GERMANY – Hannover Re reports ??858.3 million in profits for 2012

Hannover Reinsurance Co. posted net income of ¤ 858.3 million in 2012, with an increase of 41.6 percent over that of 2011. Gross written premiums rose 13.9 percent to ¤13.8 billion, with gross written premiums for non-life reinsurance increasing 13.1 percent to ¤ 7.7 billion. The company’s combined ratio improved to 95.8 percent from 104.3 percent.

“Not least owing to the major losses in 2011, we were able to push through price increases for most business segments,” said Hannover Re CEO Ulrich Wallin of the non-life reinsurance business in a statement. “As a result, the rate level for our company in 2012 was significantly better than in the previous year.”

“Thanks to our comparatively low expense ratio and our longstanding good business relations, we are well-equipped for the present competitive environment,” said Mr. Wallin. “The key is maintaining a disciplined focus on writing business that meets our margin requirements while making allowance for the declining interest rate level.”

Ulrich Wallin, CEO of non-life reinsurance, Hannover Re