German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported Monday higher profit in its first quarter, despite a decline in reinsurance revenue. Further, the firm maintained fiscal 2026 outlook.
Group net income in the first quarter climbed 48 percent to 710.6 million euros from last year's 480.5 million euros. Earnings per share reached 5.89 euros, higher than 3.98 uros a year ago.
Operating profit or EBIT grew 39.4 percent to 971.1 million euros from prior year's 696.5 million euros.
The net reinsurance service result increased significantly by 72.9 percent to 890.2 million euros from 514.8 million euros a year ago.
Gross reinsurance revenue on the Group level, meanwhile, dropped 6.4 percent to 6.52 billion euros from last year's 6.97 billion euros. Reinsurance revenue would have grown by 0.6 percent at constant exchange rates.
The company noted that Life and health reinsurance contributed currency-adjusted growth of 15 percent. Property and casualty reinsurance revenue dropped 4.7 percent at unchanged exchange rates.
Further, for fiscal 2026, the company continues to expect Group net income of at least 2.7 billion euros.
Hannover Re said it remains confident to achieve the full-year target for revenue growth in traditional property and casualty reinsurance in the mid-single-digit percentage range, based on the profitable premium growth of 18.8 percent generated in the April renewals.
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