Business · Companies · 7 hrs ago
Hannover Re raises nine-month profit and keeps 2026 target
Hannover Re, the world's third-largest reinsurer, raised its nine-month net profit nearly 7% to €2.1 billion.
The company, based in Hannover, Germany, said on Monday that it still expects at least €2.7 billion in profit for 2026.
Reinsurers insure insurance companies, helping them cover losses from major events.
Hannover Re said its reinsurance revenue rose 1% to €19.5 billion in the first nine months, adjusted for exchange rates.
A relatively calm start to the Atlantic hurricane season helped keep large-loss claims to €1.32 billion, while the Colombia earthquake alone cost about €216 million.
Investment income more than doubled in the third quarter, offsetting some of the earthquake losses.
The full-year target depends on major claims staying within the €2.3 billion budget set aside for them.
Hannover Re kept its target of at least 2.7 billion euros in profit for 2026 after reporting higher earnings for the first nine months.
Net profit rose by nearly 7% to 2.1 billion euros, while reinsurance revenue increased by 1% to 19.5 billion euros on a currency-adjusted basis.
The company said it expected to meet its target if major losses stayed within the 2.3 billion euros set aside for them.
A quiet start to the Atlantic hurricane season helped limit claims, although the August earthquake in Colombia cost the reinsurer 216 million euros.
- Who
- Hannover Re, the world’s third-largest reinsurer.
- What
- It kept its 2026 profit target of at least 2.7 billion euros after reporting nine-month growth.
- When
- The results were reported on November 9, 2026. They covered the first nine months of 2026.
- Where
- Hannover Re announced the results in Hannover, Germany.
- Why
- It said it remained on course for its target, provided major losses stayed within the 2.3 billion euros budgeted.
This story does not have two clearly opposing sides.
Atlantic storms over Spain and Portugal caused Hannover Re an individual loss of 136 million euros.
An earthquake in Colombia caused Hannover Re an individual loss of 216 million euros.
Hannover Re recorded net profit of 2.1 billion euros and currency-adjusted reinsurance revenue of 19.5 billion euros.
Hannover Re reported its results and maintained its 2026 profit target.
- 2026 profit target
- At least 2.7 billion euros
- Nine-month net profit
- 2.1 billion euros, up nearly 7%
- Nine-month reinsurance revenue
- 19.5 billion euros, up 1% on a currency-adjusted basis
- Major-loss budget
- 2.3 billion euros
- Colombia earthquake loss
- 216 million euros
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