Hannover Rück SE

XTRA:HNR1 Stock Report

Market Cap: €30.4b

Hannover Rück Past Earnings Performance

Past criteria checks 4/6

Hannover Rück has been growing earnings at an average annual rate of 22.1%, while the Insurance industry saw earnings growing at 13.9% annually. Revenues have been declining at an average rate of 1.4% per year. Hannover Rück's return on equity is 20.3%, and it has net margins of 12.1%.

Key information

22.08%

Earnings growth rate

22.09%

EPS growth rate

Insurance Industry Growth5.90%
Revenue growth rate-1.38%
Return on equity20.34%
Net Margin12.06%
Next Earnings Update09 Nov 2026

Recent past performance updates

Recent updates

Narrative Update • Sep 09

HNR1: 2026 Earnings Guidance And Capital Discipline Will Support Future Upside

Analysts have trimmed their fair value estimate for Hannover Rück to €330 from €344.65, reflecting recent target cuts and a softer stance on the stock after its removal from a key conviction list and a lower €270 price target in recent Street research. Analyst Commentary Recent Street research on Hannover Rück has been mixed, yet the tone of some commentary still points to areas that bullish analysts see as constructive for the stock.
Analysis Article • Aug 15

Analysts Have Made A Financial Statement On Hannover Rück SE's (ETR:HNR1) Second-Quarter Report

The quarterly results for Hannover Rück SE ( ETR:HNR1 ) were released last week, making it a good time to revisit its...
Narrative Update • Jun 22

HNR1: 2026 Earnings Guidance And Capital Discipline Will Support Future Upside

Hannover Rück's analyst price target has been revised lower to €260 from €290 as several firms trim their estimates, with analysts pointing to updated assumptions for fair value, discount rates and profitability. Analyst Commentary Recent research on Hannover Rück shows that several major banks, including JPMorgan, have reduced their price targets while generally maintaining neutral stances on the stock.
Narrative Update • Jun 04

HNR1: Rich Rating Will Test 2026 Earnings Payout Against Cautious Street Revisions

The analyst fair value estimate for Hannover Rück has shifted from €239.0 to €246.0, reflecting updated assumptions on growth, profitability and discount rates after recent Street research, where several banks adjusted their price targets to a range of €260 to €330 and reiterated neutral to positive views on the stock. Analyst Commentary Recent Street research on Hannover Rück shows a cluster of reduced price targets, even where ratings remain neutral or equivalent.
Narrative Update • May 05

HNR1: 2026 Earnings Guidance And Dividend Policy Will Support Upside Potential

Analysts have nudged their price targets for Hannover Rück higher, with recent research pointing to increases of €5 and from €312 to €330, citing updated views on growth, profitability and valuation assumptions. Analyst Commentary Bullish analysts are signaling a more constructive view on Hannover Rück, with recent research reflecting higher price targets and supportive commentary around the company’s setup.
Narrative Update • Apr 20

HNR1: 2026 Earnings Guidance And Dividend Policy Will Sustain Premium

Analysts have raised the price target for Hannover Rück to €347, supported by updated assumptions for revenue growth, profit margins and P/E multiples following recent upward revisions from several research houses. Analyst Commentary Recent research has tilted clearly positive, with several bullish analysts lifting price targets and reaffirming confidence in Hannover Rück’s execution.
Narrative Update • Apr 05

HNR1: Rich Rating Will Test 2026 Guidance Resilience After Conviction List Downgrade

The analyst price target for Hannover Rück has moved from €233 to €239, with analysts pointing to updated fair value estimates and slightly adjusted assumptions on revenue growth, profit margins and future P/E as key drivers behind the change. Analyst Commentary Recent research points to a split in views on Hannover Rück, with some firms lifting price targets and others turning more cautious.
Narrative Update • Mar 22

HNR1: Rich Rating Will Test Conviction List Support Versus 2026 Earnings Guidance

