Hannover Re reports record premium growth in 2024

The board proposed a dividend of €9.00 per share, including a special dividend. Hannover Re plans to publish its audited annual financial statement on 13 March.

Property and casualty reinsurance performance

Property and casualty reinsurance operating profit (EBIT) more than doubled to €2.4 billion in 2024 from €1.1 billion in 2023. The combined ratio improved to 86.6% from 94.0% in the prior year.

Reinsurance revenue in property and casualty rose 11% to €18.7 billion in 2024. The new business contractual service margin (CSM) in P&C reinsurance increased by 15% to €2.7 billion.

In the 1 January 2025 treaty renewals, Hannover Re recorded premium growth of 7.6% in property and casualty business. CEO Jean-Jacques Henchoz said demand for high-quality reinsurance capacities was again higher than in the previous year.

For 2025, Hannover Re expects property and casualty reinsurance revenue to increase by more than 7% at constant exchange rates. The company is targeting a combined ratio under 88% for the P&C segment in 2025.

Life and health reinsurance contribution

Operating profit (EBIT) in life and health reinsurance increased by 7.2% to €934 million in 2024 from €871 million in 2023. Life and health reinsurance revenue rose to €7.7 billion in 2024 from €7.6 billion in 2023.

Outlook and guidance

Hannover Re has confirmed guidance for 2025 group net income of around €2.4 billion. The company’s forward targets rest on continued P&C premium expansion above 7% at constant exchange rates and maintaining a sub‑88% combined ratio.

Sources: hannover-re.com