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3 December 2016
Hannover Re is looking to 2012 “with optimism” despite posting a 19.1% fall in net income in a year marred by a high number of natural disaster claims.
Despite a fourth-quarter rally in which net income rose 34.4% to €224.3 million ($278.9 million), Hannover Re was well down for the full year at €606 million ($753.6 million), joining Munich Re and Swiss Re in posting disaster-affected full-year results.
While Swiss Re’s 2011 net profit tripled its 2010 result, it came on the back of massive reserve releases and a strong result from the group’s asset management division.
Hannover Re’s update to the market largely met its February prediction of around €600 million ($746 million), which surpassed an earlier target of €500 million ($621 million).
Similar to Swiss Re, Hannover Re’s investment income soared in 2011 as the return on investment for assets under own management reached 3.9%, four percentage points above the company’s target. The reinsurer’s net investment income for the full year rose 9.9% to €1.384 billion ($1.72 billion).
“The fact that we were still able to generate a pleasing profit shows that we are moving forward towards our goal of reducing the volatility of results,” CEO Ulrich Wallin said.
While gross written premium in total business increased by 5.8% to €12.1 billion ($15 billion), group net income in both Hannover Re’s life and health and non-life branches fell by 17% and 21.6% respectively.
Hannover says the profitability of its life division was affected by the performance of deposits held by US cedants and adverse impacts in its Australian disability business.
In 2012, Hannover has anticipated gross premium growth between 5% and 7%. It has budgeted €560 million ($696.4 billion) for major losses.
2 December 2016
To oversee the policy, framework and execution of insurance risk, including underwriting, reserving and reinsurance across the Group, including providing support and appropriate second line challenge to all aspects of insurance risk, including performance.
2 December 2016
As part of a broader credit control team, you will be responsible for credit control functions that will result in sound achievement of targets and goals.
1 December 2016
Support data strategy initiatives delivering key data capabilities such as guidelines for data quality, master data and metadata across the group.