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Non-life reinsurance

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Key figures for non-life reinsurance
in EUR million20132012
1.1. – 31.3.1.4. – 30.6.+/ -
previous year
1.1. – 30.6.+/ -
previous year
1.4. – 30.6.1.1. – 30.6.
Gross written premium2,197.61,899.5-3.2%4,097.1+0.4%1,963.14,079.7
Net premium earned1,691.91,712.0-2.1%3,403.9+3.0%1,748.73,303.4
Underwriting result98.185.5+62.9%183.6+85.0%52.599.2
Net investment income186.8176.3+13.3%363.1-11.5%155.7410.2
Operating result (EBIT)258.7290.4+73.6%549.1+27.6%167.3430.3
Group net income174.9187.2+41.6%362.1+18.6%132.3305.4
Earnings per share in EUR1.451.55+41.6%3.00+18.6%1.102.53
Combined ratio1+94.0%+94.8%+94.4%+96.8%+96.8%
Retention+89.8%+90.8%+90.2%+89.1%+90.2%
Key figures for non-life reinsurance
in EUR million20132012
1.1. – 31.3.1.4. – 30.6.+/ -
previous year
1.1. – 30.6.+/ -
previous year
1.4. – 30.6.1.1. – 30.6.
Gross written premium2,197.61,899.5-3.2%4,097.1+0.4%1,963.14,079.7
Net premium earned1,691.91,712.0-2.1%3,403.9+3.0%1,748.73,303.4
Underwriting result98.185.5+62.9%183.6+85.0%52.599.2
Net investment income186.8176.3+13.3%363.1-11.5%155.7410.2
Operating result (EBIT)258.7290.4+73.6%549.1+27.6%167.3430.3
Group net income174.9187.2+41.6%362.1+18.6%132.3305.4
Earnings per share in EUR1.451.55+41.6%3.00+18.6%1.102.53
Combined ratio1+94.0%+94.8%+94.4%+96.8%+96.8%
Retention+89.8%+90.8%+90.2%+89.1%+90.2%

The situation on international reinsurance markets is more competitive than it was in the comparable period of the previous year. Our book of non-life reinsurance business nevertheless developed favourably.

Following on from the positive outcome of the renewals held at the beginning of year, we were also thoroughly satisfied with the treaty renewals as at 1 April 2013. Market conditions in Japan are pleasing on the back of the sharp rate increases recorded over the past two years. The rate level remains high. Given our systematic approach to cycle management, we also enlarged our shares in existing treaties, as a consequence of which premium growth of around 6% was booked in the original currency. In Korea, however, the state of the market is more challenging. We therefore scaled back our exposure to proportional business and boosted our volume of highermargin non-proportional acceptances. In US property catastrophe business – where only a small proportion of treaties are renewed as at 1 April 2013 – the expected price increases failed to materialise. Additional capacities made available by the nontraditional reinsurance market were the crucial factor here.

The gross premium for our non-life reinsurance business group increased by a modest 0.4% relative to the corresponding period of the previous year to reach EUR 4.1 billion (EUR 4.1 billion). At constant exchange rates, especially against the US dollar, growth would have been 1.3%. The level of retained premium remained unchanged at 90.2% (90.2%). Net premium earned climbed 3.0% to EUR 3.4 billion (EUR 3.3 billion), or 4.0% adjusted for exchange rate effects.

While the major loss situation had been very calm in the first quarter, we incurred a number of large losses in the second quarter. Heavy rainfall flooding in June in large parts of Germany as well as in Austria, the Czech Republic and other European countries, resulting in considerable economic and insured losses. In Germany alone the insurance industry anticipates claims in the order of EUR 2 billion. The insured losses are thus even higher than those from the disastrous flooding of 2002. The net strain for Hannover Re from the recent flood events amounts to EUR 136.9 million. Further large losses were also recorded in the second quarter, including for example hail damage in Germany and a flood event in Canada. Total major loss expenditure as at 30 June 2013 stood at EUR 259.5 million (EUR 132.4 million). It was thus slightly higher than our loss expectancy for the first half of the year.

The underwriting result for total non-life reinsurance as at 30 June 2013 climbed sharply to EUR 183.6 million (EUR 99.2 million). The combined ratio for the first six months of 2013 was favourable at 94.4% (96.8%).

The operating profit (EBIT) in non-life reinsurance surged by a very pleasing 27.6% to EUR 549.1 million (EUR 430.3 million) as at 30 June 2013. Group net income totalled EUR 362.1 million (EUR 305.4 million), an increase of 18.6%. Earnings per share came in at EUR 3.00 (EUR 2.53).

