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Hannover Re has recorded gross reinsurance revenue of 7 billion EUR (7.6 billion USD) at end-March 2025, marking a 4.5% year-on-year increase.
Net reinsurance service result amounted to 515 million EUR (557.6 million USD), dropping by 28.5% compared to the same period in 2024. The operating result also declined, sliding 14.1% over one year to 696 million EUR (753.5 million USD).
The German group closed the first quarter of 2025 with a net profit of 480 million EUR (519.7 million USD), against 558 million EUR (602.2 million USD) posted a year earlier, reflecting a decline of 13.9%.
Hannover Re's performance was adversely affected by major claims totalling 765 million EUR (828.2 million USD) for the Group's non-life (P&C) business. This cost was 435 million EUR (471 million USD) higher than budgeted expenditures, mainly due to losses incurred as a result of the California forest fires, which set the German reinsurer back 631 million EUR (683.2 million USD).
Other major losses included the mid-air collision between an airliner and a helicopter in Washington (USA), the earthquake in Myanmar, a refinery fire in southern Germany, and Cyclone Alfred in Australia. These events respectively cost Hannover Re 29 million EUR (31.4 million USD), 25 million EUR (27.1 million USD), 20 million EUR (21.7 million USD) and 17 million EUR (18.4 million USD).
As of end-March, the group's shareholders' equity stood at 12.1 billion EUR (13.1 billion USD), with a return on equity (ROE) of 16.1%.
For the full year 2025, Hannover Re is expecting a net profit of 2.4 billion EUR (2.6 billion USD).
