Hannover Re Continues To Deliver on Its Specialist Lines and Lower Costs

After Hannover Re prereleased its earnings for full-year 2022 in February, the business released its full results on March 9. As we wrote in February, final numbers are a little light compared with our forecasts. Our estimate was for EUR 1,692 million net income. It delivered EUR 1,406 million. We had already written in February that the business delivered strong growth; higher claims and commissions led to lower results. Management has grown the top line in property and casualty by 26.1%, 22% at constant currency. This has been well balanced across all lines of business, with structured reinsurance, agricultural risks, and credit and surety warranting special callouts. While not quite so dramatic, growth has also been buoyant in life and health. Here, management grew gross written premiums by 5.8%, 1.7% at constant currency, with North America, the U.K., and Asia warranting special callouts. Where the business has suffered is in incurred claims in its property and casualty division, but not so much in life and health.