HANOVER (dpa-AFX) - German re-insurer Hannover Rück SE (HVRRY.PK, HVRRF.PK, HNR1.DE) reported Wednesday higher profit in its first half of fiscal 2026, while Gross reinsurance revenue declined from last year.
Further, the firm said its on track to achieve fiscal 2026 earnings guidance of at least 2.7 billion euros.
Chief Executive Officer Clemens Jungsthöfel stated, 'The very good half-year result puts Hannover Re in an excellent position. Taken together with our resilience, which we again strengthened considerably in the previous year, and our lean operating model, I am looking to the full 2026 financial year and our long-term profitability with confidence.'
In the first half, Group net income grew 7 percent to 1.4 billion euros from 1.3 billion euros last year. Earnings per share came in at 11.66 euros, up from 10.90 euros a year ago.
The operating profit or EBIT increased 9.7 percent to 1.9 billion euros from last year's 1.8 billion euros.
Gross reinsurance revenue, meanwhile, fell 3.1 percent to 12.9 billion euros from previous year's 13.3 billion euros. Growth would have reached 0.7 percent on constant currency.
The net reinsurance service result climbed to 1.7 billion euros from 1.4 billion euros last year.
Gross reinsurance revenue in property and casualty reinsurance declined 8 percent to 8.8 billion euros from 9.5 billion euros a year ago. The drop was 3.9 percent at constant currency.
Payments for large losses in the first half-year totalled 784.7 million euros, down from 976.1 million euros, and were below the firm's budgeted expectation of 1.025 billion euros.
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