Hannover Rueck SE

Hannover is global reinsurance company. Co. operates through two business groups, Non-Life Reinsurance and Life and Health Reinsurance. Non-Life Reinsurance provides structured reinsurance solutions. Co.'s target markets are Germany and North America, and its specialty lines include Marine, Aviation, Credit and Surety, Structured Reinsurance, Insurance-Linked Securities and the United Kingdom, London market and direct business. Non-Life Reinsurance's Global Reinsurance consists of treaty reinsurance worldwide, facultative reinsurance and global catastrophe business. Life and Health Reinsurance provides solutions for life and health reinsurance and financial solutions.
  • Ticker840221
  • ISINDE0008402215
  • SectorNonlife Insurance
  • CountryGermany

Analysts

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/09/2019

...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/08/2019

...

Roland Pfaender

Hannover Re : Q2 2019 results: headline figures below estimates but solid underlying profits

>Q2 2019 below expectations but solid underlying profits - Hannover Re reported Q2 2019 EBIT of € 492m, short of our estimate (€ 524m) and consensus (€ 540m). The negative deviation was driven by a higher than expected combined ratio and negative one-offs in L/H reinsurance. Attributable net profit came in at € 369m, implying a RoE of 15.1% in the quarter. In Q1 2019 Solvency II stood at a healthy 249%; in Q2 2019 the company said it was down slightly (we estimate 245...

Roland Pfaender

Hannover Re : Q2 2019 results: headline figures below estimates but solid underlying profits

>Q2 2019 below expectations but solid underlying profits - Hannover Re reported Q2 2019 EBIT of € 492m, short of our estimate (€ 524m) and consensus (€ 540m). The negative deviation was driven by a higher than expected combined ratio and negative one-offs in L/H reinsurance. Attributable net profit came in at € 369m, implying a RoE of 15.1% in the quarter. In Q1 2019 Solvency II stood at a healthy 249%; in Q2 2019 the company said it was down slightly (we estimate 245...

Roland Pfaender

Hannover Re : Q2 2019 should reflect solid underlying profitability

>We forecast Q2 2019 net profit of € 379m, up 34.3% yoy - Hannover Re is due to report its Q2 2019 results on Thursday, 8 August. We forecast net income attributable to shareholders at € 379m, up 34.3% yoy (aided by a ~€ 100m one-off from a revaluation of Hannover Re’s stake in Viridium). For group EBIT we estimate € 524m, below consensus of € 540m. Our annualised ROE estimate stands at 15.4% (up 1.9pp yoy). We forecast BVPS of € 81.8 at end-Q2 2019, up 18.6% yoy on t...

Roland Pfaender

Hannover Re : Roadshow feedback – Continued focus on cost control and solid growth outlook

>New CEO to provide strategy update in 2020 - We have been roadshowing in Frankfurt with new CEO Jean-Jaques Henchoz, who took over from Ulrich Wallin in Q2 2019. Mr Henchoz will start to work on a strategy update for Hannover Re in H2 2019 and will present it to the capital markets in 2020. We have updated our valuation for Hannover Re and raised our TP to € 127 from € 120. Our recommendation on the shares remains unchanged at Neutral. Strategy update w...

Roland Pfaender

Hannover Re : Q1 2019 with strong premium growth momentum and solid L/H result

>Q1 2019 results ahead of estimates - Hannover Re reported Q1 2019 results ahead of both our estimates and consensus. Group EBIT came in at € 450m vs consensus of € 433m and our estimate of € 425m with the beat driven by a strong ordinary investment income and a strongly improved result from L/H reinsurance. Net income of € 294m was ahead of consensus at € 281m. The annualized ROE for the quarter came to 12.6%, down 0.4pp yoy. We leave our full-year 2019e estimate for...

Henry Heathfield

Morningstar | Hannover Re 1Q: Average to Below Average; Shares Overvalued

Hannover Re has reported average to below-average results for the first quarter of 2019. Operating and net income was EUR 450 and 295 million respectively, approximately the same as our expectations. The book value is EUR 82.0 per share, still significantly below the EUR 130.0 per share market value. This is difficult to get to on a justified basis. We are maintaining our EUR 110.0 per share fair value estimate and no-moat rating. At a group level, the underlying theme of these results has been premium. Gross and earned have increased 20% and 15% respectively. The investment book has performe...

A director sold 2,827 shares at 106.160EUR and

A director at Hannover Rueckversicherungs Ag sold 2,827 shares at 106.160EUR and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/09/2019

...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/08/2019

...

Emmanuel Matot ...
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/07/2019

...

Emmanuel Matot ...
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/08/2019

...

Bruno Cavalier ...
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Roland Pfaender
  • Steven Gould
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2019

...

HANNOVER RUCK.AG loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of HANNOVER RUCK.AG (DE), active in the Reinsurance industry. The title has lost a star(s) at the fundamental level and now shows 3 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date July 12, 2019, the closing price was EUR 142.20 and its potential was estimated at EUR 151.22.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Hannover Re - AGM 08 May 2019

General: In line with German law, the auditor of an insurance company like Hannover Re is not appointed by the AGM but the Supervisory Board. Item 5f: We recommend to oppose the re-election of Dr. Erhard Schipporeit to the Supervisory Board due to concerns over aggregate time commitments.

Hannover – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 10/05/2017

General: Hannover Rück SE (Hannover Re) was established in 1966 under the name "Aktiengesellschaft für Transport- und Rückversicherung". The gross written premium of the Hannover Re Group has since grown from EUR 0.05m to around EUR 16.4bn in 2016 which makes it the third largest reinsurer in the world. The Company transacts nonlife reinsurance since 1966. Life and health reinsurance is a strategic growth segment since 1990. The Company is present on all continents with around 2,500 staff.Agenda: We have no concerns over the agenda items at this year's AGM.In line with German law, the auditor ...

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