Hannover Rueck SE
said Thursday that it would propose a raised dividend after double-digit increases in earnings and premiums in 2022. The German reinsurer declared a dividend of 6 euros ($6.33) a share including a special dividend, comprising a EUR5 ordinary dividend and a special dividend of EUR1, compared with EUR4.50 and EUR1.25, respectively–and EUR5.75 in total–in 2021.
It came after net income rose 14% to EUR1.41 billion and gross premiums increased 20% to EUR33.3 billion in the full year, figures which the company had already disclosed in early February. While Hannover Re took heavy losses from natural catastrophes, the war in Ukraine and the Covid-19 pandemic in 2022, it had good earnings from investment and its life and health reinsurance business that helped deliver profits, it said. The company confirmed its 2023 outlook, including net income of at least EUR1.7 billion under new IFRS 17 accounting standards, as disclosed in February. Write to Ed Frankl at email@example.com