Get startedLog in
    Picture of Hannover Rueck SE logo

    HNR1 — Hannover Rueck SE News Story

    0.000.00%
    de flag iconLast trade - 00:00
    FinancialsConservativeLarge CapNeutral
    All News

    GS says P&C margin cycle has peaked for European reinsurers

    Picture of Hannover Rueck SE logoHannover Rueck SE
    24/03/2025 07:44
    ** Goldman Sachs says European reinsurers are past their peak in the property and casualty (P&C) margin cycle and expects future outperformance to be driven by relative re-rating of certain stocks

** It notes the European reinsurance composite index has outperformed the broader STOXX 600 .STOXX since 2023 on the back of hardening rates, better exposure management and improved return on equity

** GS starts Hannover Re HNRGn.DE with "buy", citing its above-peers P&C growth, greater confidence in earnings delivery and outperformance in P&C margins post-peak cycles

** It also initiates SCOR SCOR.PA with "buy" based on its "very attractive" valuation and re-rating potential if it can deliver consistently without major surprises

** It cuts Munich Re MUVGn.DE "neutral" from "buy", as the broker's EPS estimates are now close to consensus and the relative valuation seems more stretched


    COMPANYRATINGOLD RATINGPTOLD PT
    Hannover ReBuyn/aEUR 312n/a
    ScorBuyn/aEUR 34.5n/a
    Munich ReNeutralBuyEUR 573562
    Swiss ReNeutral-CHF 150143
    

 (Reporting by Tristan Veyet and Mateusz Rabiega)

 ((Tristan.chabba@thomsonreuters.com))

    Recent news on Hannover Rueck SE

    See all news