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Hannover Re confirms targets as profit rises

Hannover Re SE said Wednesday that net profit and gross written premiums for the first quarter increased, as the group confirmed its targets for the year.

The German reinsurer said first-quarter net profit rose to 305.9 million euros ($367.5 million) from EUR300.9 million in the first quarter of 2020.

Gross written premiums for the period rose to EUR7.80 billion from EUR6.98 billion, while operating profit slipped to EUR403.8 million from EUR426.6 million.

"The first quarter puts in place a solid basis for achieving the goals that we have set ourselves for the full 2021 financial year," Chief Executive Jean-Jacques Henchoz said.

"Hannover Re already dealt with the bulk of the expected pandemic-related strains in the 2020 financial year. With increasingly widespread vaccinations we will be able to progressively return to a more normal life," he added.

Hannover Re continues to expect 2021 net profit between EUR1.15 billion and EUR1.25 billion, a return on investment of around 2.4% and gross premiums showing growth in the upper single-digit percentages adjusted for exchange rate effects.

Write to Mauro Orru at [email protected]; @MauroOrru94

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