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

Roland Pfaender

Hannover Re : Q1 2019 results should reflect the quarterly run-rate for the year

>We forecast Q1 2019 net income of € 275m, up 0.4% y-o-y - Hannover Re is due to report its Q1 2019 results on Tuesday, 7 May. We forecast net income attributable to shareholders at € 275m, up 0.4% y-o-y. We estimate € 425 group EBIT which sits slightly below the € 433m consensus estimate. Our annualised ROE estimate stands at 12.2% (down 0.8pp y-o-y). We forecast BVPS of € 76.4 at end-Q1 2019.Major claims in P&C reinsurance most likely within budgeted le...

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 RUCK.AG with less fundamental stars is reduced to Neutral

HANNOVER RUCK.AG (DE), a company active in the Reinsurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date April 2, 2019, the closing price was EUR 129.30 and its expected value was estimated at EUR 127.95.

Roland Pfaender

Hannover Re : Q1 2019 results should reflect the quarterly run-rate for the year

>We forecast Q1 2019 net income of € 275m, up 0.4% y-o-y - Hannover Re is due to report its Q1 2019 results on Tuesday, 7 May. We forecast net income attributable to shareholders at € 275m, up 0.4% y-o-y. We estimate € 425 group EBIT which sits slightly below the € 433m consensus estimate. Our annualised ROE estimate stands at 12.2% (down 0.8pp y-o-y). We forecast BVPS of € 76.4 at end-Q1 2019.Major claims in P&C reinsurance most likely within budgeted le...

Henry Heathfield

Morningstar | HNR1 Updated Forecasts and Estimates from 21 Mar 2019

Hannover Re reported net income of EUR 1.06 billion for full-year 2018, slightly below our estimate of EUR 1.30 billion. However, this included a EUR 185 million charge within the life and health business for U.S. mortality recapture. We are maintaining our EUR 110 fair value estimate and narrow moat rating. Dividends announced for the full year came in at EUR 3.75 (normal) and EUR 1.50 (special) per share, which combined gives the business a roughly 60% payout ratio that we maintain for the business. This is a substitute for share buybacks. For the life and health reinsurance business, oper...

Henry Heathfield

Morningstar | Hannover Re Reports Full-Year 2018; Life and Health Back on Track, but Shares Still Overvalued

Hannover Re reported net income of EUR 1.06 billion for full-year 2018, slightly below our estimate of EUR 1.30 billion. However, this included a EUR 185 million charge within the life and health business for U.S. mortality recapture. We are maintaining our EUR 110 fair value estimate and narrow moat rating. Dividends announced for the full year came in at EUR 3.75 (normal) and EUR 1.50 (special) per share, which combined gives the business a roughly 60% payout ratio that we maintain for the business. This is a substitute for share buybacks. For the life and health reinsurance business, oper...

Henry Heathfield

Morningstar | Hannover Re Reports Full-Year 2018; Life and Health Back on Track, but Shares Still Overvalued. See Updated Analyst Note from 20 Mar 2019

Hannover Re reported net income of EUR 1.06 billion for full-year 2018, slightly below our estimate of EUR 1.30 billion. However, this included a EUR 185 million charge within the life and health business for U.S. mortality recapture. We are maintaining our EUR 110 fair value estimate and narrow moat rating. Dividends announced for the full year came in at EUR 3.75 (normal) and EUR 1.50 (special) per share, which combined gives the business a roughly 60% payout ratio that we maintain for the business. This is a substitute for share buybacks. For the life and health reinsurance business, oper...

Roland Pfaender

Hannover Re : Solid year-end finish despite high claims burden in Q4 2018

>We forecast Q4 net income of €281m - Hannover Re is due to report its Q4 2018 results on Thursday, 07 March. We forecast net income attributable to shareholders at € 281m, down from € 410m a year earlier and in line with consensus of € 283m. Our annualized ROE estimate stands at 13.1%. For BVPS we estimate € 73.3 at end Q4 2018. Our FY 2018 net profit estimate stands at € 1,006m, slightly north of the company’s guidance of more than € 1.0bn.P/C R/I: Majo...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Igor Kim
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Martial Descoutures
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Valentin Pernet
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/01/2018

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Igor Kim
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Martial Descoutures
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Valentin Pernet
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/11/2018

...

HANNOVER RUCK.AG with less fundamental stars is reduced to Neutral

HANNOVER RUCK.AG (DE), a company active in the Reinsurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date April 2, 2019, the closing price was EUR 129.30 and its expected value was estimated at EUR 127.95.

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.

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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