ulrich-wallin_hannover-re
Hannover Re CEO Ulrich Wallin
5 February 2019Insurance

Hannover Re’s Wallin ‘optimistic’ about growth in annual results

Hannover Re defies “burden of heavy losses” to secure “pleasing growth” in 2018 and forecast further growth for 2019, its chief executive officer Ulrich Wallin said today as the company unveiled its annual results.

The preliminary gross written premium figure for 2018 had increased to €19 billion up from €17.8 billion in 2017, which is equivalent to an increase of 11 percent adjusted for exchange rate effects, the results showed.

Hannover Re saw its group net income rise to around €1.05 billion up from €958.6 million the year before, again based on preliminary figures. The reinsurer said that around 83 percent of the 2018 figure was attributable to its property and casualty reinsurance business and 17 percent to life and health reinsurance.

A combined ratio for 2018 has not yet been reported, although this figure is expected next month (March 2019). In 2017 the combined ratio for the P&C reinsurance business was 99.8 percent.

Wallin said: "In the face of another burden of heavy losses, demand from both existing and new clients was solid. Thanks to our good market positioning we were thus able to generate pleasing growth in the renewed portfolio at adequate conditions."

He added: "In view of the favourable outcome of our main renewal season, we take an optimistic view of movements in prices and conditions in the current year and see good prospects for profitable growth in our property and casualty reinsurance portfolio.

"We have put in place a solid foundation for achieving the targets for the 2019 financial year."

In November 2018, Hannover Re forecast that group net income for 2019 will be around EUR 1.1 billion. It said that based on constant exchange rates, the firm’s growth in gross premium income should be in the single-digit percentage range and the return on investment should reach at least 2.8 percent.

The audited annual financial statement will be published on 7 March 2019.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news Swiss Re unveils innovative cyber risk cover for SMEs

Munich Re creates new senior leadership positions to boost innovation 

Hartford resists catastrophe losses to post “strong” 2018 results

Sirius appoints new chief executive  to succeed Waters

French reinsurer CCR hires new CIO from Allianz Conifer partners with AI insurtech startup Betterview

Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
22 February 2019   Hannover Life Reassurance Company of America, the US unit of German reinsurer Hannover Re, has appointed Jeff Burt as new president.
News
8 January 2019   Liberty Mutual Re, part of Liberty Mutual Insurance Group, has appointed Uwe Haug as head of underwriting strategy and business development for its global financial risks reinsurance business.