In a year full of challenges and opportunities, Hannover Re, one of the world's leading reinsurers, has delivered a remarkable financial performance. The company announced a significant increase in the dividend for the past year, a clear signal of confidence in its robust business development and a gesture of appreciation towards its shareholders. For the year 2023, the dividend will be raised to 7.20 euros per share, up from 6.00 euros in the previous year, including both a base dividend of 6.00 euros and a special dividend of 1.20 euros. This announcement exceeded the expectations of analysts, who had anticipated a total dividend of 6.77 euros.

The impressive increase in dividends reflects the enormous leap in the company's profits, from 0.8 billion euros in the previous year to 1.8 billion euros in 2023. A significant part of this success is due to a positive tax effect, highlighting the financial resilience and operational excellence of the group.

In parallel, Hannover Re adjusted its dividend policy, with the promise to increase the base dividend annually, moving away from the previous practice of maintaining it at least at the prior year's level. This strategy underscores the company's commitment to returning excess capital to its shareholders in the form of special dividends and demonstrates a clear focus on long-term value creation.

A Change in Leadership: Michael Pickel, a Long-Time Executive Board Member, Retires at Year's End

There was also a personal change at the top of the company: Michael Pickel, a long-time member of the executive board, says goodbye to retirement at the end of the year. Pickel, who had been active on the board since the year 2000 and was notably responsible for the property and casualty reinsurance in Germany, has significantly contributed to the success of the group. His successor, Thorsten Steinmann, joins from Swiss Re to Hannover Re and will take on his new role on the executive board on September 1st. Starting from the beginning of the year 2025, Steinmann will take over the chairmanship of the executive board of E+S Rück, the subsidiary responsible for the German business, and will take on further responsibilities for markets in Continental Europe within the parent company.

These developments indicate that Hannover Re is on a solid foundation and is ready to set the course for a continually successful future. With an adjusted dividend policy aimed at sustainable growth, and fresh leadership ready to explore new horizons, the company moves into the coming fiscal year strengthened and with confidence.