(Alliance News) - Hannover Rueck SE on Monday said that its 2023 net income had bested both its 2022 results and the company's previous forecasts, spurring an increase to its annual dividend.
The Hanover, Germany-based reinsurance firm delivered EUR1.82 billion in net income in 2023, more than doubled from EUR780.8 million in 2022 and ahead of the company's guidance of EUR1.7 billion.
Pretax profit was EUR1.08 billion in 2023, a 32% jump from EUR821.0 million a year prior.
Earnings per share more than doubled to EUR15.13 in 2023 from EUR6.47 in 2022.
Gross reinsurance revenue reached EUR24.46 billion, up 1.8% from EUR24.02 billion.
Revenue from property and casualty reinsurance grew 3.4% to EUR16.82 billion, despite losses being incurred due to Italy's July storms, the Turkish-Syrian earthquake at the start of the year and Hurricane Otis in Mexico.
"In view of the good business development", Hannover said it is proposing a dividend of EUR7.20 per share for 2023, up from EUR6.00 a year prior. This comprises an ordinary dividend of EUR6.00 and a special dividend of EUR1.20, up from EUR5.00 and EUR1.00 in 2022. The 2023 dividend will be voted on at the company's annual general meeting on May 6.
Chief Executive Officer Jean-Jacquez Henchoz said: "We achieved a great deal in 2023: Our two business groups and our investments performed very well. We were able to beat our earnings target and significantly increase the dividend. At the same time, we further strengthened Hannover Re's resilience."
Looking ahead, Hannover is targeting at least EUR2.1 billion in net income for 2024, equivalent to an increase of around 15% from 2023.
The company also expects reinsurance revenue to grow by more than 5%, driven primarily by growth in its property and casualty business.
Hannover also anticipates adding further to its annual dividend, which it said will increase year-on-year through to 2026.
Shares in Hannover were down 0.7% at EUR243.00 each in Frankfurt on Monday Morning.
By Hugh Cameron, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News
Hannover targeting EUR2.1 billion net income in 2024 after strong year
(Alliance News) - Hannover Rueck SE on Monday said that its 2023 net income had bested both its 2022 results and the company's previous forecasts, spurring an increase to its annual dividend.
The Hanover, Germany-based reinsurance firm delivered EUR1.82 billion in net income in 2023, more than doubled from EUR780.8 million in 2022 and ahead of the company's guidance of EUR1.7 billion.
Pretax profit was EUR1.08 billion in 2023, a 32% jump from EUR821.0 million a year prior.
Earnings per share more than doubled to EUR15.13 in 2023 from EUR6.47 in 2022.
Gross reinsurance revenue reached EUR24.46 billion, up 1.8% from EUR24.02 billion.
Revenue from property and casualty reinsurance grew 3.4% to EUR16.82 billion, despite losses being incurred due to Italy's July storms, the Turkish-Syrian earthquake at the start of the year and Hurricane Otis in Mexico.
"In view of the good business development", Hannover said it is proposing a dividend of EUR7.20 per share for 2023, up from EUR6.00 a year prior. This comprises an ordinary dividend of EUR6.00 and a special dividend of EUR1.20, up from EUR5.00 and EUR1.00 in 2022. The 2023 dividend will be voted on at the company's annual general meeting on May 6.
Chief Executive Officer Jean-Jacquez Henchoz said: "We achieved a great deal in 2023: Our two business groups and our investments performed very well. We were able to beat our earnings target and significantly increase the dividend. At the same time, we further strengthened Hannover Re's resilience."
Looking ahead, Hannover is targeting at least EUR2.1 billion in net income for 2024, equivalent to an increase of around 15% from 2023.
The company also expects reinsurance revenue to grow by more than 5%, driven primarily by growth in its property and casualty business.
Hannover also anticipates adding further to its annual dividend, which it said will increase year-on-year through to 2026.
Shares in Hannover were down 0.7% at EUR243.00 each in Frankfurt on Monday Morning.
By Hugh Cameron, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News