German reinsurance firm Hannover Re has reported a web revenue of €960m for the primary half of 2023, a surge of 17.8% compared with the identical interval final yr.

Earnings per share through the interval elevated to €7.96 from €6.76.

Reinsurance income through the interval below evaluate was €12.27bn, a 3.9% improve towards the primary half of 2022.

Earnings from property and casualty reinsurance rose by 6.6% to €8.36bn from €7.85bn reported within the year-ago interval.

Giant loss bills within the first half of the yr totalled €606.9m, which was inside the firm’s €751m goal.

The earthquakes in Turkey and Syria in the beginning of the yr, in addition to the in depth flooding in January and Tropical Cyclone Gabrielle in February, which hit New Zealand, had been the occasions with the most important web particular person losses within the first half.

Extra prices had been incurred due to extreme storms that hit Italy in Could and the southern US on the finish of March.

Reinsurance revenue (gross) for all times and medical insurance decreased by 1.5% to €3.9bn.

Hannover Re mentioned demand for monetary options continued to be excessive amongst its purchasers, notably in China and the US.

Related traits have been seen in enterprise longevity covers. The reinsurer added that along with the UK, this market is steadily increasing elsewhere on the earth akin to in Canada and Australia.

On the finish of June, the funding portfolio was €56.5bn, and web funding revenue from investments was €851m.

Hannover Re CEO Jean-Jacques Henchoz mentioned: “Within the current renewals, we had been additionally in a position to safe additional – generally considerable – enhancements in costs and situations, as mirrored in one other improve within the new enterprise worth.

“A selective underwriting method stays the order of the day for us, partially as a result of expertise reveals that the extra eventful months of the yr are nonetheless forward of us. This prudence is precisely what units us aside as a financially robust and dependable reinsurance accomplice.”