Hannover Re reports gain in 2012 net income

HANOVER, Germany—Hannover Reinsurance Co. on Friday reported an 85.5% gain in net income for the first half of 2012, compared to the same period the previous year.

The reinsurer said it earned 405.3 million Euros ($502.0 million) in the half, versus 218.5 million Euros during the same span last year. Hannover's gross written premiums rose 14% to 6.89 billion Euros for the half, while the company's non-life reinsurance combined ratio improved to 96.8% in the half, compared to 110.3% during the first six months of 2011.

"The first half-year was a pleasing one for our company overall," Hannover CEO Ulrich Wallin said in a statement. "Both the operating profit and group net income are significantly higher than the comparable figures for the previous year."

Mr. Wallin said the financial figures were aided by satisfactory investment income, moderate catastrophe loss numbers and a “broadly positive” rate environment in the international reinsurance markets. "In the treaty renewals as at 1 April in Japan, Korea and the United States we actually achieved an even better outcome in some cases than in the round of renewals at the beginning of the year," he added.