Hannover Re avoids P&C 2017 underwriting loss
Despite large natural catastrophe losses Hannover Re managed to post an underwriting profit for 2017 in its property/casualty (P&C) reinsurance operations.
Large losses from hurricanes Harvey, Irma and Maria as well as wildfires in California resulted in a total major loss expenditure of €1.13 billion in 2017, exceeding the large loss budget of €825 million for the year.
The underwriting result consequently declined to €15.5 million in 2017 from €503.1 million in 2016.
The operating profit of the operations fell to €1.12 billion from €1.34 billion over the period. Group net income from the P&C reinsurance operations decreased by 11.8 percent to €837.3 million over the period.
At the same time, gross premium volume in P&C reinsurance rose by 16.4 percent to €10.7 billion in 2017.
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