Hannover Re reserves EUR143mn for Ukraine as Q1 P&C profit falls 9%
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Hannover Re reserves EUR143mn for Ukraine as Q1 P&C profit falls 9%

Catrin Shi
04 May 2022
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Hannover Re’s Q1 P&C reinsurance operating profit fell 9.1% year on year to EUR284mn ($299mn) as it took a heavier cat burden and a “precautionary” reserve charge of EUR143mn relating to the Ukraine-Russia crisis.

Despite the uncertainty around ultimate losses from Ukraine, Hannover Re reiterated guidance that it expects group net income of EUR1.4bn-EUR1.5bn

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