# Hannover Rück SE (HNR1.XETRA)

Canonical: https://gigainvestors.com/s/HNR1.XETRA

Analysis as of: 2026-10-16T07:34:08.577Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 272.00 per share; close as of 2026-10-15.

Estimated value: low EUR 145.75 per share, central EUR 182.19 per share, high EUR 242.92 per share. Buy at or below the central value EUR 182.19 per share. Valuation as of 2026-10-16T07:34:08.577Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.28×

Chart: Net income; fiscal year observations.

- FY2016: EUR 1.2B

- FY2017: EUR 959M

- FY2018: EUR 1.1B

- FY2019: EUR 1.3B

- FY2020: EUR 883M

- FY2021: EUR 1.2B

- FY2022: EUR 1.4B

- FY2023: EUR 1.8B

- FY2024: EUR 2.3B

- FY2025: EUR 2.6B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 12.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 13.3%

- FY2017: 11.6%

- FY2018: 12.4%

- FY2019: 12.5%

- FY2020: 8.2%

- FY2021: 10.6%

- FY2022: 15.9%

- FY2023: 18.4%

- FY2024: 20.1%

- FY2025: 20.7%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 12.2%

- Book return interval: 10 years

- Starting book value per share: EUR 67.00

- Ending book value per share: EUR 107.21

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 18.9%

- FY2017: -2.4%

- FY2018: 14.9%

- FY2019: 27.6%

- FY2020: 11.3%

- FY2021: 13.7%

- FY2022: -17.8%

- FY2023: 19.8%

- FY2024: 25.0%

- FY2025: 19.1%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: 0.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.65×

- Book value created per share: EUR 40.21

- Earnings retained per share after dividends and buybacks: EUR 61.90

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 105

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.3% a year forever · net income +13.4%

Story as of 2026-10-16T09:59:59.324Z; price observation 2026-10-15.

The price assumes profits grow 7.3% a year forever

### Net income · FY2025

net income +13.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.2B 

- FY2017: EUR 959M 

- FY2018: EUR 1.1B 

- FY2019: EUR 1.3B 

- FY2020: EUR 883M 

- FY2021: EUR 1.2B 

- FY2022: EUR 1.4B 

- FY2023: EUR 1.8B 

- FY2024: EUR 2.3B 

- FY2025: EUR 2.6B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance reinsurance; annual sales are EUR 24 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.577Z); FY2025: revenue 24017800000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HNR1.XETRA: Hannover Rück SE, together with its subsidiaries, provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally. It operates through Property & Casualty Reinsurance; and Life & Health Reinsurance segments. The company provides property and casualty reinsurance solutions for agricultural, livestock, and bloodstock; aviation and space; natural catastrophe; credit, surety, and political risks; cyber; digital; marine and upstream energy; natural catastrophes; advanced and facultative business, insurance-linked securities and structured reinsurance; and parametric solutions. It also offers risk solutions in the areas of critical illness, disability, health, longevity, long term care, and mortality. In addition, the company offers group life, retirement, lifestyle, credit life, and Takaful reinsurance products. Further, the company provides various financial solutions, including new-business financing; monetization of embedded value; reserve and solvency relief; and reinsurance and solvency II businesses. The company was formerly known as Hannover Rückversicherung AG and changed its name to Hannover Rück SE in March 2013. Hannover Rück SE was founded in 1966 and is based in Hanover, Germany. Hannover Rück SE operates as a subsidiary of Talanx AG.

### Why customers stay

It earns 12.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.577Z); 10-year return on tangible equity observations [[2016,0.13303462619751769],[2017,0.11633248331146384],[2018,0.12432158045630722],[2019,0.12501894754550308],[2020,0.08209608277873476],[2021,0.10581304289129657],[2022,0.1589763468080057],[2023,0.18406108471772525],[2024,0.20104637008003176],[2025,0.20746285068015458]]; median 0.12902678687151037. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.577Z); Dividend observations: [[2016,612953000],[2017,647067000],[2018,602986000],[2019,687252000],[2020,708837000],[2021,588480000],[2022,723479000],[2023,723600000],[2024,868300000],[2025,1121500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 50.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HNR1.XETRA SharesStats.PercentInsiders = 50.2 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.577Z); Price 272; FX 1; original perpetual distributable cash 7.287707692645654; discount 0.1; growth 0.07320695701233215. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 101.55 per share

