Hannover Re SE confirmed its guidance for this year after profit rose in 2019.
Profit for the year was about 1.28 billion euros ($1.41 billion), up from EUR1.05 billion a year earlier, the German reinsurer HNR1, -0.34% said Wednesday.
Gross premium grew to roughly EUR22.6 billion from EUR19.2 billion a year earlier.
The combined ratio was 98.2%, which was above the company’s target of no more than 97%. The combined ratio compares costs and claims with premium income. A ratio of less than 100% means the underwriting business is profitable
The company backed its guidance for this year, expecting net income of around EUR1.2 billion.
“The positive trend that emerged from the 1 January renewals should become more pronounced in the subsequent rounds of renewals during the year, not least because these also concentrate more on the loss-affected programmes,” Chief Executive Jean-Jacques Henchoz said.
Hannover Re’s figures are preliminary. It will release its audited financial statement on March 11.