Within Hannover Re's global reinsurance, a selective approach in China caused worldwide P&C treaty reinsurance premium to drop 17.1 percent year-on-year to €776 million in the January renewals. It proved impossible to avoid making share reductions in unprofitable business - above all in China -, which consequently led to lower premium income in this market, the company said in a statement. "We have done a deep-dive about the profitability and only wrote those treaties where we felt the profitability is up to our margin requirements and this led to a reduction between $50 million to $70 million in premium volume just to our Chinese business," Gräber said.