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German reinsurer Hannover Re SE’s gross written premiums increased 12.7% year-on-year to €33.3 billion ($36.6 billion) in 2022, Artemis reported. Net income grew 14.6% year-on-year to €1.41 billion, although a high claims burden affected the underwriting result in property and casualty reinsurance. Hannover Re has increased its net major loss budget for this year to €1.73 billion to take account of the growth in the property and casualty reinsurance portfolio and the increased loss expectation from natural catastrophes.