Put companies on watchlist
Hannover Rück SE
ISIN: DE0008402215
WKN: 840221
About
Company Snapshot
New: Enable Investor Alerts
Be informed about new publications
New: AI Factsheet

Corporate News meets AI! 
Content analysis and summary

EN GIF 300X250

Hannover Rück SE · ISIN: DE0008402215 · EQS - adhoc news (62 News)
Country: Germany · Primary market: Germany · EQS NID: 1831723
06 February 2024 06:20PM

Hannover Re to achieve full-year profit target; operating result 2023 impacted by reserve increase above planned level


EQS-Ad-hoc: Hannover Rück SE / Key word(s): Annual Results/Preliminary Results
Hannover Rück SE: Hannover Re to achieve full-year profit target; operating result 2023 impacted by reserve increase above planned level

06-Feb-2024 / 18:20 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Based on preliminary, unaudited financial figures, Hannover Re reached an operating result (EBIT) of EUR 1.97 billion (consensus: EUR 2.40 billion) in the financial year 2023.

An increase in reserves in Property & Casualty reinsurance had a significant impact on EBIT, particularly in the fourth quarter, which led to a much greater increase in the confidence level of reserves than originally planned. According to initial estimates, the resiliency reserve at the end of the 2023 financial year will be significantly higher than the targeted EUR 1.7 billion (2022: EUR 1.38 billion).

Accordingly, the operating result for Property & Casualty reinsurance reached EUR 1.10 billion (forecast: at least EUR 1.6 billion). The underlying profitability, however, developed very favourably due to the attractive market environment and was fully in line with expectations. Life & Health reinsurance contributed EUR 0.87 billion (forecast: at least EUR 0.75 billion) to the operating result.

Group net income increased to EUR 1.8 billion and Hannover Re thus achieved its annual profit target of at least EUR 1.7 billion (consensus: EUR 1.8 billion). In particular a one-off tax effect had a positive impact, reducing the Group tax rate to 1.4% in 2023 (previous year: 22.7%).

Hannover Re will publish the annual report for the 2023 financial year as announced on 18 March 2024.

 



End of Inside Information

06-Feb-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: Hannover Rück SE
Karl-Wiechert-Allee 50
30625 Hannover
Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
Internet: www.hannover-re.com
ISIN: DE0008402215
WKN: 840 221
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
EQS News ID: 1831723

 
End of Announcement EQS News Service

1831723  06-Feb-2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1831723&application_name=news&site_id=boersengefluester_html
Visual performance / price development - Hannover Rück SE
Smart analysis and research tools can be found here.

This publication was provided by our content partner EQS3.

EQS Newswire
via EQS - Newsfeed
EQS Group AG ©2024
(DGAP)
Contact:
Karlstraße 47 D-80333 München
+49 (0) 89 444 430-000

 

SMART * AD
EN GIF 970X250

P R O D U C T   S U G G E S T I O N S

The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.


The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.

If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.

For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.


1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.