton alone causing a net impact of EUR230 million.

• The currency result was negatively impacted by the strengthening of the US dollar, resulting in a minus EUR143 million effect.

• The reserve strengthening for the Russia-Ukraine loss complex and other older underwriting years added pressure on the financial results.