Germany's Hannover Re Q1 net income jumps 48%, confirms 2026 outlook

Hannover Rueck SE

11/05/2026 06:40

Overview

Germany reinsurer's Q1 net income rose 48% yr/yr to EUR 710.6 mln

Q1 gross written premium fell 7% yr/yr to EUR 6.5 bln

Return on equity climbed to 21.2%, above strategic target

Outlook

Hannover Re confirms full-year 2026 Group net income guidance of at least EUR 2.7 bln

Company expects 2026 property and casualty combined ratio of less than 87%

Company projects 2026 return on investment of around 3.5%

Result Drivers

LOW LARGE LOSSES - Large losses in property and casualty reinsurance were below budgeted expectations at EUR 206.9 mln, supporting profitability

APRIL RENEWALS - Premium growth of 18.8% in April renewals contributed to expansion in the book of business, especially in areas meeting profitability requirements

LIFE & HEALTH REINSURANCE - Life and health reinsurance developed favourably as anticipated, with sustained demand across all segments

Company press release: ID:nEQ6hHg3Ta

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Gross Written Premium
Miss
EUR 6.50 bln
EUR 6.61 bln (2 Analysts)
Q1 Net Income
EUR 710.60 mln
Q1 EBIT
EUR 971.10 mln
Q1 ROE
21.20%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the reinsurance peer group is "buy"

Wall Street's median 12-month price target for Hannover Rueck SE is €299.00, about 22.2% above its May 8 closing price of €244.60

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)