HANOVER (dpa-AFX) - German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported Tuesday higher profit in its second quarter with growth in Gross reinsurance revenue.
In the second qurter, Group net income climbed to 833.5 million euros from last year's 603.0 million euros. Earnings per share were 6.91 euros, higher than 5.00 euros a year ago.
Operating profit or EBIT grew to 1.07 billion euros from 846.7 million euros a year ago.
Gross reinsurance revenue increased to 6.37 billion euros from prior year's 6.24 billion euros.
Looking ahead, for fiscal 2025, the company continues to expect Group net income of around 2.4 billion euros.
CEO Clemens Jungsthöfel said, 'Based on the numbers for the first six months, I am confident of our ability to generate further profitable growth in the second half of the year and achieve our full-year targets.'
Reinsurance revenue (gross) in property and casualty reinsurance is expected to grow by more than 7 percent adjusted for exchange rate effects, while the combined ratio is projected to come in under 88 percent.
Hannover Re anticipates a reinsurance service result (net) of more than 875 million euros in life and health reinsurance.
The ordinary dividend is expected to increase year-on-year over the 2024-2026 strategy cycle. The ordinary dividend will be supplemented by a special dividend.
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