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Business development

We are thoroughly satisfied with our result for the first half of 2013. Both business groups, namely non-life and life and health reinsurance, played a part here. Major loss expenditure was only slightly higher than our expectations despite the severe flood events in Europe and other large losses.

Gross written premium in total business increased by 4.9% as at 30 June 2013 to reach EUR 7.2 billion (previous year: EUR 6.9 billion). At constant exchange rates growth would have amounted to 6.2%. The level of retained premium remained virtually unchanged at 90.0% (89.8%). Net premium climbed 6.3% to EUR 6.2 billion (EUR 5.8 billion). Growth of 7.7% would have been booked for net premium at constant exchange rates.

The development of our investments was satisfactory: the portfolio of assets under own management contracted only slightly to EUR 31.6 billion (31 December 2012: EUR 31.9 billion). Owing to the sustained low interest rate level, ordinary investment income excluding interest on deposits was as expected lower than in the comparable period at EUR 503.6 million (EUR 532.0 million); the resulting annualised return stood at 3.2% (3.6%). Interest on deposits climbed to EUR 187.5 million (EUR 156.3 million).

The write-downs taken in the period under review were again only very minimal in volume. Given the challenging conditions on capital markets, our income from investments under own management fell short of the corresponding period of the previous year: it amounted to EUR 501.4 million (EUR 553.2 million) as at 30 June 2013.

Our operating profit (EBIT) for the first half of 2013 totalling EUR 670.7 million (EUR 597.2 million) gave considerable grounds for satisfaction. Group net income improved slightly on the comparable period of the previous year, climbing 0.6% to EUR 407.7 million (EUR 405.3 million). Earnings per share came in at EUR 3.38 (EUR 3.36).

Hannover Re’s equity base remains strong at EUR 5.6 billion (31 December 2012: EUR 6.0 billion). The decrease was due primarily to the rise in interest rates on the US side. The book value per share amounted to EUR 46.40 (31 December 2012: EUR 50.02). The annualised return on equity reached 14.0% (15.5%).

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