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Hannover Re expects 2024 net income to top 2.1 billion euros

Reuters
·1-min read

FRANKFURT (Reuters) - The German reinsurer Hannover Re said on Tuesday that it expects net profit in 2024 of at least 2.1 billion euros ($2.26 billion), a 24% increase over its guidance for the current year.

The company made the statements as part of its investor day held to outline its strategy for the years through 2026.

Also in 2024, Hannover Re said that it expects an increase in reinsurance revenue of more than 5% and a return on investment of at least 2.8%.

Hannover Re said its combined ratio - a measure of profitability for its property and casualty division - would land below 89% next year. Readings under 100% indicate profitability.

($1 = 0.9279 euros)

(Reporting by Tom Sims and Alexander Huebner; Editing by Miranda Murray)