Hannover Re: results at end-September 2025

Hannover Re reported a 7.7% increase in net profit to 2 billion EUR (2.3 billion USD) as of end-September 2025. Reinsurance revenue remained virtually unchanged at 19.7 billion EUR (23.1 billion USD) compared with the same period in 2024.

In the first nine months of the year, the operating result reached 2.5 billion EUR (2.9 billion USD), up 2.1% year-on-year. The German group’s equity amounted to 12 billion EUR (14.1 billion USD), while the return on equity (ROE) stood at 22%.

The non-life (P&C) segment closed the first three quarters of 2025 with reinsurance revenue of 13.9 billion EUR (16.3 billion USD). The P&C combined ratio improved by 1.9 percentage points to 86%.

Expenses related to major losses totaled 1.177 billion EUR (1.4 billion USD), remaining well within the budgeted range of 1.636 billion EUR (1.9 billion USD). The California wildfires cost the group’s P&C business 615 million EUR (721.1 million USD), followed by losses from the earthquake in Myanmar, fires at oil refineries in Texas and California, and a series of tornadoes in the United States.

Reinsurance revenue from the life and health (L&H) segment amounted to 5.8 billion EUR (6.8 billion USD).

Hannover Re expects to achieve a net result of 2.6 billion EUR (3 billion USD) in 2025 and 2.7 billion EUR (3.2 billion USD) in 2026.