Hannover Re (HNRGn.DE): 2Q’26 earnings preview

研报英文原文证据摘录

Hannover Re (HNRGn.DE): 2Q’26 earnings preview

Equity Research

27 July 2026 | 12:30AM BST

Hannover Re reports its 2Q’26 earnings on August 12th. Overall, our €945mn Andrew Baker, CFA

+44(20)7051-2074 |

operating profit estimate is in-line with company collected consensus (€946mn) but andrew.x.baker@gs.com

Goldman Sachs International

with a slightly different mix as a lower reinsurance service result is offset by higher

Vash Gosalia, CFA

investment income. Within P&C Re, our reinsurance revenue estimate is c.2% below +44(20)7051-0132 |

consensus which we assume is driven by a more cautious view on structured vash.gosalia@gs.comGoldman Sachs International

reinsurance. Our 85.6% combined ratio estimate is c.1ppts above consensus (84.7%), Ankitha Giridhar

with the key swing factor being the level of prudent reserving in the period, as +1(332)245-7972ankitha.giridhar@gs.com|

Hannover Re’s policy is to book the full large loss budget in what we believe will be Goldman Sachs India SPL

Palumboanother period of underutilisation. Hannover Re will also report its mid-year 2026 Alice | +44(20)7051-2403

renewals, where we expect a slight deterioration in risk adjusted pricing vs. January alice.palumbo@gs.com Goldman Sachs International

and April. Elsewhere, our L&H Reinsurance Service Result and Solvency II estimates

are broadly in-line with consensus. We are Buy rated (on CL).

Property & Casualty Reinsurance

Our c.€4.3bn reinsurance revenue estimate is c.2% below consensus. Our estimate

reflects a c.3.5% decline y-o-y as we assume a c.-2.1% y-o-y underlying growth, and

a -1.3% FX headwind. Our underlying growth rate is underpinned by: 1) c.3% growth

in non-structured revenue vs. the lower end of the mid-single digit company