Hannover Re said on Thursday that the Group's net profit for 2020 was EUR 883 million ($ 1.06 billion), a decrease of 31%, based on preliminary figures, and that premiums increased by 8.5% on improved prices in the renewals of on January 1st.
The Group's net profit of EUR 883 million decreased from EUR 1.28 billion during the previous period.
The average price increase of 5.5% on renewed business and specialized lines in North America and the United Kingdom "shows particularly marked price gains."
Gross premium increased by approximately 12%, adjusted for exchange rate effects, to EUR 24.8 billion.
Return on investments booked from assets under own management amounted to 3.0% for the financial year that has just ended.
Hanover's total share deteriorated to 1
Of the total premium volume booked last year on a subscription year basis in traditional property / accident reinsurance of EUR 11.53 billion, negotiations worth EUR 7.75 billion, 67% of the business, were renewed on 1 January. 2021. Of this, EUR 7.02 billion was renewed.
Hannover said that reinsurers benefit from significantly higher rates in primary insurance under proportional protection.
The world's third largest reinsurer said it expected further improvements in prices and terms during the year and issued guidelines for 2021 of the Group's net profit of EUR 1.15 billion to EUR 1.25 billion.
Last year's pricing moment was held in the renewals on January 1, says Jean-Jacques Henchoz, CEO of Hannover Re. "We ensured further improvements in prices and conditions to varying degrees across all lines and regions," he said in Thursday's statement. Catalog