Hannover Rück SE
5-year stock timeline
Hannover Rück's share history from 2020 through 2026 tells a story of shock, recovery, and quiet re-rating. The Covid-19 pandemic delivered a sharp blow in 2020 with substantial claims and underwriting losses, yet the company maintained dividend discipline with a €4.50 ordinary payout. Strategic moves followed—sustainability initiatives, portfolio adjustments, and 2022's provisioning for Ukraine-related exposures—but the real inflection came as treaty renewals began pricing in rate momentum from 2023 onward.
By 2023, the narrative had shifted decisively. Hannover Rück posted an improved combined ratio around 94%, supported successive earnings upgrades, and increased capital returns through both ordinary and special dividends. The company's ROE expanded, solvency buffers remained solid, and what had once looked cyclical began to resemble something closer to a defensive compounder—the kind that compounds steadily while distributing capital to shareholders.
Investors noticed. The stock absorbed 2020's drawdown, rebounded sharply in 2021 as markets recovered, then endured 2022's macro volatility and large-loss uncertainty. But 2023 brought a sustained breakout. The years that followed—2024 and into 2025—saw rallies built on genuinely improving fundamentals: higher ROE, growing dividends, and earnings momentum that justified a valuation re-rating.
At 267.8 as of April 2026, the share price sits atop that multi-year recovery, reflecting a company that weathered genuine adversity and emerged with stronger pricing power and capital discipline. The pattern here isn't noise—it's a reinsurer that learned to say no to bad business and benefited when the market finally paid for discipline.
Key risks and downside factors
Hannover Rück operates in a tightly consolidated global reinsurance market where a handful of heavyweights—Munich Re, Swiss Re, SCOR, and major US players—essentially dictate pricing and available capacity [3][1]. The company faces meaningful headwinds: concentrated exposure to large natural catastrophes, unpredictable reserve movements, cyclical renewal pricing that routinely squeezes underwriting margins, and the perpetual tug-of-war between investment returns and regulatory capital demands [6][3].
- Large natural-catastrophe losses could materially reduce Hannover Rück's earnings and capital.
- Sustained price softening during major renewal seasons tends to compress underwriting margins, putting smaller players at a disadvantage against larger competitors.
- Reserve estimation errors or adverse development could trigger additional run-off charges and pressure profitability.
- Shifts in regulatory capital requirements or rating agency decisions could raise the cost of capital or limit market access and expansion opportunities [6].
Competitive landscape
Hannover Rück operates in a concentrated global reinsurance market dominated by heavyweights like Munich Re, Swiss Re, and SCOR, alongside major US competitors who collectively shape pricing and capital allocation [4][2][3][12][17]. The company faces a familiar reinsurance risk profile: exposure to outsized catastrophe losses, reliance on investment returns that swing with market conditions and interest rates, and persistent margin pressure from rivals with deeper balance sheets [4][15][2].
| Company | Ticker |
|---|---|
| Munich Re | MUV2.XETRA |
| Swiss Re | SREN.SIX |
| Reinsurance Group of America | RGA.NYSE |
| AXIS Capital | AXS.NYSE |
Private competitors
- National Indemnity (Berkshire Hathaway subsidiary)
- Large Lloyd's syndicates (material unlisted 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 | +4.53% | +10.50% | +9.52% |
| 3M | +0.60% | +6.00% | +4.97% |
| 6M | +4.20% | +9.17% | +6.47% |
| 1Y | -3.27% | -6.05% | -20.53% |
| 3Y | +54.29% | +6.06% | -10.79% |
| 5Y | +84.89% | +31.54% | +11.07% |
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 | 11.5 | 1.2 | 2.3 | 5.2 |
| 1Y ago | 14.7 | 1.2 | 2.7 | 5.8 |
| 3Y ago | 12.7 | 0.9 | 2.3 | 4.1 |
| 5Y ago | 21.1 | 0.8 | 1.7 | 4.7 |
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 | — | 4.01% |
| 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 | 26.80B | 2.66B | 21.98B | 1.39B | 26.28B |
| Operating income (EBIT) | 26.80B | 3.21B | 1.85B | 1.47B | 1.73B |
| Net income | 2.64B | 2.33B | 1.82B | 780.80M | 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)