- 2016-11: EUR 100.15 per share

- 2016-12: EUR 102.80 per share

- 2017-01: EUR 101.65 per share

- 2017-02: EUR 106.60 per share

- 2017-03: EUR 108.15 per share

- 2017-04: EUR 110.10 per share

- 2017-05: EUR 106.00 per share

- 2017-06: EUR 104.95 per share

- 2017-07: EUR 106.70 per share

- 2017-08: EUR 101.80 per share

- 2017-09: EUR 101.95 per share

- 2017-10: EUR 107.65 per share

- 2017-11: EUR 110.40 per share

- 2017-12: EUR 104.90 per share

- 2018-01: EUR 110.10 per share

- 2018-02: EUR 111.90 per share

- 2018-03: EUR 110.90 per share

- 2018-04: EUR 116.60 per share

- 2018-05: EUR 108.00 per share

- 2018-06: EUR 106.80 per share

- 2018-07: EUR 114.00 per share

- 2018-08: EUR 118.30 per share

- 2018-09: EUR 121.70 per share

- 2018-10: EUR 119.10 per share

- 2018-11: EUR 122.70 per share

- 2018-12: EUR 117.70 per share

- 2019-01: EUR 125.90 per share

- 2019-02: EUR 131.00 per share

- 2019-03: EUR 128.00 per share

- 2019-04: EUR 134.40 per share

- 2019-05: EUR 134.20 per share

- 2019-06: EUR 142.20 per share

- 2019-07: EUR 141.70 per share

- 2019-08: EUR 144.80 per share

- 2019-09: EUR 155.10 per share

- 2019-10: EUR 158.80 per share

- 2019-11: EUR 168.50 per share

- 2019-12: EUR 172.30 per share

- 2020-01: EUR 175.50 per share

- 2020-02: EUR 161.00 per share

- 2020-03: EUR 131.00 per share

- 2020-04: EUR 145.50 per share

- 2020-05: EUR 144.60 per share

- 2020-06: EUR 153.40 per share

- 2020-07: EUR 143.40 per share

- 2020-08: EUR 142.60 per share

- 2020-09: EUR 132.20 per share

- 2020-10: EUR 124.70 per share

- 2020-11: EUR 140.30 per share

- 2020-12: EUR 130.30 per share

- 2021-01: EUR 128.00 per share

- 2021-02: EUR 140.30 per share

- 2021-03: EUR 155.80 per share

- 2021-04: EUR 153.80 per share

- 2021-05: EUR 143.10 per share

- 2021-06: EUR 141.10 per share

- 2021-07: EUR 141.90 per share

- 2021-08: EUR 155.95 per share

- 2021-09: EUR 151.35 per share

- 2021-10: EUR 158.00 per share

- 2021-11: EUR 154.65 per share

- 2021-12: EUR 167.15 per share

- 2022-01: EUR 178.00 per share

- 2022-02: EUR 164.80 per share

- 2022-03: EUR 154.35 per share

- 2022-04: EUR 148.90 per share

- 2022-05: EUR 142.40 per share

- 2022-06: EUR 138.50 per share

- 2022-07: EUR 138.30 per share

- 2022-08: EUR 146.90 per share

- 2022-09: EUR 154.20 per share

- 2022-10: EUR 164.80 per share

- 2022-11: EUR 181.60 per share

- 2022-12: EUR 185.50 per share

- 2023-01: EUR 186.20 per share

- 2023-02: EUR 183.70 per share

- 2023-03: EUR 180.35 per share

- 2023-04: EUR 193.60 per share

- 2023-05: EUR 200.20 per share

- 2023-06: EUR 194.35 per share

- 2023-07: EUR 194.15 per share

- 2023-08: EUR 196.25 per share

- 2023-09: EUR 207.90 per share

- 2023-10: EUR 208.30 per share

- 2023-11: EUR 219.00 per share

- 2023-12: EUR 216.30 per share

- 2024-01: EUR 222.20 per share

- 2024-02: EUR 237.30 per share

- 2024-03: EUR 253.70 per share

- 2024-04: EUR 232.40 per share

- 2024-05: EUR 228.20 per share

- 2024-06: EUR 236.70 per share

- 2024-07: EUR 229.70 per share

- 2024-08: EUR 256.30 per share

- 2024-09: EUR 256.10 per share

- 2024-10: EUR 241.50 per share

- 2024-11: EUR 247.10 per share

- 2024-12: EUR 241.40 per share

- 2025-01: EUR 254.30 per share

- 2025-02: EUR 256.30 per share

- 2025-03: EUR 274.70 per share

- 2025-04: EUR 282.40 per share

- 2025-05: EUR 278.40 per share

- 2025-06: EUR 267.20 per share

- 2025-07: EUR 266.40 per share

- 2025-08: EUR 248.80 per share

- 2025-09: EUR 256.60 per share

- 2025-10: EUR 247.40 per share

- 2025-11: EUR 259.40 per share

- 2025-12: EUR 266.20 per share

- 2026-01: EUR 238.80 per share

- 2026-02: EUR 257.80 per share

- 2026-03: EUR 267.80 per share

- 2026-04: EUR 257.60 per share

- 2026-05: EUR 232.40 per share

- 2026-06: EUR 242.40 per share

- 2026-07: EUR 250.60 per share

- 2026-08: EUR 258.20 per share

- 2026-09: EUR 252.40 per share

- 2026-10: EUR 269.40 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 124.60 per share, central EUR 155.74 per share, high EUR 207.66 per share

- FY2017: low EUR 103.54 per share, central EUR 129.42 per share, high EUR 172.57 per share

- FY2018: low EUR 111.92 per share, central EUR 139.90 per share, high EUR 186.53 per share

- FY2019: low EUR 124.75 per share, central EUR 155.94 per share, high EUR 207.92 per share

- FY2020: low EUR 123.07 per share, central EUR 153.84 per share, high EUR 205.11 per share

- FY2021: low EUR 133.47 per share, central EUR 166.83 per share, high EUR 222.44 per share

- FY2022: low EUR 101.30 per share, central EUR 126.62 per share, high EUR 168.83 per share

- FY2023: low EUR 96.43 per share, central EUR 106.07 per share, high EUR 117.86 per share

- FY2024: low EUR 112.66 per share, central EUR 123.93 per share, high EUR 137.69 per share

- FY2025: low EUR 145.75 per share, central EUR 182.19 per share, high EUR 242.92 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:56.167Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations