Hannover Rück SE (OTCPK:HVRRF) Q4 2024 Earnings Conference Call March 13, 2025 8:00 PM ET
Company Participants
Karl Steinle – General Manager Investor and Rating Agency Relations
Jean-Jacques Henchoz – Chairman
Clemens Jungsthöfel – CFO
Sven Althoff – Member of the Executive Board
Conference Call Participants
Michael Huttner – Berenberg
Kamran Hossain – JPMorgan
James Shuck – Citi
Shanti Kang – Bank of America Merrill Lynch
Vinit Malhotra – Mediobanca
Will Hardcastle – UBS
Chris Hartwell – Autonomous
Henry Heathfield – Morningstar
Roland Pfänder – ODDO BHF
Ivan Bokhmat – Barclays
Karl Steinle
Good afternoon, everyone, and welcome to our earnings call on our Financial Results for the Full Year 2024.
Today’s speakers will be our CEO, Jean-Jacques Henchoz and Clemens Jungsthöfel, our CFO. For the Q&A, we will be joined by Claude Chèvre and Sven Althoff.
And with that, and for the last time as CEO at Hannover Re, I hand over to you, Jean-Jacques, to summarize the business development of another successful year of our company.
Jean-Jacques Henchoz
Thank you very much, Karl, and good afternoon on my side. I’m very satisfied with Hannover Re’s performance in the 2024 financial year with the Group net income slightly above EUR2.3 billion. We have delivered on the increased target of around EUR2.3 billion compared to the initial target of around EUR2.1 billion. The outperformance is driven by favorable investment income as well as a higher-than-expected reinsurance service result in both business groups.
In other words, the operating performance was strong across all areas. Based on this positive development and very healthy capitalization, we will propose an increase in the ordinary dividend to EUR7 per share, complemented by a special dividend of EUR2. This brings the total dividend to EUR9, an increase of 25% compared to the previous year.
In P&C, we
