MS cuts Hannover Re against 'challenging' market backdrop

Hannover Rueck SE

09/01/2026 08:48

** Morgan Stanley cuts Hannover Re HNRGn.DE to "equal-weight" from "overweight", flagging a challenging market backdrop for the German reinsurer

** The broker says it has a relative preference for Hannover Re over peers, but remains cautious on reinsurance as a whole

** MS expects 2026 to have a softer pricing environment, adding Hannover Re has historically outperformed its peers during softer cycles

** "We believe the company's consistent earnings growth and capital return position it best for an uncertain pricing environment" - Morgan Stanley

** Of 18 analysts who cover the company, nine rate it "strong buy"/"buy", eight "hold" and one "sell" - LSEG data

** The shares in the company edge down 1.8%

(Reporting by Bernadette Hogg)

((bernadette.hogg@thomsonreuters.com))