Hannover Re’s parent company Talanx has reported €24.1 billion gross written premiums for the first half of 2021, compared to €22 billion for the same prior year period.
The group’s net income rose to €546 million from €325 million in the first half of 2020.
Although the net income was impacted by COVID-19 claims, at €278 million the losses were down significantly compared to the €824 million registered in the prior-year period.
Talanx also reported an improved combined ratio of 95.9%, compared to an unprofitable 101.3% for H1 2020, which was primarily due to the declining impact of the coronavirus pandemic.
Torsten Leue, Chairman of the Board of Management of Talanx AG commented: “We are extremely satisfied with our results for the first half of 2021. All segments in the Group recorded clear growth, due among other things to our growth initiatives in the areas of SMEs and special risks.
“Group net income improved strongly to above the high level seen in the first half of 2019 – before the coronavirus pandemic. This proves that our strategy is right and that we have managed to overcome the massive challenges posed last year by the coronavirus pandemic.
“However, these positive developments do not mean we can expect comparable growth and similar results in the second half of 2021. The catastrophic floods in Western Europe have left a trail of devastation behind them.
“Our thoughts are with the victims and those affected. Our colleagues are doing everything in their power to help them rapidly, in line with our Talanx Purpose: ‘Together we take care of the unexpected and foster entrepreneurship’.
“According to the information currently available, we expect to make payments of at least EUR 600 million gross before reinsurance to our clients.
“The fact that we are nevertheless lifting the forecast for our Group net income to the EUR 900–950 million range demonstrates the quality of our results for the first half of the year and shows how resilient our Group is.”
