The FY 2019 operating profit for Hannover Re is €1.85bn, which is 16.1% more than the FY 2018 operating profit of €1.59bn
Hannover Re has reported a 21.2% increase in its net income for the full year (FY) 2019 to €1.28bn, compared to €1.06bn for FY 2018.
The earnings per share for the German reinsurance company were up by 21.2% as well, at €10.65 in the reported year compared to €8.79 in the year before.
Hannover Re’s operating profit for FY 2019 is €1.85bn, which is 16.1% more than the FY 2018 operating profit of €1.59bn. The reinsurer said that the operating profit was helped by additional improvement in the investment income and also the good underlying quality of the portfolio across property and casualty and also life and health reinsurance.
The reinsurance group saw its gross written premium surge by 17.8% to €22.6bn compared to €19.17bn.
In the property and casualty reinsurance business, the net income dropped 6.2% from €929.1m in FY 2018 to €871.7m in FY 2019. The operating profit was down by 2.8% compared to FY 2018, at €1.28bn.
However, the gross written premium in FY 2019 for the property and casualty reinsurance unit grew 23.4% to €14.78bn compared to the year before.
The life and health reinsurance business recorded 153.7% increase in its FY 2019 net income at €471.6m compared to €185.9m in FY 2018.
The operating profit in the unit had an increase by 106.6% compared to FY 2018, at €569.9m. Hannover Re said that the operating profit in the division was helped by non-recurring income from investments and the removal of one-time charges in the in-force US mortality portfolio.
The gross written premium in FY 2019 for the life and health reinsurance business unit was up by 8.6% to €7.81bn compared to the year before.
Hannover Re CEO comments on FY 2019 results
Hannover Re CEO Jean-Jacques Henchoz said: “We have achieved a record result and thereby once again demonstrated our profitability, even though 2019 was another year of relatively high losses.
“We are again able to offer our shareholders the prospect of an attractive dividend including a special distribution, but we are also retaining the necessary flexibility to invest further in our profitable growth.”