German reinsurance company Hannover Re has reported a net income of €960m for the first half of 2023, a surge of 17.8% in comparison with the same period last year.

Earnings per share during the period increased to €7.96 from €6.76.

Reinsurance revenue during the period under review was €12.27bn, a 3.9% increase against the first half of 2022.

Earnings from property and casualty reinsurance rose by 6.6% to €8.36bn from €7.85bn reported in the year-ago period.

Large loss expenses in the first half of the year totalled €606.9m, which was within the company’s €751m target.

The earthquakes in Turkey and Syria at the beginning of the year, as well as the extensive flooding in January and Tropical Cyclone Gabrielle in February, which hit New Zealand, were the events with the largest net individual losses in the first half.

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Additional costs were incurred because of severe storms that hit Italy in May and the southern US at the end of March.

Reinsurance income (gross) for life and health insurance decreased by 1.5% to €3.9bn.

Hannover Re said demand for financial solutions continued to be high among its clients, particularly in China and the US.

Similar trends have been seen in business longevity covers. The reinsurer added that in addition to the UK, this market is steadily expanding elsewhere in the world such as in Canada and Australia.

At the end of June, the investment portfolio was €56.5bn, and net investment income from investments was €851m.

Hannover Re CEO Jean-Jacques Henchoz said: “In the recent renewals, we were also able to secure further – sometimes appreciable – improvements in prices and conditions, as reflected in another increase in the new business value.

“A selective underwriting approach remains the order of the day for us, in part because experience shows that the more eventful months of the year are still ahead of us. This prudence is exactly what sets us apart as a financially strong and reliable reinsurance partner.”