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The overseas division booked a combined ratio of 94% for the quarter. -
The carrier also reported a slightly improved combined ratio of 94.6%.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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The London carrier missed consensus on gross and net premiums for H1.
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The carrier’s profit grew 34% for the year to A$1.35bn.
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The carrier booked top-line growth of 2% in H1.
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Rates were down 3.9% across its portfolio in the first half of 2025.
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The Hannover Re CEO said rate adequacy remains “attractive” overall.
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California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The reinsurer chair said the frequency of losses today “will prevent prices from slipping too much.
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California wildfire losses were partially offset by improved underlying underwriting.
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