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Non-life reinsurance

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Key figures for non-life reinsurance
in EUR million20132012
1.1. – 31.3.1.4. – 30.6.+/ -
previous year
1.1. – 30.6.+/ -
previous year
1.4. – 30.6.1.1. – 30.6.
Gross written premium2,197.61,899.5-3.2%4,097.1+0.4%1,963.14,079.7
Net premium earned1,691.91,712.0-2.1%3,403.9+3.0%1,748.73,303.4
Underwriting result98.185.5+62.9%183.6+85.0%52.599.2
Net investment income186.8176.3+13.3%363.1-11.5%155.7410.2
Operating result (EBIT)258.7290.4+73.6%549.1+27.6%167.3430.3
Group net income174.9187.2+41.6%362.1+18.6%132.3305.4
Earnings per share in EUR1.451.55+41.6%3.00+18.6%1.102.53
Combined ratio1+94.0%+94.8%+94.4%+96.8%+96.8%
Retention+89.8%+90.8%+90.2%+89.1%+90.2%
Key figures for non-life reinsurance
in EUR million20132012
1.1. – 31.3.1.4. – 30.6.+/ -
previous year
1.1. – 30.6.+/ -
previous year
1.4. – 30.6.1.1. – 30.6.
Gross written premium2,197.61,899.5-3.2%4,097.1+0.4%1,963.14,079.7
Net premium earned1,691.91,712.0-2.1%3,403.9+3.0%1,748.73,303.4
Underwriting result98.185.5+62.9%183.6+85.0%52.599.2
Net investment income186.8176.3+13.3%363.1-11.5%155.7410.2
Operating result (EBIT)258.7290.4+73.6%549.1+27.6%167.3430.3
Group net income174.9187.2+41.6%362.1+18.6%132.3305.4
Earnings per share in EUR1.451.55+41.6%3.00+18.6%1.102.53
Combined ratio1+94.0%+94.8%+94.4%+96.8%+96.8%
Retention+89.8%+90.8%+90.2%+89.1%+90.2%

The situation on international reinsurance markets is more competitive than it was in the comparable period of the previous year. Our book of non-life reinsurance business nevertheless developed favourably.

Following on from the positive outcome of the renewals held at the beginning of year, we were also thoroughly satisfied with the treaty renewals as at 1 April 2013. Market conditions in Japan are pleasing on the back of the sharp rate increases recorded over the past two years. The rate level remains high. Given our systematic approach to cycle management, we also enlarged our shares in existing treaties, as a consequence of which premium growth of around 6% was booked in the original currency. In Korea, however, the state of the market is more challenging. We therefore scaled back our exposure to proportional business and boosted our volume of highermargin non-proportional acceptances. In US property catastrophe business – where only a small proportion of treaties are renewed as at 1 April 2013 – the expected price increases failed to materialise. Additional capacities made available by the nontraditional reinsurance market were the crucial factor here.

The gross premium for our non-life reinsurance business group increased by a modest 0.4% relative to the corresponding period of the previous year to reach EUR 4.1 billion (EUR 4.1 billion). At constant exchange rates, especially against the US dollar, growth would have been 1.3%. The level of retained premium remained unchanged at 90.2% (90.2%). Net premium earned climbed 3.0% to EUR 3.4 billion (EUR 3.3 billion), or 4.0% adjusted for exchange rate effects.

While the major loss situation had been very calm in the first quarter, we incurred a number of large losses in the second quarter. Heavy rainfall flooding in June in large parts of Germany as well as in Austria, the Czech Republic and other European countries, resulting in considerable economic and insured losses. In Germany alone the insurance industry anticipates claims in the order of EUR 2 billion. The insured losses are thus even higher than those from the disastrous flooding of 2002. The net strain for Hannover Re from the recent flood events amounts to EUR 136.9 million. Further large losses were also recorded in the second quarter, including for example hail damage in Germany and a flood event in Canada. Total major loss expenditure as at 30 June 2013 stood at EUR 259.5 million (EUR 132.4 million). It was thus slightly higher than our loss expectancy for the first half of the year.

The underwriting result for total non-life reinsurance as at 30 June 2013 climbed sharply to EUR 183.6 million (EUR 99.2 million). The combined ratio for the first six months of 2013 was favourable at 94.4% (96.8%).

The operating profit (EBIT) in non-life reinsurance surged by a very pleasing 27.6% to EUR 549.1 million (EUR 430.3 million) as at 30 June 2013. Group net income totalled EUR 362.1 million (EUR 305.4 million), an increase of 18.6%. Earnings per share came in at EUR 3.00 (EUR 2.53).