Hannover Rück SE
Explore by topic
5-year stock timeline
2026-03-12 — 2025 annual results published (Group net income EUR 2.64 bn)
Hannover Re published preliminary full-year 2025 results showing Group net income of EUR 2.64 billion, with management raising and confirming earnings guidance for 2026 alongside an increased dividend and reinforced capital measures. Market perception shifted toward viewing the company as a resilient profitable franchise after management delivered on raised targets despite competitive conditions. Investors responded positively to stronger earnings and higher dividend as indicators of durable capital generation. Reported metrics included reinsurance revenue of EUR 26,786.0 million for 2025. [11][1][13]
2026-05-11 — Q1 2026 results: Group profit up materially (Q1 Group profit EUR 710.6m)
Hannover Re reported Q1 2026 Group profit of EUR 710.6 million, representing roughly 48% year-on-year growth, with 2026 full-year targets confirmed and strong return on equity and investment return highlighted. Investors viewed the quarterly result as confirmation that the improved earnings trajectory from 2024–25 continued into 2026, supporting a narrative of consistent execution through market cycles. Annualised return on investment was approximately 3.6% and return on equity reached 21.2%. [3]
2025 renewals season and fourth quarter — Management raises 2025 earnings target (guided ~EUR 2.6 bn)
During the 2025 renewals cycle and into Q4, management raised the earnings target for full-year 2025 to around EUR 2.6 billion, reflecting better-than-expected commercial outcomes in renewals and pricing. The guidance upgrade reinforced a narrative that Hannover Re could grow premium volume and capture profitable business despite competitive reinsurance markets, shifting investor perspective from cyclical exposure toward execution-led growth. The raised guidance target of approximately EUR 2.6 billion subsequently proved accurate against reported results of EUR 2.64 billion. [11][10][1]
2025-03-13 — 2024 annual results: strong earnings and higher dividend (Group net income EUR 2.33 bn; RoE 21.2%)
Hannover Re published 2024 results showing Group net income of EUR 2.33 billion, up roughly 28% compared to the prior year, with reinsurance revenue of approximately EUR 26.4 billion and a materially increased dividend. Management cited broad-based growth across P&C and L&H segments. The 2024 results cemented a multi-year recovery narrative following elevated losses in prior years, with investors beginning to treat the stock as a compounder with attractive capital returns rather than purely as a post-loss recovery play. Return on equity reached 21.2%, with reported reinsurance revenue of EUR 26,379.3 million. [9][15][13]
2023–2024 period — Continued premium growth and capital returns after repricing in P&C and L&H
Management reported successive years of premium growth across 2023–2024 and increased dividends following earnings recovery, with annual reports highlighting diversification and structured solutions expansion. Investors increasingly framed Hannover Re as benefiting from selective repricing and diversification spanning traditional and structured reinsurance, shifting sentiment toward managed growth with capital discipline. Reinsurance revenue grew from EUR 24,456.5 million in 2023 to EUR 26,379.3 million in 2024. [12][13][6]
2022 — Elevated major-loss burden including Russia/Ukraine and natural catastrophes (net major losses ≈ EUR 1.7 bn)
Hannover Re disclosed net expenditure on major losses in 2022 of EUR 1,705.7 million, exceeding the EUR 1,400 million budget, with the war in Ukraine accounting for approximately EUR 331 million net and Hurricane Ian for approximately EUR 322 million net. The elevated losses reinforced a short-term earnings volatility view among investors and highlighted the importance of underwriting discipline and reserve management, though some investors discounted near-term payout pressure given long-term franchise strength. [5][6]
2021 — Post-COVID market dynamics and focus on diversification/structured business
Across 2021 Hannover Re navigated the post-pandemic renewals cycle while continuing to expand life & health and structured reinsurance offerings and monitoring exposure to large natural catastrophe events. Investors viewed the company as executing a diversification strategy to reduce reliance on volatile P&C nat-cat cycles and to capture growth in L&H and structured solutions, with sentiment cautious but constructive. [6][8]
Key risks and downside factors
Hannover Rück (HNR1.XETRA, ISIN DE0008402215) operates as a global reinsurer positioned among the industry's larger, more diversified players. It competes directly with Munich Re and Swiss Re at the top tier, while also facing pressure from specialist and well-capitalized competitors including Berkshire Hathaway Re, SCOR, Everest, Artex, TransRe, Arch, and AXIS across property-catastrophe, specialty, and life reinsurance segments. The business carries exposure to several material risks. Catastrophe frequency and severity remain inherent to underwriting, alongside reserve volatility that can swing results materially. Investment returns face headwinds from persistently low yields and latent credit events. Pricing discipline erodes under competitive pressure, particularly as alternative capital sources continue to expand and fragment the market. Regulatory shifts and evolving corporate governance standards across major jurisdictions add further structural uncertainty to the operating environment.
- Catastrophe exposure and reserve risk: substantial natural or man-made loss events can generate significant underwriting losses and create volatility in reserves.
- Prolonged low yields, credit downgrades, or equity-market declines can erode both investment income and capital value.
