Hannover Rück SE
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5-year stock timeline
2026-08-13
Latest price €250 anchors current valuation and investor reaction. Market participants use this quote for dividend yield, P/E calculations and assessment of 2026 earnings momentum. Short-term consolidation appears likely around this level following the 2026 rally, with range-bound trading more probable than immediate breakout [3][9].
2026 H1 (January–June)
Q1 group net income reached €711m with management confirming 2026 guidance intact. Q2 results sustained momentum, showing robust ROE and investment returns guidance around 3.5% [3][4][9].
Investor perception shifted decisively toward profitability and capital management. Steady reinsurance underwriting and resilient P&C combined ratios reduced catastrophe volatility concerns. Dividend sustainability and solvency strength became the dominant narrative [3][9].
Price rallied from 2025 levels into mid-2026 as results and guidance exceeded expectations, with periodic profit-taking interrupting the uptrend [3][8].
2025 (full year)
Full-year performance included a material dividend increase signalled in late 2025 disclosures. Management raised medium-term targets and committed to continued capital returns [5][9].
Investor perception shifted toward "compounder with shareholder returns" after repeated earnings beats and dividend increases. Confidence grew in underwriting discipline and investment income recovery [5][9].
Sustained uptrend throughout 2025 established the foundation for the 2026 rally. Higher highs and higher lows developed with increased volume on positive releases [5][13].
2024 (full year)
Net income surged with management raising outlook and increasing dividend. P&C profitability improved with favourable combined ratios and reserve releases [12][9].
Reassessment moved away from "cyclical reinsurance" toward higher-quality earnings narrative. Investors rewarded demonstrable underwriting improvements and resilience to mid-sized catastrophe activity [12][9].
Major rally phase developed through 2024, punctuated by short consolidations after quarterly releases as earnings surprises accumulated [12][8].
2023 (full year)
Group net income reached approximately €1.8bn despite several notable catastrophe losses: Italy storms, Türkiye–Syria earthquake, Hurricane Otis and Hawaii wildfires. Losses remained within budgeted parameters [12].
Market view shifted from post-pandemic normalization toward "resilient underwriting despite higher catastrophe frequency." The fact losses stayed within the large-loss budget supported confidence in management's risk budgeting [12][9].
Price recovered and rallied through 2023 after drawdown from 2022 catastrophe-affected periods, rotating from recovery into steady uptrend as earnings beat expectations [12][9].
2022 (full year)
Elevated major-loss expenditure and tougher environment for reinsurers followed the high-loss 2021–2022 period. Management increased the net major loss budget to approximately €1.3bn and guided for growth with modest investment returns. Combined ratios in P&C faced pressure in some quarters [7].
Investor concern about increased catastrophe frequency and earnings volatility intensified. Market characterized Hannover Re as cyclically exposed, with debate whether earnings would normalize or remain pressured [7].
Drawdown and volatile price action developed during 2022 as results and updated loss budgeting were digested. Range trading with downside bias followed, punctuated by volatility spikes around catastrophe events and quarterly reports [7][6].
2021 (January–December)
Significant mid-to-large loss activity in Q3 2021 increased net major loss expenditure materially to approximately €1.07bn by end-September. Group maintained profit guidance with outlook set for recovery and growth into 2022 with increased major loss budgeting [7].
Market skepticism grew amid rising natural catastrophe and pandemic-related claims. Hannover Re faced characterization as exposed to clustering of large losses, though management's guidance and capital position limited panic [7].
Price drew down following the Q3 2021 loss shock and earnings volatility. Extended consolidation and recovery phase developed into 2022 as investors awaited clearer loss trends and subsequent quarterly results [7].
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)
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Start Free TrialPerformance Figures of Hannover Rück SE
Relative Performance vs Benchmarks
| Period | Hannover Rück SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -0.63% | -7.11% | -5.08% |
| 3M | +4.71% | -4.06% | -0.66% |
| 6M | +7.42% | +1.65% | -6.88% |
| 1Y | +3.98% | -4.56% | -18.01% |
| 3Y | +43.38% | -25.28% | -41.32% |
| 5Y | +94.70% | +28.64% | +7.63% |
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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 | 2.3 | 4.7 |
| 1Y ago | 12.4 | 1.1 | 2.8 | 5.8 |
| 3Y ago | 13.4 | 0.9 | 2.6 | 3.4 |
| 5Y ago | 16.3 | 0.8 | 1.7 | 4.4 |
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)
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
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 | 1.20B | 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)
