Hannover Re generated a very good half-year result in an increasingly challenging market landscape and considers itself on track to achieve the full-year earnings guidance of at least EUR 2.7 billion, the Group has announced.

Reinsurance revenue (gross) fell by 3.1% to EUR 12.9 billion (previous year: EUR 13.3 billion). Growth would have reached 0.7% at unchanged exchange rates.

The reinsurance service result (net), reflecting the profitability of underwriting activity after deduction of business ceded (primarily retrocessions and insurance-linked securities), climbed to EUR 1.7 billion (EUR 1.4 billion). The reinsurance finance result (net) before exchange rate effects, which is structurally negative and captures the interest accretion on technical reserves discounted in prior years, totaled EUR -773.4 million (EUR -667.6 million).

The currency result amounted to EUR -52.9 million (EUR 236.1 million). While the previous year’s result had benefited from the depreciation of the US dollar in the first half of 2025, the strengthening of the US dollar in the first six months of 2026 gave rise to opposing effects. The adoption of euro / US dollar hedge accounting in the second half of 2025 made it possible to limit the impacts on the result. Other income and expenses stood at EUR -235.1 million (EUR -272.1 million).

The operating profit (EBIT) grew by 9.7% to EUR 1.9 billion (EUR 1.8 billion). Group net income increased by 7.0% to EUR 1.4b (EUR 1.3 billion). Earnings per share came in at EUR 11.66 (EUR 10.90).

Key takeaways of the report:

• Group net income up by 7.0% to EUR 1.4 billion
• Reinsurance revenue (gross) on the Group level grows by 0.7% adjusted for exchange rate effects
• Return on equity reaches 21.5%
• Large losses in property and casualty reinsurance below expected level
• Combined ratio improves to 83.2%
• Life and health reinsurance develops in line with expectations
• Return on investment of 3.7% ahead of roughly 3.5% target
• Earnings guidance for 2026 confirmed

"We can look back on a successful six months. Our partnership-based approach and lean organisation remain pivotal in our ability to operate successfully in an increasingly challenging market environment. It is precisely for this reason that we were able to selectively acquire further market shares side-by-side with our clients in the first half-year", commented Clemens Jungsthöfel, Chief Executive Officer.

Hannover Re expects Group net income of at least EUR 2.7 billion for the 2026 financial year.

"The very good half-year result puts Hannover Re in an excellent position", said Clemens Jungsthöfel. “Taken together with our resilience, which we again strengthened considerably in the previous year, and our lean operating model, I am looking to the full 2026 financial year and our long-term profitability with confidence”, the CEO added.

The full report can be found here.