Hannover Rück SE
5-year stock timeline
Latest price: 247.8. Below is a concise, factual 2020–2026 timeline covering major events, changes in investor narrative, and the key technical phases that materially moved the Hannover Rück (HNR1.XETRA) share price.
Major company events
2020 saw substantial Covid-related claims hit the balance sheet—EUR 950.1m in P&C losses and EUR 261.1m in life & health, totaling roughly EUR 1,594.9m in major loss expenditure. The share peaked at EUR 192.40 in February before the March sell-off drove it down to EUR 107.50 on the 16th.
Late 2020 and into 2021 brought better news. The company beat adjusted 2020 guidance, raised the ordinary dividend to EUR 4.50, and signaled improving pricing conditions across reinsurance. That supported a recovery in the share price.
2024–2025 marked a material inflection. Group net income reached EUR 2.3bn in 2024, and total dividends jumped to EUR 9.00 proposed for the year. Late in 2025, management raised full-year guidance and formalized a new dividend policy targeting roughly 55% payout on the ordinary dividend.
Investor perception and narrative
Early 2020 framed Hannover Re as a tested but resilient global reinsurer—the market leaned on its diversification and risk-carrying capacity as catastrophe and Covid exposures weighed on sentiment.
By 2024–25 the lens had shifted entirely. Investors moved away from viewing the stock as a one-off special distributor and instead focused on improving underwriting economics, higher profitability, and a now-formalized, higher-payout dividend policy.
Key technical phases
The 2020 pattern was stark: all-time high in February, a crash to EUR 107.50 in mid-March, then recovery as guidance improved through late 2020.
From 2021 through 2023 the stock consolidated in a recovery band as pricing gradually normalized and results stabilized—building the foundation for what came next.
The 2024–2025 period produced the strongest uptrend of the entire span. Rising earnings and larger dividends triggered a re-rating that lifted the stock to its current level of 247.8, reflecting the earnings and dividend-driven momentum that has defined this phase.
Key risks and downside factors
Hannover Rück is among the world's largest reinsurers, with significant operations in property & casualty and life & health. It competes directly with Munich Re, Swiss Re, and SCOR in a market dominated by a handful of well-capitalized players. The sector faces persistent headwinds from alternative capital—catastrophe bonds and insurance-linked securities—alongside specialized Bermudian reinsurers that have shown willingness to compress both pricing and available capacity. For Hannover Re specifically, the key exposures are catastrophe loss volatility, the adequacy of reserves against tail risks, actuarial precision under stress, pricing discipline in a competitive field, and the capital constraints imposed by solvency regulation regimes that leave limited room for error.
- Large catastrophe events and volatility in aggregate losses could generate significant underwriting losses and swing earnings unpredictably [5][4].
- Intense competition and the expanding alternative capital markets—ILS funds, cat bonds, and similar structures—are compressing reinsurance pricing and squeezing margins [2][8].
- Insufficient reserves or actuarial miscalculation across life, health, or long-tail casualty business could necessitate reserve strengthening and erode capital [5].
- Regulatory shifts, rising rates, or market downturns can erode solvency ratios and limit how freely a company can deploy capital [5].
Competitive landscape
Hannover Rück operates as a top-tier global reinsurer competing directly with Munich Re, Swiss Re, SCOR and capital providers like Berkshire Hathaway Re [2][1]. The company's competitive position stems from technical underwriting strength across treaty and facultative business, a diversified geographic spread, and relatively efficient cost structures, though specialty players and Lloyd's-based competitors continue to chip away at niche segments [2][9]. The main headwinds are large catastrophe loss volatility, pricing pressure from insurance-linked securities and alternative capital sources, plus exposure to investment returns and capital ratios shifting with market conditions [2][5].
| Company | Ticker |
|---|---|
| Münchener Rückversicherungs-Gesellschaft (Munich Re) | MUV2.XETRA |
| Swiss Re Ltd | SREN.SIX |
Private competitors
- Convex Group
- Ariel Re
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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 | -6.23% | -6.47% | -9.76% |
| 3M | +4.54% | +6.81% | -2.95% |
| 6M | +2.24% | -3.75% | -9.73% |
| 1Y | -6.57% | -8.40% | -31.75% |
| 3Y | +41.07% | -9.31% | -41.07% |
| 5Y | +106.15% | +47.60% | +16.82% |
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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 | 3.2 | 0.4 | 2.2 | 5.1 |
| 1Y ago | 15.0 | 1.2 | 2.8 | 5.9 |
| 3Y ago | 13.9 | 1.0 | 2.5 | 4.5 |
| 5Y ago | 19.4 | 0.7 | 1.6 | 4.3 |
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?
- Large catastrophe events and volatility in aggregate losses could generate significant underwriting losses and swing earnings unpredictably [web:5][web:4].
- Intense competition and the expanding alternative capital markets—ILS funds, cat bonds, and similar structures—are compressing reinsurance pricing and squeezing margins [web:2][web:8].
- Insufficient reserves or actuarial miscalculation across life, health, or long-tail casualty business could necessitate reserve strengthening and erode capital [web:5].
- Regulatory shifts, rising rates, or market downturns can erode solvency ratios and limit how freely a company can deploy capital [web:5].
Who are the main competitors of Hannover Rück SE?
- Münchener Rückversicherungs-Gesellschaft (Munich Re) (MUV2.XETRA)
- Swiss Re Ltd (SREN.SIX)
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 | 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)