Narrative Update on Hannover Rück Analysts have lifted their average price target on Hannover Rück by €5, reflecting recent upward revisions such as Berenberg increasing its target to €330 and positive inclusion in conviction lists, even as views remain mixed, with at least one downgrade balancing expectations. Analyst Commentary Recent research on Hannover Rück highlights a split in sentiment, with some firms lifting price targets and adding the stock to conviction lists, while more cautious voices flag risks around execution, growth and valuation.
Narrative Update • Mar 07

HNR1: Mixed Conviction Calls Will Shape Reaction To 2026 Earnings Guidance

Analysts now set their price target for Hannover Rück at €270, up from €233, reflecting small adjustments to revenue growth, profit margin, and future P/E assumptions informed by recent research that includes both an addition to a European conviction list and a rating downgrade to Equal Weight. Analyst Commentary Recent research on Hannover Rück sends a mixed message, with the share being added to a European conviction list by one major bank while another major house trims its enthusiasm and rating.
Narrative Update • Feb 21

HNR1: Mixed Conviction Calls Will Shape Reaction To 2026 Earnings Guidance

Analysts have lifted their fair value estimate for Hannover Rück from about €224.01 to €233.00, reflecting updated views on its discount rate, revenue growth, profit margin and future P/E after recent research that included both an addition to a European conviction list and a separate price target cut alongside a rating downgrade. Analyst Commentary The recent research on Hannover Rück sends mixed signals, with some optimistic views balanced by more cautious adjustments.
Narrative Update • Feb 07

HNR1: Conviction List Inclusion Will Support Reset Expectations And Earnings Quality

Analysts have trimmed their price target for Hannover Rück slightly to €283.93 from €284.33, reflecting updated assumptions on revenue growth, discount rates, profit margins and future P/E after mixed recent research, including a conviction list addition and a separate downgrade with a lower €270 target. Analyst Commentary Bullish Takeaways Goldman Sachs adding Hannover Rück to its European Conviction List signals confidence in the company’s ability to execute on its business plan, which some investors may view as support for the current P/E assumptions used in valuation models.
Narrative Update • Jan 24

HNR1: Shares Will Likely Benefit From Reset Expectations And Sustained Earnings Quality

Narrative Update Overview Analysts have trimmed their price target for Hannover Rück to about €284 from roughly €290, reflecting a lower assumed fair value and a shift to more neutral ratings. The updated assumptions combine slightly different revenue growth, profit margin and future P/E expectations.
Narrative Update • Jan 10

HNR1: Margin Resilience And 2025–2026 Earnings Guidance Will Sustain Premium

Analysts have trimmed their fair value estimate for Hannover Rück slightly to €344.21, reflecting recent cuts to price targets to €270 to €290 and a shift to more neutral ratings as they factor in expectations for lower revenue growth, a modestly softer profit margin, and a higher future P/E multiple. Analyst Commentary Recent research points to a more balanced stance on Hannover Rück, but there are still some clear positives that supportive analysts highlight when they look at valuation, execution, and growth potential.
Narrative Update • Dec 27

HNR1: Earnings Momentum Will Sustain Margin Premium Through Upcoming Cycle

Narrative Update on Hannover Rück Analysts have nudged their blended price target on Hannover Rück slightly higher to around EUR 290, citing modest upgrades to long term revenue growth and profit margin assumptions, as well as confidence that the company can sustain its margin advantage, albeit from already full valuation multiples. Analyst Commentary Bullish analysts continue to frame Hannover Rück as a high quality compounder in the reinsurance space, arguing that near term volatility in sector sentiment does not fully capture the companys ability to defend and gradually expand its earnings base.
Narrative Update • Dec 12

HNR1: Earnings Guidance Momentum Will Support Durable Premium Through The Cycle

The analyst fair value estimate for Hannover Rück has inched higher to approximately EUR 345 from EUR 340, as analysts balance modestly stronger growth assumptions and a slightly richer sector-relative valuation premium against a small downtick in projected profit margins. Analyst Commentary Recent Street research highlights a constructive but more nuanced stance on Hannover Rück, with bullish analysts pointing to resilient fundamentals and scope for continued value creation despite an already elevated valuation multiple.
Analysis Article • Dec 06

