Q3 2024 Hannover Rueck SE Earnings Call Transcript

Nov 11, 2024 / 09:30 AM GMT

Transcript

Key Points

Positve

Hannover Rueck SE (HVRRY) recorded a net positive one-off tax effect of EUR120 million in Q3, contributing to a nine-month group net income of over EUR1.8 billion.
The company updated its guidance for the group net income 2024 to around EUR2.3 billion, surpassing the initial target of EUR2.1 billion.
The combined ratio of 87.9% is well in line with the target of below 89%, reflecting strong underlying profitability in the P&C portfolio.
The return on investment of 3.1% is above the target, highlighting strong ordinary income and limited impact from impairments.
Shareholder equity increased by 10%, driven by group net income and limited impact from interest rate and currency movements.

Negative

The solvency ratio decreased by 15% compared to the end of Q2, largely due to foreseeable dividends and planned growth for the coming year.
The life and health reinsurance revenue was stable year-on-year but included non-recurring effects and an accelerated runoff of US mortality business.
The reinsurance service result of EUR668 million is only slightly above the pro-rata share of the full-year target, indicating limited growth.
The company recorded a moderate impact of EUR44 million from impairments on real estate, affecting the investment performance.
The large loss budget for the year increased, reflecting a higher frequency of natural catastrophe losses and reduced retrocession coverage.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HNRGn.DE - Hannover Rueck SE
Q3 2024 Hannover Rueck SE Earnings Call
Nov 11, 2024 / 09:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone and welcome to our earnings call for the results for the first nine months of 2024.

As usual, our CEO J and CFO Clements that gives you a brief overview on the business development in 2024 so far.

And thereafter, so Shak will provide an outlook for the financial year '25 and for the Q&A today, we will be joined by Klaus Miller and Sven Althoff. And with that I hand over to you. So.

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Unidentified_2 [2]
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Thank you very much, Carl and Good morning everyone before we discuss our nine month results, let me say a few

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