The earnings per share of Hannover Re were up by 2.5% to €2.49 from €2.43 reported in Q1 2019
Hannover Re office building in Hannover, Germany. (Credit: Hannover Re)
Hannover Re increased its group net income for the first quarter 2020 (Q1 2020) to €300.9m by 2.5% compared to €293.7m made in the same quarter in the previous year.
For Q1 2020, the company’s earnings per share were up by 2.5% to €2.49 from €2.43 reported in Q1 2019.
The company said that its Q1 2020 result was primarily driven by double-digit increases in earnings from life and health reinsurance and also from the investment portfolio.
The German reinsurance group saw its gross premiums written in Q1 2020 move up by 9.4% to €6.97bn compared to €6.37bn made in Q1 2019.
Its net premium earned in Q1 2020 surged by 10.4% to €5.1bn compared to €4.6bn reported in the prior year quarter.
Hannover Re’s operating profit (EBIT) came down by 5.2% in Q1 2020 to €426.6m from the figure of €450m reported in the same quarter in 2019.
The German group’s property and casualty reinsurance unit saw its net income drop by 5.4% to €207.3m in the first quarter of 2020 compared to €219m in the previous year quarter. Its gross written premium moved up by 13.5% to €4.98bn in Q1 2020 compared to €4.39bn in Q1 2019.
The life and health reinsurance business of the group reported a 24.5% surge in its net income at €110.2m in Q1 2020 compared to €88.5m in the corresponding quarter of 2019. Its gross written premium increased by 0.5% to €1.98bn in Q1 2020 compared to €1.97bn in the prior year quarter.
Hannover Re CEO comments on Q1 2020 results
Hannover Re CEO Jean-Jacques Henchoz said: “In the first quarter we achieved a result that on the whole lived up to our expectations.
“Nevertheless, we too will not escape the effects of the coronavirus crisis unscathed. Even though it is currently impossible to quantify the concrete impacts on reinsurance and financial markets, our capital resources are geared to managing such extreme events.”