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Hannover Re’s Operating Profit Soars

Operating profit (EBIT) grew by 49.9% year-on-year, to E600 million

Hannover Re has released its 2009 first half results. The operating profit (EBIT) grew by 49.9% year-on-year to reach E600 million for the period ended June 30, 2009 – reported in hugin.info.

The group net income increased 66.1% to E419.0 million, equivalent to earnings of E3.47 a share. The gross written premium climbed 26.7% as at 30 June 2009 to E5.3 billion.

The gross premium in non-life reinsurance improved on the comparable period of the previous year by 16% to reach E3.1 billion. At constant exchange rates, especially against the US dollar, the increase would have been 12%.

The net underwriting income in non-life reinsurance improved from E23.6 million in the corresponding period of the previous year, to E57.3 million. The operating profit (EBIT) in this business group increased by 10% to E317.1 million. Group’s net income grew by 14.1% to E223.2 million

The investment income generated in life and health reinsurance doubled from E154.8 million to E314.0 million. The operating profit (EBIT) as at 30 June, 2009 consequently increased to E266.1 million.