Hannover Rueck SE (HVRRY) Q3 2024 Earnings Call Highlights: Surpassing Income Targets and ... [Yahoo! Finance]
HANNOVER RE SE S/ADR (HVRRY)
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Source: Yahoo! Finance
Hannover Rueck SE ( HVRRY ) recorded a net positive one-off tax effect of EUR120 million in Q3, contributing to a nine-month group net income of over EUR1.8 billion. The company updated its guidance for the group net income 2024 to around EUR2.3 billion, surpassing the initial target of EUR2.1 billion. The combined ratio of 87.9% is well in line with the target of below 89%, reflecting strong underlying profitability in the P&C portfolio. The return on investment of 3.1% is above the target, highlighting strong ordinary income and limited impact from impairments. Shareholder equity increased by 10%, driven by group net income and limited impact from interest rate and currency movements. The solvency ratio decreased by 15% compared to the end of Q2, largely due to foreseeable dividends and planned growth for the coming year. The life and health reinsurance revenue was stable year-on-year but included non-recurring effects and an accelerated runoff of US mortality business.
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