Hannover Re

The negative overall underwriting result obscures the shift last year into underwriting profitability for the first time since 2004 by Hannover Re’s non-life division

German reinsurance group, Hannover Re increased its net profits by an impressive 41.0% from €602.8mn in 2006 to €850.0mn in 2007, a record result for the group. Improvements in all of the main areas of the group’s operations contributed to the result: these include a greatly improved (though still loss making) overall underwriting performance; an increase in investment income; and a reduction in the group’s tax bill as a result of the reform of corporate taxation in Germany.