Talanx Group, which includes reinsurer Hannover Re and HDI Global, says full-year earnings last year topped its forecast despite above-average losses.

Net income rose 16% to €1.172 billion ($1.81 billion) compared with a forecast range of €1.05–1.15 billion ($1.62-1.78 billion), based on preliminary figures. The company will release its full results on March 15.

Gross written premium (GWP) increased 17% to €53.4 billion ($82.4 billion) and the 12.9% return on equity was well above the minimum target of 8.4%.

Earnings this year are expected to rise to around €1.4 billion ($2.2 billion), while insurance revenues are forecast at about €42 billion ($64.8 billion), based on new accounting standards that will apply this year.

The change means net income may be subject to particular fluctuations due to the accounting standard for the valuation of the investment portfolio, while insurance revenue will be reported instead of GWP.

Talanx said at its nine-month results release last year that it was on track to meet its earnings guidance despite large losses from natural disasters including Hurricane Ian and floods in Australia.