Hannover Rück SE
5-year stock timeline
Major events
From 2020 through 2021, the group absorbed the COVID market shock while expanding premiums into the low-20s billion EUR range by year-end, demonstrating resilience at scale. Between 2022 and 2024, Hannover Re entered a material earnings upswing—Group net income climbed to EUR 1.824bn in 2023, then EUR 2.329bn in 2024—prompting the company to raise full-year guidance in late 2024 and signal further increases ahead for 2025. The period from 2024 into 2026 brought planned management succession (Jean-Jacques Henchoz departing; Clemens Jungsthöfel promoted from CFO to CEO effective 1 April 2025, with Christian Hermelingmeier stepping into the CFO role), followed by a record 2025 profit near EUR 2.6bn and a marked shift in capital allocation—most visibly a substantially higher dividend proposal of EUR 12.50 per share approved at the 2026 AGM, reflecting an explicit realignment of dividend policy.
Investor perception
Through 2020 and 2021, investors viewed reinsurers as cyclical but operationally resilient, positioning Hannover Re as a large, disciplined operator with steady premium growth rather than a speculative play. By 2023 and 2024, strong operating results and rising investment and underwriting contributions shifted the narrative toward defensive compounder—investors began emphasizing earnings quality, rising dividends and balance-sheet strength. In 2025 and into 2026, record profits and an explicit move to higher payout ratios refocused the market narrative on reliable income and capital returns alongside continued profitable growth under the new CEO.
Technical chart phases
The 2020–2021 period saw a sharp pandemic drawdown in early 2020 followed by recovery as markets normalised and premiums held. Through 2022, price action turned more volatile and sideways as the sector absorbed underwriting and investment swings; 2023 then produced a clear rally as results surprised upward and the company outperformed peers and the DAX (closing 2023 at EUR 216.30). From 2024 through May 2026, the chart displayed a sequence of higher lows and higher highs driven by recurring earnings beats, guidance upgrades and expanding shareholder returns, lifting the share from the ~€216 end-2023 level to the current 240.2.
Key risks and downside factors
Hannover Rück operates in a tight global reinsurance market where Munich Re, Swiss Re and SCOR remain the most formidable competitors. Capital-heavy players like Berkshire Hathaway's National Indemnity unit, nimble specialty reinsurers, and the expanding universe of alternative capital funds keep pricing compressed and capacity fluid. The real pressures stem from three directions: catastrophe losses that can move the needle overnight, the relentless underwriting cycle that squeezes margins when capacity floods in, reserve adequacy questions that linger longer than anyone wants, and the drag or lift that interest-rate swings impose on the investment portfolio.
- Large-catastrophe exposure means severe natural disasters can generate outsized underwriting losses and strain capital.
- Pricing-cycle and alternative-capital pressure — ILS funds, hedge funds, and capital-rich buyers have the capacity to compress reinsurance rates and margins [1][5].
- Reserve and actuarial risk — adverse loss development can force reserve strengthening, which depresses both earnings and solvency metrics [2][1].
- Investment and interest-rate risk — when yields fall or rates shift quickly, investment income contracts and capital adequacy can weaken, potentially affecting ratings.
Competitive landscape
Hannover Rück operates in a crowded space. Munich Re and Swiss Re are the obvious benchmarks, but the real pressure comes from capital-rich competitors like Berkshire Hathaway's National Indemnity, Lloyd's syndicates, and a growing constellation of Bermudian specialty players. Alternative capital—insurance-linked securities in particular—has been steadily reshaping pricing power across the market. The company's earnings depend on three moving parts that don't always move together: natural-catastrophe exposure and accumulation risk, the underwriting cycle's inevitable swings, and how well its investment portfolio performs relative to the capital requirements regulators demand.
| Company | Ticker |
|---|---|
| Münchener Rückversicherungs-Gesellschaft (Munich Re) | MUV2.XETRA |
| Swiss Re AG | SREN.SIX |
Private competitors
- National Indemnity (Berkshire Hathaway unit)
- Convex Group
- Lloyd’s syndicates (market participants)
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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 | -5.00% | -9.26% | -10.45% |
| 3M | -2.13% | -1.17% | -11.83% |
| 6M | -2.73% | -7.79% | -13.17% |
| 1Y | -9.04% | -13.22% | -38.19% |
| 3Y | +34.42% | -22.56% | -51.25% |
| 5Y | +101.01% | +39.65% | +9.71% |
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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 | 3.1 | 0.4 | 2.1 | 4.9 |
| 1Y ago | 15.0 | 1.2 | 2.8 | 5.9 |
| 3Y ago | 14.1 | 1.0 | 2.5 | 4.6 |
| 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 exposure means severe natural disasters can generate outsized underwriting losses and strain capital.
- Pricing-cycle and alternative-capital pressure — ILS funds, hedge funds, and capital-rich buyers have the capacity to compress reinsurance rates and margins [web:1][web:5].
- Reserve and actuarial risk — adverse loss development can force reserve strengthening, which depresses both earnings and solvency metrics [web:2][web:1].
- Investment and interest-rate risk — when yields fall or rates shift quickly, investment income contracts and capital adequacy can weaken, potentially affecting ratings.
Who are the main competitors of Hannover Rück SE?
- Münchener Rückversicherungs-Gesellschaft (Munich Re) (MUV2.XETRA)
- Swiss Re AG (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)
