Hannover Re, a prominent global reinsurer, has predicted a substantial surge in its net profit for 2024, aiming to secure a minimum of €2.1bn.
The German firm’s targets represent a remarkable 24% escalation compared to its current-year guidance, according to Reuters.
In addition to the augmented net profit, Hannover Re anticipates an impressive surge in reinsurance revenue, surpassing 5% growth. Alongside, it eyes a robust return on investment, setting the bar at a minimum of 2.8% for the same period.
The company’s pronounced financial goals for 2024 underpin its strategic manoeuvres and envisaged growth trajectory. These robust projections hint at Hannover Re’s confidence in navigating the reinsurance landscape and fortifying its position in the market.
The company unveiled these ambitious projections during its investor day, a forum designed to delineate its strategic trajectory through 2026.
Hannover Re further asserted that its combined ratio, a pivotal metric gauging profitability within its property and casualty division, is slated to dip below 89% in the upcoming year. This metric, when below 100%, signifies a profitable operational state.
The company’s pronounced financial goals for 2024 underpin its strategic manoeuvres and envisaged growth trajectory. These robust projections hint at Hannover Re’s confidence in navigating the reinsurance landscape and fortifying its position in the market.
In related reinsurance news looking ahead to 2024, Swiss Re Group has also unveiled ambitious financial targets, as it aims to improve its net income by $3.6bn in 2024.
It is expected that this will be spearheaded by the Zurich-based firm’s Life & Health Reinsurance (L&H Re) division, which has also set lofty targets, aiming for a net income of $1.5bn.
The global insurers corporate solutions division is setting its sights on achieving a combined ratio of less than 93%. Concurrently, Swiss Re’s overarching goal entails attaining a long-term return on equity surpassing 14% for the entire group.
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