HANOVER (dpa-AFX) - German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported that its group net income for nine-month of fiscal year 2022 grew by a modest 1.7% to 871 million euros from last year's 856 million euros, with earnings per share increasing to 7.22 euros from 7.10 euros in the prior year.
The operating profit (EBIT) on the Group level increased 3.7% to 1.328 billion euros from the previous year.
Net premium earned rose by 22% year-over-year to 21.6 billion euros, corresponding to growth of 14.6% adjusted for exchange rate effects.
Gross written premium for the Group increased by 21% to 26.3 billion euros from the previous year. At constant exchange rates growth would have come in at 13.5%.
Hannover Re considers its earnings guidance for the 2022 financial year to be still achievable after the extraordinary major loss expenditure incurred in the first nine months.
Hannover Re is still keeping to its targets for the current financial year and expects gross premium on the Group level to grow by more than 7.5% adjusted for exchange rate effects as well as a return on investment in excess of 2.5%. Following the extraordinary burden of large losses in the first nine months the Group net income is expected to be at the lower end of the 1.4 billion euros to 1.5 billion euros range.
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