Q2 2024 Hannover Rueck SE Earnings Call Transcript
Key Points
- Hannover Rueck SE (HVRRF) reported a 21% growth in group net income, reaching EUR1.2 billion.
- Return on equity stood at an impressive 22.3%, highlighting strong earnings power.
- Reinsurance revenue grew by 10% on a ForEx adjusted basis, driven by a favorable market environment.
- The combined ratio of 87.8% is well below the target of 89%, indicating strong underlying profitability.
- Investment performance was robust with a return on investment of 3.3%, surpassing the target of 2.8%.
- An increasing frequency of large losses was observed in the second quarter, impacting overall results.
- Life and health reinsurance revenue decreased moderately due to regular portfolio management and nonrecurring effects.
- The impact from large losses, although below expectations, required the full large loss budget to be booked for the first half of the year.
- Currency translation had a negative impact of EUR74 million on the other result.
- The combined ratio includes a discount effect of around 7%, which is higher than the interest accretion in the reinsurance finance result.
A wonderful good morning, good afternoon, ladies and gentlemen. Welcome to the Hannover Re conference call on Q2 2024 results. My name is Transi, the Chorus Call operator.
I would like to remind you that all participants will be in a listen-only mode and that the conference is being recorded.
(Operator Instructions)
It is my pleasure to hand over to Karl Steinle. Please go ahead, sir.
Good morning, everyone, and welcome from sunny Hanover to our earnings call and our results for the first half year 2024. As usual, our CEO, Jean-Jacques Henchoz, and our CFO, Clemens Jungsthöfel, will give you a brief overview of the business development in 2024 so far. For the Q&A session, we will be joined by Claude Chèvre and Sven Althoff.
With that, I hand over to you Jean-Jacques.
Thank
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