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Hannover Re said Thursday that group net income for 2020 was 883 million euros ($1.06 billion), down 31%, based on preliminary figures, and premiums grew 8.5% on improved prices in Jan. 1 treaty renewals.
The group net income of 883 million euros was off from 1.28 billion euros in the previous period.
The average price increase of 5.5% on renewed business and specialty lines in North America and the United Kingdom “show(s) particularly marked price gains.”
Gross premium increased by about 12%, adjusted for exchange rate effects, to 24.8 billion euros.
Return on investment booked from assets under own management amounted to 3.0% for the financial year just ended.
Hannover’s combined ratio deteriorated to 101.6% from 98.2%.
Of the total premium volume booked in the previous year on an underwriting-year basis in traditional property/casualty reinsurance totaling 11.53 billion euros, treaties worth 7.75 billion euros, 67% of the business, were up for renewal at Jan. 1, 2021. Of this, 7.02 billion euros was renewed.
Hannover said that reinsurers are benefiting from significantly higher prices in primary insurance under proportional covers.
The world’s third largest reinsurer said it expected further improvements in prices and conditions over the course of the year and issued guidance for 2021 of Group net income of 1.15 billion euros to 1.25 billion euros.
Pricing momentum of the past year held up in the Jan. 1 renewals, said Jean-Jacques Henchoz, CEO of Hannover Re. “We secured further improvements in prices and conditions to a varying extent across all lines and regions,” he said in the Thursday statement.
Germany-based reinsurer Hannover Re SE has set aside €220 million ($238 million) in reserves for potential claims related to the COVID-19 pandemic, Artemis reported. The reinsurer's premiums increased more than 9% to €7 billion in the first quarter compared to the same period in 2019.