HANOVER (dpa-AFX) - German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported that its group net income for fiscal year 2021 climbed 39% to 1.23 billion euros from 883 million euros in the previous year. Earnings per share grew to 10.21 euros from 7.32 euros in the prior year.
Operating profit (EBIT) improved substantially by 43% year-over-year to 1.7 billion euros.
The Group gross premium booked by Hannover Re increased 12.1% to 27.8 billion euros from the previous year. Adjusted for exchange rate effects, growth would have come in at 12.8%.
Net premium earned climbed by 13.0% to 24.1 billion euros from the prior year. Growth would have reached 13.7% at unchanged exchange rates.
The Executive Board and Supervisory Board will propose to the Annual General Meeting a dividend of altogether 5.75 euros per share, comprised of an unchanged ordinary dividend of 4.50 euros per share and a special dividend of 1.25 euros per share.
The company confirmed its guidance for 2022.
For 2022 Hannover Re expects to grow its gross premium in total business by at least 5% based on constant exchange rates.
The company projects annual group net income should be in the range of 1.4 billion euros to 1.5 billion euros.
The company aims to pay an ordinary dividend that is at least stable compared to the previous year. This will be supplemented by a special dividend provided the capital resources exceed the capital required for future growth and the profit target is achieved.
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