Hannover Re Reports EUR 480 Million Net Income in Q1 Amidst California Wildfire Losses

Hannover Re announced a net income of EUR 480 million for the first quarter of 2025, despite incurring heavy costs due to California wildfires. This figure marks a 13.9% year-on-year reduction. The company's reinsurance revenue rose by 7.2% and a strong return on equity was maintained at 16.1%, exceeding their strategic target.

The property and casualty reinsurance segment saw significant large losses totaling EUR 765 million, surpassing their budgeted expectations. Despite these costs, the overall reinsurance service result in life and health reinsurance remained strong. Operating profits (EBIT) declined by 14.1% to EUR 696 million, while the return on investment reached 3.5%.

Hannover Re secured solid investment gains with a 15.8% increase to EUR 577 million. The company confirmed its full-year guidance for 2025 amidst ongoing business growth and resilience to large-scale loss events, such as those incurred recently.