Rankings Financial data & insurance broking Hannover Rück
Hannover Rück
71
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Soft reinsurance market−5
- Quality of growth−2
- Multiples vs own history−1
Strengths
- Dividend+2
- Underwriting and reserves+2
How the score is built
From 100 to 71, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 292.60 EUR
- Median analyst target
- 275.00 EUR
- Upside to median
- −6.0%
- Analysts
- 16
- Target range
- 246.00 – 330.00 EUR
- 52-week change
- +18%
- P/E (trailing)
- 12.9
- Forward P/E
- 12.4
- PEG
- 3.62
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 1 finding−2 of −30
- −2Quality of growthGross revenue fell 3.1% in H1 (+0.7% currency-adjusted), P&C revenue grew only 0.2% adjusted, and Life & Health EBIT fell 13.1% to EUR 408m; Q2 EPS was 5.77 vs 6.91 a year earlier. Net profit (+7%) is carried by low large losses and investment returns, not growth.
Price
Today's multiples against the company's own history and its peers. · 2 findings−2 of −35
- −1Multiples vs own historyForward P/E 11.1 vs 11.8–13.8 in 2021–2025 (lowest in five years) and trailing P/E 11.4 vs 12.2–28.7; P/B 2.18 is at the top of 1.58–2.37, though. Cheap on earnings, but earnings are at a cyclically high level.
- −1PeersForward P/E 11.1 and P/B 2.18 at a 22% ROE vs Munich Re (11.5/1.92/21%) and Swiss Re (10.7/2.08/20%); in line with peers, no discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−7 of −35
- −5Soft reinsurance marketPrices fell 4.5% risk-adjusted at the June/July renewals, while Hannover increased volume by 12.3%, i.e. growing into falling prices; in Monte Carlo (7/9) the company signalled slightly lower prices again at 1/1/2027 and 'increasing headwinds' from sharper competition.
- −1Large losses and geopoliticsLarge losses were EUR 785m in H1 vs a budgeted 1,025m; guidance (at least 2.7bn) assumes large losses stay around the 2.3bn budget in a hurricane season, and about 200m has been set aside for a possible Iran war.
- −1GovernanceTalanx (controlled by HDI) owns about half the shares; free float is 60.1m of 120.6m shares, and insider ownership is not disclosed. Minority shareholders have limited influence.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2DividendA dividend of EUR 12.50 per share (+79%), equal to EUR 1.27bn, below net profit of 2.73bn; dividend yield 4.9% and a target payout of 55% of the IFRS result. No buybacks.
- +2Underwriting and reservesCombined ratio in P&C 83.2% in H1 vs a target below 87%, reserves have been strengthened further, the investment return is 3.7% vs a 3.5% target, and the solvency ratio is 254%.
Caveats
What the score does not capture, or where the data is weak.
Reinsurance: FCF (stockanalysis 6.5bn) is not meaningful because it includes premium float; payouts are measured against net income. Stockanalysis' ROIC series swings (25% in 2025, 14.5% now) due to IFRS 17 classification and is not used. The company does not buy back shares. Insider ownership is not disclosed; Talanx owns about 50%. US casualty reserves and the Life & Health portfolio have not been examined separately. Hurricane season runs to November; Q3 results 9 Nov.
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