Based on the continued favourable market environment, Hannover Re expects to grow its Group net income* to at least EUR 1.7 billion for the 2023 financial year.

The 2023 consolidated financial statements will be prepared using the new accounting standards (IFRS 17/9) for the first time. Reinsurance revenue is expected to grow by at least 5% at constant exchange rates and the return on investment from assets under own management should be at least 2.4%.

As usual, all statements regarding future targets are subject to the premises that there are no unforeseen distortions on capital markets, that large loss expenditure remains within the expected value of EUR 1.725 billion and the Covid-19 pandemic does not have any further significant impact on the result in life and health reinsurance.

*With regard to IFRS 17/9, there is neither a market consensus nor comparable published figures from the previous year.