Germany's Hannover Re raises dividend after posting record income

DPA
·1 min read
A Hannover Re flag is flying in front of the insurance company's headquarters. Raphael Knipping/dpa
A Hannover Re flag is flying in front of the insurance company's headquarters. Raphael Knipping/dpa

German financial services provider Hannover Re, the third-largest reinsurance group in the world, on Monday said it is planning to increase the dividend paid to shareholders following the record profits seen in 2023.

For the past year, the company based in northern Germany, will propose a dividend of €7.20 ($7.80) per share, up from €6 per share last year.

The planned distribution for 2023 consists of an ordinary dividend of €6 and a special dividend of €1.20 per share. For the previous year, Hannover Re had paid an ordinary dividend of €5 and a special dividend of €1.

At the beginning of February, the German reinsurer had announced a net income of some €1.8 billion for 2023, its best result to date.

For 2024, chief executive Jean-Jacques Henchoz continues to expect an increase to at least €2.1 billion.

The insurance group Talanx (HDI), which owns a good half of Hannover's shares, is the main beneficiary of the profit and dividend.