Hannover Rück SE
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5-year stock timeline
Aug 5, 2021 — H1 2021: strong premium growth; summer floods
Gross written premium grew 10.0% to €14.5bn in the first half. Operating profit reached €956.1m with Group net income of €670.6m. Life & health absorbed €263.4m in pandemic-related losses. Management confirmed full-year guidance while flagging preliminary net expenditure of €200–250m from summer floods across Germany and the Benelux [6].
Market sentiment shifted from pandemic uncertainty toward recovery and growth. Investors responded to premium momentum and guidance confirmation, though remained cautious on Covid mortality and climate-driven catastrophe risk [6].
FY 2021 (year-end) — recovery delivered; record dividend
Group net income reached €1,250.2m. Management proposed a total dividend of €5.75 per share—€4.50 ordinary plus €1.25 special—marking a record distribution [24].
The stock re-priced as a reliable dividend compounder returning to pre-pandemic profitability. Capitalisation and dividend policy became central to the investment thesis [24].
2022 — heavy nat-cat losses, Ukraine provisioning; diversified resilience
Gross written premium totaled €33.28bn with Group net income of €1.407bn. Property & casualty reported net major losses of €1,706m above budget. Hurricane Ian cost €321.9m, Australian floods €232.6m and winter storm Ylenia €106.6m. Management set aside an IBNR reserve of approximately €330.9m for possible Ukraine losses. The P&C combined ratio finished at 99.8% [1].
Underwriting was hit by catastrophes and geopolitical provisioning, but earnings diversification across life & health and investment income preserved confidence. The narrative shifted toward resilience and cycle management [1].
Mid-2022 saw volatility on macro and nat-cat headlines, followed by a rebound into the second half as markets priced improving reinsurance rates [1].
Jan 1, 2023 renewals / 2023 cycle — pricing momentum accelerates
Major January 1, 2023 treaty renewals delivered further price and condition improvements across property & casualty. Hannover Re reported continued profitable premium growth entering 2023 [1].
Clear signs of market hardening emerged. Investors began to prize underwriting leverage and expected margin recovery from improved rates and disciplined portfolio management [1].
FY 2023 (reported Mar 2024) — earnings beat, stronger underlying result
Group net income reached approximately €1.8bn, exceeding the initial target of at least €1.7bn. Reinsurance revenue rose to around €24.5bn with underlying reinsurance service result and operating profit beating guidance [4].
Hannover Re re-established itself as a high-returns compounder. Better underwriting outcomes and life & health growth shifted the narrative toward sustainable profitability rather than cyclical recovery [4].
2024 — continued nat-cat headlines; Q3 update shows losses within budget
As of September 30, 2024, large-loss expenditure reached approximately €1.3bn in the first nine months, within a booked budget of €1.4bn. Heavy-rain floods in Central and Eastern Europe cost €225m, Hurricane Helene €130m and flooding in the UAE €121m. The full reporting cycle highlighted further significant losses including Hurricane Milton at €230m and Central-Eastern Europe flooding at €194m [10], [3].
Climate-driven nat-cat volatility remained a headline risk, but the hardening pricing environment and disciplined underwriting kept investor sentiment constructive. Emphasis remained on reserving discipline and balance-sheet resilience [10], [3].
FY 2025 (announced Mar 12, 2026) — record income; material dividend lift
Group net income reached €2.64bn with operating profit of €3.5bn and return on equity of approximately 21.4%. Management proposed a dividend of €12.50 per share, up 39% from the prior year, with a payout ratio of approximately 57%. Reinsurance revenue totaled €26.8bn. Management confirmed FY2026 guidance of at least €2.7bn [11], [12], [16].
A clear re-rating inflection emerged. Investors increasingly viewed Hannover Re as a premium compounder with both strong underwriting performance and shareholder returns, validating management's cycle and capital strategy [11].
The stock rallied strongly into 2026 with momentum accelerating on record earnings and the sizeable dividend increase.
Q1 2026 (early 2026) — robust start; guidance reconfirmed
Net Group profit in Q1 2026 reached €710.6m, up 47.9% versus €480.5m in the prior year. Management reiterated FY2026 targets and noted exposure in specialty lines relating to the Middle East conflict but reported no material losses to date [18], [15].
