Hannover Re reported profit after tax up 30.2% for the six months ending 30 June 2004.
Profit increased from €162.4m in the first half of 2003 to €211.5m for the first half of 2004.
But the company reported a decline in gross written premiums, down from €5.97bn to €4.79bn.
“This business development puts us absolutely on track to achieve our ambitious profit targets for the full financial year," said Wilhelm Zeller, chairman of Hannover Re's executive board.
“A significant decline in gross premium income, due in part to our proactive cycle management, is in no way a cause for concern.
“Quite the contrary, we have once again demonstrated that profitability alone is what counts in our industry, not volume.”
Hannover Re reported first half combined ratios of 94.3% for property casualty reinsurance, 98.5% for life health reinsurance, 96.8% for financial reinsurance, and 96.6% for its programme business.
It said the claims experience in the second quarter of the year had been very modest, continuing the trend of the first quarter. No natural catastrophe losses were recorded, and the only major claim came from the collapse of a structure at Charles de Gaulle airport in Paris.
The company said it anticipated an exposure of approximately €15m from the airport collapse.