Earnings Working Against Hannover Rück SE's (ETR:HNR1) Share Price

With a price-to-earnings (or "P/E") ratio of 12.4x Hannover Rück SE ( ETR:HNR1 ) may be sending bullish signals at the...
Narrative Update • Nov 26

HNR1: Shares Will Likely Benefit From Sustained High Margins And Earnings Quality

Analysts have modestly raised their price target for Hannover Rück to approximately €290, citing higher revenue growth estimates and continued strong margins. Analyst Commentary Recent updates from equity research analysts shed light on both the optimistic outlook and the risks surrounding Hannover Rück's stock performance and valuation.
Analysis Article • Nov 09

Should You Be Adding Hannover Rück (ETR:HNR1) To Your Watchlist Today?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Narrative Update • Oct 13

Growing Emerging Markets Will Expand Global Reinsurance Opportunities

Analysts have modestly reduced their price target for Hannover Rück from €285.40 to €283.80, citing valuation considerations in light of recent market updates and evolving sector performance outlooks. Analyst Commentary Recent street research has provided a mix of bullish and bearish perspectives on Hannover Rück, with analysts weighing improved resilience against valuation challenges.
User avatar
New Narrative • Nov 24

Navigating Favorable Market Conditions And Transformative Reinsurance Growth Strategies

Favorable P&C market and improved combined ratio boost profitability prospects, enhancing revenue, margins, and earnings.

Revenue & Expenses Breakdown

How Hannover Rück makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

XTRA:HNR1 Revenue, expenses and earnings (EUR Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
30 Jun 2622,6652,734860
31 Mar 2624,3372,872940
31 Dec 2525,9212,642860
30 Sep 2524,9622,4691160
30 Jun 2526,0982,4821740
31 Mar 2524,3112,251830
31 Dec 2423,1142,329980
30 Sep 2421,4352,250940
30 Jun 2420,6762,026630
31 Mar 2421,2111,8991400
31 Dec 2322,3531,8251560
30 Sep 2325,8381,0641410
30 Jun 2325,8469261430
31 Mar 2324,6498371220
31 Dec 2224,1647811680
30 Sep 2224,6951,4922150
30 Jun 2225,2031,3762950
31 Mar 2226,6001,3534400
31 Dec 2126,2811,2315110
30 Sep 2125,2071,0715140
30 Jun 2124,3821,1514940
31 Mar 2123,8248884900
31 Dec 2023,1728834780
30 Sep 2022,8159494740
30 Jun 2022,5311,0244820
31 Mar 2022,1511,2914830
31 Dec 1921,5821,2844800
30 Sep 1920,7391,3374560
30 Jun 1920,0771,1674450
31 Mar 1919,5851,0804270
31 Dec 1818,9451,0594230
30 Sep 1818,5491,1354160
30 Jun 1818,3209794140
31 Mar 1817,8039674190
31 Dec 1717,5449594110
30 Sep 1717,0949284140
30 Jun 1716,4841,2184130
31 Mar 1716,3061,1654070
31 Dec 1616,0831,1714020
30 Sep 1616,1841,1573950
30 Jun 1616,4201,1073930
31 Mar 1616,3301,1423920
31 Dec 1516,3271,1513990
30 Sep 1515,8751,0763980

Quality Earnings: HNR1 has high quality earnings.

Growing Profit Margin: HNR1's current net profit margins (12.1%) are higher than last year (9.5%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: HNR1's earnings have grown significantly by 22.1% per year over the past 5 years.

Accelerating Growth: HNR1's earnings growth over the past year (10.2%) is below its 5-year average (22.1% per year).

Earnings vs Industry: HNR1 earnings growth over the past year (10.2%) did not outperform the Insurance industry 15.3%.

Return on Equity

High ROE: HNR1's Return on Equity (20.3%) is considered high.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/20 00:45
End of Day Share Price 2026/09/18 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Hannover Rück SE is covered by 36 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Markus MayerBaader Helvea Equity Research
Robert BateBarclays
Andrew BroadfieldBarclays