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Hannover Re has completed two new transactions as part of its insurance-linked securities (ILS) activities. The company has transferred storm risks for the US-based Massachusetts Property Insurance Underwriting Association (MPIUA) and Texas Windstorm Insurance Association (TWIA) to the capital markets.
• Group net income +20.1%: EUR 279.7 million (EUR 233.0 million) • Gross premium growth beats expectations: +10.3% adjusted for exchange rate effects • Investment income +15.1%: EUR 415.7 million (EUR 361.2 million) • Net major losses lower than planned quarterly budget at EUR 62.0 million • Return on equity: 13.9% • Combined ratio: 95.7% (94.4%)
• Group net income boosted by 10.1% to EUR 985.6 million (EUR 895.5 million) • Increased dividend proposed for 2014: EUR 3.00 per share plus special dividend of EUR 1.25 per share • Book value per share: EUR 62.61 (EUR 48.83) • Return on equity: 14.7% (15.0%) • Combined ratio: 94.7% (94.9%) • Currency-adjusted growth in gross premium: +2.8% • Major loss expenditure of EUR 425.7 million substantially lower than budgeted
• Stable portfolio in property and casualty reinsurance thanks to strong market positioning and good rating • Rate quality supports our profit targets despite price erosion • Price increases in loss-impacted programmes smaller than expected • Prospects for 2015 in property and casualty reinsurance in the range of expectations
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