Hannover Re on Feb. 2 increased its guidance for group net income in 2017 to more than €1 billion, up from more than €950 million previously.

The reinsurer said it was pleased with the outcome of Jan. 1 treaty renewals, which, although challenging, saw gross premium exceed expectations. It expects a low-single-digit percentage increase in gross premium for property & casualty and life & health reinsurance.

It continues to target a return on investment for 2017 of 2.7%, and a combined ratio of less than 96%.