Hannover Re reports increased profits in 2009

Hannover Re’s non-life reinsurance segment’s profit increased to EUR 472.6 million (Cdn$661.8) for 2009, compared to a loss of EUR 160.9 million (-Cdn$225.3) in 2008.
In the wake of the heavy loss expenditures incurred in the previous year, stable prices and price increases were obtained in 2009, according to the company.
In some segments, such as credit and surety insurance or catastrophe business, the price increases even ran into double-digit percentages, the company reports.
Gross written premium in non-life reinsurance business rose sharply by 15.2% to EUR 5.7 billion (Cdn$7.9 billion), compared to EUR 5 billion (Cdn$7 billion) in 2008.
Net premium earned climbed by 22.3%, to EUR 5.2 billion (Cdn$7.3 billion), compared to EUR 4.3 billion (Cdn$6 billion) in 2008.
The combined ratio rose slightly from 95.4% in 2008 to 96.6% in 2009. The company states this reflects a prudent reserving policy.