German reinsurer Hannover Re reported an increase in first-quarter profit on Monday despite a decline in reinsurance revenue, and reaffirmed its fiscal 2026 outlook.
Group net income in the first quarter climbed 48% to €710.6 million ($837.2 million) from last year's €480.5 million. Earnings per share reached €5.89, higher than €3.98 a year ago.
Operating profit, or EBIT, grew 39.4% to €971.1 million from the prior year's €696.5 million.
The net reinsurance service result increased significantly by 72.9% to €890.2 million from €514.8 million a year ago.
Gross reinsurance revenue on the group level, meanwhile, dropped 6.4% to €6.52 billion from last year's €6.97 billion. Reinsurance revenue would have grown by 0.6% at constant exchange rates.
The company noted that life and health reinsurance contributed to currency-adjusted growth of 15%. Property and casualty reinsurance revenue dropped 4.7% at unchanged exchange rates.
Further, for fiscal 2026, the company continues to expect group net income of at least €2.7 billion.
Hannover Re said it remains confident of achieving the full-year target for revenue growth in traditional property and casualty reinsurance in the mid-single-digit percentage range, based on the profitable premium growth of 18.8% generated in the April renewals.
