German reinsurer Hannover Re on Wednesday posted a 18% rise in net income in the first half of 2023, helped by its life and health insurance unit and investment income, and it said it was confident about meeting its full-year targets.
Net income in the January-June period was 960 million euros ($1.05 billion) compared to 815 million euros the same period last year.
“We closed the first half with a good result and are thus still on track to achieve our year-end targets,” said Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re. “In the recent renewals we were also able to secure further – sometimes appreciable – improvements in prices and conditions, as reflected in another increase in the new business value. A selective underwriting approach remains the order of the day for us, in part because experience shows that the more eventful months of the year are still ahead of us. This prudence is exactly what sets us apart as a financially strong and reliable reinsurance partner.”