- Pricing and capital competition: The expansion of alternative capital sources, collateralized reinsurance vehicles, and aggressive pricing from well-capitalized competitors creates persistent pressure on margins and market share.
- Regulatory and rating pressure pose material headwinds. Adverse changes in insurance regulation or solvency rules would increase capital costs, while credit rating downgrades would constrain underwriting capacity.
Competitive landscape
Hannover Rück (HNR1.XETRA, ISIN DE0008402215) is a leading global reinsurer in property & casualty and life & health reinsurance. It competes against large global reinsurers and Bermuda/US specialty groups on capital, catastrophe capacity, and product breadth. Alternative capital structures like ILS and cat bonds create additional competitive pressure, as do primary insurers developing their own in-house reinsurance capabilities. The company faces material underwriting risk from catastrophic events and adverse reserve development, while capital markets and rating dynamics introduce further volatility. Regulatory cycles and soft-rate environments can compress pricing power and margins across the business.
| Company | Ticker |
|---|---|
| Swiss Re | SREN.SIX |
| Everest Re Group | RE.NYSE |
| RenaissanceRe | RNR.NYSE |
| AXIS Capital | AXS.NYSE |
| Reinsurance Group of America (RGA) | RGA.NYSE |
Private competitors
- PartnerRe (note: acquired by Covéa in 2022 and now part of private group structures in some jurisdictions)
- Large ILS/catastrophe bond funds and specialist capital providers (grouped as private market competitors)
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
Start Free TrialPerformance Figures of Hannover Rück SE
Relative Performance vs Benchmarks
| Period | Hannover Rück SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +2.05% | +5.38% | +0.64% |
| 3M | +3.27% | +3.18% | -0.63% |
| 6M | -0.35% | -5.97% | -15.59% |
| 1Y | +2.12% | -0.98% | -15.57% |
| 3Y | +38.69% | -26.39% | -49.39% |
| 5Y | +102.47% | +37.13% | +12.23% |
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 3.4 | 0.4 | 2.4 | 4.8 |
| 1Y ago | 12.9 | 1.1 | 2.9 | 6.0 |
| 3Y ago | 13.0 | 1.0 | 2.6 | 3.7 |
| 5Y ago | 17.2 | 0.7 | 1.6 | 3.8 |
Frequently Asked Questions
Where is the Hannover Rück SE stock traded?
What does Hannover Rück SE do?
What are the key metrics for HNR1.XETRA?
How has Hannover Rück SE's stock price performed?
How is HNR1.XETRA valued?
Does HNR1.XETRA pay dividends?
What are the key risks when investing in HNR1.XETRA?
- Catastrophe exposure and reserve risk: substantial natural or man-made loss events can generate significant underwriting losses and create volatility in reserves.
- Prolonged low yields, credit downgrades, or equity-market declines can erode both investment income and capital value.
- Pricing and capital competition: The expansion of alternative capital sources, collateralized reinsurance vehicles, and aggressive pricing from well-capitalized competitors creates persistent pressure on margins and market share.
- Regulatory and rating pressure pose material headwinds. Adverse changes in insurance regulation or solvency rules would increase capital costs, while credit rating downgrades would constrain underwriting capacity.
Who are the main competitors of Hannover Rück SE?
- Swiss Re (SREN.SIX)
- Everest Re Group (RE.NYSE)
- RenaissanceRe (RNR.NYSE)
- AXIS Capital (AXS.NYSE)
- Reinsurance Group of America (RGA) (RGA.NYSE)
When does Hannover Rück SE report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 12.50 EUR | 4.80% | 4.06% |
| 2025 | 9.00 EUR | 3.13% | |
| 2024 | 7.20 EUR | 3.09% | |
| 2023 | 6.00 EUR | 3.12% | |
| 2022 | 5.75 EUR | 3.89% | |
| 2021 | 4.50 EUR | 2.92% | |
| 2020 | 5.50 EUR | 3.77% | |
| 2019 | 5.25 EUR | 3.89% | |
| 2018 | 5.00 EUR | 4.22% | |
| 2017 | 5.00 EUR | 4.37% | |
| 2016 | 4.75 EUR | 4.70% | |
| 2015 | 4.25 EUR | 4.76% | |
| 2014 | 3.00 EUR | 4.41% | |
| 2013 | 3.40 EUR | 5.40% | |
| 2012 | 2.10 EUR | 4.47% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 24.02B | 23.91B | 24.09B | 22.21B | 26.28B |
| Operating income (EBIT) | 3.41B | 3.21B | 1.85B | 1.42B | 1.73B |
| Net income | 2.64B | 2.33B | 1.82B | 1.41B | 1.23B |
| Free cash flow | 5.69B | 5.68B | 5.79B | 5.16B | 4.60B |
| Total assets | 71.33B | 72.13B | 65.67B | 62.96B | 82.90B |
| Equity | 12.93B | 11.79B | 10.13B | 9.06B | 11.89B |
| Net debt | 3.09B | 3.42B | 3.82B | 4.19B | 3.02B |
PWP Leeway UG (haftungsbeschränkt)
