Hannover Re reports 30.4% income increase in nine-month period [Yahoo! Finance]
HANNOVER RE SE S/ADR (HVRRY)
NASDAQ:AMEX Investor Relations:
hannover-re.com/122688/investors
Company Research
Source: Yahoo! Finance
first nine months of 2024 increased by 30.4% to €1.8 billion ($1.9 billion) from last year. The increase was affected by a positive one-off tax effect of €120 million. Earnings per share were €15.13 compared to €11.60 12 months earlier. The operating profit (EBIT) was up by 33.3% to €2.4 billion. Reinsurance revenue (gross) grew by 6.4% to €19.7 billion year-on-year. A growth of 7.0% would have been booked at unchanged exchange rates. For 2024, Hannover Re expects to grow the reinsurance revenue in total business by more than 5% based on constant exchange rates. Hannover Re raised its full-year 2024 profit target to around €2.3 billion from the original guidance level of at least €2.1 billion. The group's dividend strategy remains unchanged. The ordinary dividend is expected to increase year-on-year over the 2024-2026 strategy cycle. The German company anticipates a net income of around €2.4 billion for the 2025 financial year.
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