Hannover Re: Quality still shines, but cycle getting harder to ignore

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Hannover Re: Quality still shines, but cycle getting harder to ignore

iQprofile SM Hannover Re

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(EUR Millions) Insurance - Multi-line

Life Premium Income 0 0 0 0 0

Non-Life Premium Income 0 0 0 0 0

Life Reinsurance Premium Income 7,715 8,015 8,093 8,415 8,752 Company Description Non-Life Reinsurance Premium Income 18,665 18,770 18,953 19,801 20,752

Life Operating Profit 0 0 0 0 0 Hannover Re is the world's third-largest reinsurer. It

Non-Life Operating Profit 0 0 0 0 0 operates in P&C as well as life reinsurance. Its parent

Life Reinsurance Operating Profit 934 886 955 1,017 1,077 company is Talanx and ultimately the German mutual HDI.

Non-Life Reinsurance Operating Profit 2,387 2,635 2,786 2,809 2,943

Asset Management Operating Profit 0 0 0 0 0

Banking Operating Profit 0 0 0 0 0 Investment Rationale

Other Operating Profit (3.56) (13.7) (15.1) (15.1) (15.1)

We have an Neutral rating on Hannover Re. Hannover Re is Total Operating Profit 3,317 3,508 3,726 3,811 4,006

Other Profit (104) (94.9) (87.6) (87.6) (87.6) a high-quality, defensive reinsurer that boasts an

Pre-Tax Profit 3,213 3,413 3,638 3,723 3,918 impressive expense advantage over peers. This has helped

Tax (817) (645) (728) (745) (784) the company deliver above-average growth and returns

Minorities (67.4) (126) (132) (136) (143) historically, though growth is now normalising.

Net Income 2,329 2,641 2,778 2,843 2,992

EPS 19.3 21.9 23.0 23.6 24.8

Key Balance Sheet Data

Fixed Income 57,276 58,116 58,680 61,220 64,012

Equities 1,998 2,672 2,698 2,815 2,943

Property 4,662 4,676 4,721 4,926 5,150 Stock Data

Other Investments 1,332 668 674 704 736

Total Investments 66,600 66,800 67,448 70,368 73,578 Price to Book Value 2.0x