Hannover Re’s net income up by 2% despite large losses

German reinsurer Hannover Re SE’s net income increased almost 2% year-on-year to €871 million ($867.5 million) for the first nine months of the year despite higher-than-budgeted net large losses of €1.5 billion, mainly driven by Hurricane Ian, Reinsurance News reported. The group’s gross written premium increased 21% to more than €26 billion.