Hannover Re investment income ‘back to...
March 11, 2010
NON-LIFE gross premium income at Hannover Re rocketed last year as the German reinsurer took advantage of price increases, it said. Meanwhile the company said investment income last year was back to pre-financial crisis levels. According to Hannover Re chief executive Ulrich Wallin rate increases in some lines of business such as credit and surety and catastrophe, price rises “even ran into double-digit percentages”. “In view of the very favourable market conditions we stepped up our involvement, especially in attractive segments,” Wallin said. Gross premiums written in the year were up 26.5% to E10.3bn, which helped Hannover Re to a recorded net profit figure of E731.2m. That figure included what the company dubbed the “special effect” of its acquisition of ING’s US life reinsurance portfolio and “the performance of some funds withheld by ceding companies. Without these “special effects” the group would have achieved a...