Hannover Re has posted group net income of €710.6m for the first quarter of 2026 (Q1 2026), up 47.9% from €480.5m in the same period a year earlier, despite what the company referred to as “market headwinds”.
Earnings per share were €5.89, up from €3.98.
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Gross reinsurance revenue at group level came to €6.5bn at the end of March versus €7bn a year earlier, down 7.2%.
In life and health reinsurance, currency-adjusted growth was 15%.
In property and casualty (P&C) reinsurance, revenue fell 4.7% at constant exchange rates.
Within that business, traditional reinsurance recorded exchange rate-adjusted growth of 2.1%, while structured reinsurance revenue declined following a reduction in several larger contracts.
After premium growth of 18.8% in the April renewals, Hannover Re said it “remains confident” of meeting its full-year target for revenue growth in traditional P&C reinsurance in the mid-single-digit percentage range.
The net reinsurance service result rose by 73% to €890.2m from €514.8m.
The company said the prior-year period had been affected by the “exceptional large” losses from wildfires in California, US.
Operating profit (EBIT) increased by 39.5% to €971.1m from €696.5m.
Gross reinsurance revenue in P&C reinsurance was €4.5bn, down 11.7% from €5.1bn.
The decline reflected lower volume in structured reinsurance, while traditional reinsurance expanded by 2.1% on an exchange rate-adjusted basis.
Large loss payments totalled €206.9m, below the Q1 budget of €480.3m.
Hannover Re said that as it is “still too early to reliably estimate the further economic fallout of the Iran war”, it expects the unused portion of the Q1 large loss budget to “comfortably suffice” for any loss expenses that may have arisen by that stage.
It added that only a limited number of specific notifications had been received so far.
The largest net payments for individual events were linked to Winter Storm Fern in the US and Canada, at €124.8m.
Atlantic windstorms Kristin and Leonardo accounted for a further €34m of loss expenditure on the Iberian Peninsula and in Morocco.
Assets under own management stood at €68.3bn, compared with €66.3bn on 31 December 2025.
The increase was supported by positive operating cash flow and currency effects, which outweighed valuation declines.
Investment income was €605.3m, against €576.9m a year earlier. The annualised return on investment was 3.6%.
For 2026, Hannover Re expects Group net income of at least €2.7bn.
Hannover Re CEO Clemens Jungsthöfel said: “Hannover Re has made a successful start to the 2026 financial year. Our Group net income for the first quarter once again underscores the strength of our diversified business model and our ability to show attractive earnings growth even in a more challenging market.
“Thanks to our robust positioning in the market, very good capitalisation and lean cost structures, we enjoy considerable financial resilience. This forms the basis for further strengthening our sustained profitability going forward.”
