Hanover Re announced that H1 group income for 2024 increased by 21% in comparison to the same period last year to reach approximately £1.02bn . It said reinsurance revenue grew by 5.2% to stand at £11.05bn. The carrier said expenditures for large losses amounted to around £485m in the first half-year, a figure within the allocated and booked budget of £686m.

Jean-Jacques Henchoz, chief executive officer at Hannover Re, said: “We have a successful first six months behind us, with significant growth in property and casualty reinsurance and satisfactory Group net income.

“At the same time, we saw a continued trend towards increasing frequency losses and losses from secondary perils such as flooding. Thanks to our selective underwriting approach and our retrocession strategy, we feel well prepared for the upcoming second half of the year – which tends to be more loss-intensive.”