Confirmation arrived that 2025's outperformance was not a one-off. Market confidence grew in the sustainability of elevated returns and capital returns, while monitoring nat-cat and geopolitical tail risks [18].
Key risks and downside factors
Hannover Re operates in a tightly consolidated global reinsurance market where a handful of large multi-line players set the pace, alongside specialist carriers based in Bermuda and a growing contingent of alternative-capital providers. Its direct competitors among listed firms are Munich Re, Swiss Re and SCOR. Berkshire Hathaway's substantial balance sheet and the expanding insurance-linked-securities space both exert steady pressure on pricing and available capacity. The company faces four primary headwinds: catastrophe exposure, swings in investment and market values, relentless competition on underwriting terms, and the constraints imposed by regulatory capital requirements.
- Elevated catastrophe and climate-change exposure create volatile underwriting conditions, with potential for substantial losses and capital strain.
- Larger reinsurers and ILS/cat-bond funds apply competitive pressure that compresses both pricing and underwriting margins.
- Investment and market risk: low yields, rising rates, and equity volatility can each materially reduce investment income and create mark-to-market losses.
- Regulatory, rating, and counterparty risks form a connected chain. Shifts in solvency or capital requirements can raise the cost of holding capital. Rating downgrades—often following substantial losses—tighten access to funding. And when reinsurers or cedants fail, capacity contracts sharply. Each compounds the others.
Competitive landscape
Hannover Re (HNR1) ranks among the world's top three reinsurers, competing directly with heavily capitalized global peers and specialized operators across Property & Casualty and Life & Health segments. Competition hinges on scale and balance-sheet depth—where Munich Re, Swiss Re, and Berkshire Hathaway set the standard—alongside specialized underwriting expertise, broker relationships, and the rising tide of alternative capital and ILS products that compress pricing. The company faces material exposure to natural catastrophes, investment and market volatility, underwriting and reserving risk, and the shifting demands of regulatory and capital frameworks.
| Company | Ticker |
|---|---|
| Munich Re | MUV2.XETRA |
| Swiss Re | SREN.SIX |
| SCOR SE | SCR.PA |
| Reinsurance Group of America (RGA) | RGA.NYSE |
| Everest Re (Everest Group) | EG.NYSE |
Private competitors
- PartnerRe
- Lloyd's (insurance market / syndicates)
- Gen Re (General Re, Berkshire subsidiary)
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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 | +8.23% | +4.69% | +5.64% |
| 3M | -3.74% | -9.05% | -15.14% |
| 6M | +6.49% | +7.82% | -2.69% |
| 1Y | -0.83% | -4.18% | -23.23% |
| 3Y | +48.16% | -8.28% | -27.54% |
| 5Y | +103.82% | +45.07% | +19.01% |
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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 | 3.3 | 0.4 | 2.2 | 5.1 |
| 1Y ago | 12.9 | 1.1 | 2.9 | 6.1 |
| 3Y ago | 12.5 | 0.9 | 2.4 | 3.1 |
| 5Y ago | 15.3 | 0.7 | 1.6 | 4.2 |
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?
- Elevated catastrophe and climate-change exposure create volatile underwriting conditions, with potential for substantial losses and capital strain.
- Larger reinsurers and ILS/cat-bond funds apply competitive pressure that compresses both pricing and underwriting margins.
- Investment and market risk: low yields, rising rates, and equity volatility can each materially reduce investment income and create mark-to-market losses.
- Regulatory, rating, and counterparty risks form a connected chain. Shifts in solvency or capital requirements can raise the cost of holding capital. Rating downgrades—often following substantial losses—tighten access to funding. And when reinsurers or cedants fail, capacity contracts sharply. Each compounds the others.
Who are the main competitors of Hannover Rück SE?
- Munich Re (MUV2.XETRA)
- Swiss Re (SREN.SIX)
- SCOR SE (SCR.PA)
- Reinsurance Group of America (RGA) (RGA.NYSE)
- Everest Re (Everest Group) (EG.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 | 1.20B | 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)
