Global reinsurance company Hannover Re shared a much larger proportion of its large natural catastrophe losses with insurance-linked securities (ILS) capital sources in the final quarter of 2024, as the company ceded out more than half of its losses from hurricane Milton, with retrocessional arrangements seemingly playing a key role.
Hannover Re reported its full-year 2024 results this morning, revealing a 28% increase in group net income, return on equity of 21.2% for the year, strong growth as reinsurance revenue rose by 7.6% across the business to EUR 26.4 billion and by almost 11% in P&C to EUR 18.7 billion, with impressive property and casualty reinsurance operating profit of EUR 2.4 billion.
“We can look back on a very successful 2024 financial year, in which we grew steadily and generated a very pleasing Group profit. With the planned dividend increase, we are living up to our commitment to continuously grow the ordinary dividend over our current strategy cycle and underscoring our positioning as an attractive dividend stock,” Jean-Jacques Henchoz, Chief Executive Officer explained.
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