Afterlife Business At Hannover Re Generates Profit Growth In 2022 As Dividends Rise

The Hannover Rueck SE said Thursday that it plans to propose a dividend increase in 2022 following a double-digit increase in earnings and premiums over the previous year.

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It has been announced by the German reinsurer that it will pay out a dividend of 6 euros ($6.33) a share, including a special dividend, including a EUR5 ordinary dividend and a EUR1 special dividend, compared to EUR4.50 and EUR1.25, respectively, and EUR5.75 as a sum in 2021.

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There was a 14% increase in net income, to EUR1.41 billion, and a 20% increase in gross premiums, to EUR33.3 billion, in the full year, figures that the company already revealed in early February.

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In spite of the heavy losses Hannover Re incurred as a result of natural catastrophes, the war in Ukraine, and the Covid-19 pandemic in 2022, the company's earnings from investments and the life and health reinsurance business contributed to its profits.

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Based on information disclosed in February by the company, the company confirmed its forecast for 2023, which includes a net income of at least EUR 1.7 billion under the new IFRS 17 accounting standards.