Hannover Re rises on better-than-expected Q2 results

Hannover Rueck SE

12/08/2024 08:46

** Shares in Hannover Re  HNRGn.DE  rise 5%, set for their
best day in 2 years, after the German reinsurer's Q2 results
came above expectations
    ** Q2 results are "well ahead of expectations," J.P.Morgan
says, noting that net income of 603 mln euros ($658.66 mln) and
EBIT of 846.7 mln euros are respectively 13% and 12% ahead of
consensus
    ** The Q2 and H1 combined ratios in property & casualty came
in better than Hannover Re's guidance of under 89%, the broker
notes, showing resilience of the company's outlook
    ** JPM also points to a strong solvency II of 276%, which
could potentially support capital returns increasing at the
company at year end
    ** "While the stock has underperformed peer Munich Re
 MUVGn.DE  YTD, we see these results as a reminder than Hannover
Re rarely misses expectations and is well positioned to produce
strong results in 2024," JPM says


($1 = 0.9155 euros)

 (Reporting by Linda Pasquini)
 ((linda.pasquini@thomsonreuters.com))