Hannover Rueck SE

Latest Results (01.02.2026):

Hannover Rueck SE — Q3 2025: The company reports strong first nine‑month results (as at 30 September 2025) with Group net income of EUR 1,964.8m (up 7.7% y/y), operating profit (EBIT) of EUR 2,500.2m (+2.1%), reinsurance revenue (gross) essentially stable at EUR 19.71bn, earnings per share EUR 16.29, and investments of EUR 64.6bn. Property & casualty combined ratio improved to 86.0%, return on investment stood at 2.8%, and Solvency II ratio remained very robust (≈259%). Management raised full‑year 2025 Group net income guidance to around EUR 2.6bn and gave a 2026 target of at least EUR 2.7bn, while announcing a new dividend policy (regular payout ~55% of IFRS Group net income).

Overall financials

Group net income (Jan–Sep 2025) EUR 1,964.8m (+7.7%); EBIT EUR 2,500.2m (+2.1%). Reinsurance revenue (gross) EUR 19,710.6m (flat y/y). Basic and diluted EPS EUR 16.29; book value per share EUR 99.51. Annualised return on equity about 22.0%.

Property & casualty (P&C)

P&C reinsurance revenue EUR 13,931.9m; reinsurance service result (net) EUR 1,716.9m (+17.5% y/y). Combined ratio improved to 86.0%. Large losses for the nine months totaled EUR 1,177m (within the EUR 1,636m nine‑month budget; full‑year large loss budget EUR 2.1bn).

Life & health (L&H)

L&H reinsurance revenue EUR 5,778.7m (+0.3% y/y). Reinsurance service result (net) EUR 671.3m. New business CSM (net) rose strongly to EUR 373.0m; total contractual service margin (net) modestly lower at EUR 6,369.1m (currency effects).

Investments

Investment portfolio EUR 64.6bn. Net investment income EUR 1,345.5m (down 6.9% y/y) but ordinary investment income increased to EUR 1,854.1m. Active realisation of fixed‑income losses led to realised investment losses of EUR -301.6m but the move was used to lock in higher yields; reported investment return 2.8%. Management revised target return on own‑managed investments to ≈2.9% for the year.

Capital strength

Shareholders’ equity EUR 12.0bn at 30 Sep 2025. Solvency II ratio extremely robust at c. 258–261% (report notes ~259%/261% depending on presentation), comfortably above the >200% long‑term target.

Guidance and outlook

Hannover Rueck SE raised full‑year 2025 Group net income guidance from ~EUR 2.4bn to around EUR 2.6bn. For 2026 management expects Group net income of at least EUR 2.7bn. P&C reinsurance revenue is expected to grow mid‑single digits (constant FX) and a combined ratio <87% is targeted; L&H CSM and service result expected to grow ~2% and >EUR 875m respectively. Guidance assumes no large unexpected catastrophe losses or major market distortions.

Dividend policy change

Executive Board approved a realignment of the dividend policy effective for 2025: regular dividend payout ratio raised to about 55% of IFRS Group net income; the prior practice of a routine special dividend is discontinued — special dividends only in exceptional circumstances; the company aims to keep the regular dividend at least at prior year’s level and to grow it long term.