German reinsurer Hannover Re reported Thursday that its first-quarter Group net income went up 13 percent to 484 million euros from last year’s 428 million euros. Earnings per share amounted to 4.02 euros, higher than 3.55 euros a year ago.
The operating profit or EBIT increased 21 percent to 720 million euros from 598 million euros a year ago.
Reinsurance revenue edged down 0.6 percent to 6.57 billion euros from 6.61 billion euros last year. Revenues fell 0.9 percent at constant exchange rates.
Looking ahead, Hannover Re said it is very well on track for 2023 net income of at least 1.7 billion euros.
For 2023, Hannover Re expects to grow the reinsurance revenue in total business by at least 5 percent assuming constant exchange rates.