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The carrier’s combined ratio improved by 0.7 points YoY to 91.1%.
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The group reported an 89.7% combined ratio for the quarter.
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The reinsurer reported EUR2.1bn GWP for the year.
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The Japanese carrier noted the impact of increasing natural disasters.
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The company’s parent MS&AD reported group profit of 691bn yen for the year.
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The carrier benefited from top-line growth and lower adverse PYD.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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The reinsurer’s CFO cited a 1.5% net price reduction year to date.
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Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
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The undiscounted combined operating ratio worsened slightly to 96.6%.
