Hannover Re: Many moving parts; negative FX masks steady underlying; tough P&C outlook

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Hannover Re: Many moving parts; negative FX masks steady underlying; tough P&C outlook

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Hannover Re

Many moving parts; negative FX masks

steady underlying; tough P&C outlook

Maintain Rating: NEUTRAL | PO: 285.00 EUR | Price: 244.60 EUR

FX and investment impacts drive -1% €711m miss 11 May 2026

1Q26 group net result reached €711m which missed cons at €721m, driven by weaker Equity

L&H EBIT at €204m (cons: €254m) but P&C is a +3% EBIT beat at €767m. Guidance for

Shanti Kang >>

≥€2.7bn 2026E net result was reiterated, including the top-line guide of mid-single digit Research Analyst

growth, excluding structured Re. We expect the growth level to come in at the lower end MLI (UK) shanti.kang@bofa.com

of mid-single digit range. Maintain Neutral.

David Barma >>

Research Analyst

BofASE (France)P&C COR beat -2% at 83.6%; plus reserve prudence added david.barma@bofa.com

P&C COR was supported by lighter cats, driving a c.-2% beat with 1Q26 COR at 83.6%

Nimrat Kaur >>

(cons: 85.5%). Overall large losses were €207m below the €480m budget, but the budget Research Analyst

was booked in full as usual – so no benefit from benign loss experience recognised MLInimratkaur@bofa.com(UK)

today. Hannover Re added to prudence, so we think the underlying for 1Q26 is better or

in-line with recent quarters. Experience variance and the run-off result was negative on

deliberate actions. No additions to reserves made for Middle Eastern conflict today, but

the under-utilised budget was cited as more than enough to cover potential exposures. Stock Data

L&H EBIT miss but under the hood €254m RSR +7% beat PricePrice Objective 244.60285.00 EUREUR

L&H EBIT at €204m was a big miss (cons: €254m) today but mainly driven by non- Date Established 16-Apr-2026