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.
  • TickerHNR1
  • ISINDE0008402215
  • SectorNonlife Insurance
  • CountryGermany

Analysts

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : COVID-19: a new stress test for the sector

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remai...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : COVID-19 : un nouveau stress test pour le secteur

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

Benoit Valleaux ...
  • Geoffroy Michalet
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2020

Les investisseurs cherchent désespérément à déterminer un plancher à la valorisation des indices. Tant que ceci n’est pas réalisé le ratio risque opportunité n’est pas calculable et la volatilité perdurera. On comprend alors que le “Buy the Dip” gagnant depuis mars 2009 ne soit plus un mantra magique. Nous proposons 4 scénarios (choc faible, modéré, fort, crise) et 5 méthodes de calcul de cible de Stoxx 600. En un mot si vous croyez à un contrôle rapide de l’épidémie le marché offre u...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

Hannover Re : 2020 earnings guidance confirmed

>2019 results in line with expectations - Hannover Re yesterday morning reported its detailed 2019 results. We note that the group had already reported its main figures for 2019 on 5 February, when it provided details of its renewals at 1 January. As a reminder, premiums increased by 17.8% in reported terms to € 22.6bn (+15.2% on constant currencies). 2019 net income was € 1.28bn (+21.2%), in line with expectations (initial consensus of € 1.26bn), with an annualised ...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : COVID-19: a new stress test for the sector

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remai...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : COVID-19 : un nouveau stress test pour le secteur

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

Hannover Re : 2020 earnings guidance confirmed

>2019 results in line with expectations - Hannover Re yesterday morning reported its detailed 2019 results. We note that the group had already reported its main figures for 2019 on 5 February, when it provided details of its renewals at 1 January. As a reminder, premiums increased by 17.8% in reported terms to € 22.6bn (+15.2% on constant currencies). 2019 net income was € 1.28bn (+21.2%), in line with expectations (initial consensus of € 1.26bn), with an annualised ...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

Hannover Re : Guidance de résultat 2020 réitérée

>Un résultat 2019 en ligne avec les attentes - Hannover Re a publié hier matin son résultat 2019 détaillé. Rappelons que le groupe avait déjà communiqué ses principaux chiffres 2019 le 5 février dernier, à l’occasion de la communication sur ses renouvellements au 1er janvier. Pour rappel, les primes ont augmenté de 17.8% en publié à 22.6 Md€ (+15.2% à taux de change constants). Le résultat net 2019 était de 1.28 Md€ (+21.2%), en ligne avec les attentes (consensus init...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

Hannover Re : FY 2019 prelims in line with expectations; growth should continue based on strong January 2020 renewals and moderate price increases

>FY 2019 preliminary net profit broadly in line with estimates - Hannover Re has reported preliminary FY 2019 results. Net income was at € 1.28bn, broadly in line with our estimate (€ 1.26bn) and the consensus (€ 1.30bn). The FY 2019 combined ratio stood at 98.2%, bang in line with our estimate and above the 97% target for the combined ratio due to above average nat. cat. and claims on man-made disasters. Management has kept its outlook for 2020 unchanged and targets ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - FR

Intesa SanPaolo (Achat) : RN en hausse de +9,9% à €3,3 mds (soit le niveau le plus élevé depuis 2008) sur les 9M-19 Hannover Re - 9M-19 : Résultat opérationnel de €1,4 md (+20,6%) Société Générale (Achat) - 9M-19 : RN de €2,6 mds (-24,5%) Casino (Achat CT, Conserver LT) : Lance son offre de rachat obligataire sur les souches 2020 Avis (Achat) - 9M-19 : EBITDA de $645m (+1%) Hertz Global Holdings (Vente) - 9M-19 : EBITDA de $595m (+54,9%) Orpea (Achat) : Relève son objectif pour 2019 et attend une croissance du CA de +9,2% Bureau ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 02/10/2019 - Teva - EN

Teva (M/P): Seeks an Agreement To Settle Opioid Lawsuits Euro Zone - Inflation: Euro Zone Annual Inflation Is Estimated At 0.9% In September Tesco (O/P) - H1 2019/20: Operating Profit Of £1.4bn (+25.4%) Wind Hellas: Plans To Issue A New 5NC2 Bond For €500m Via Crystal Almond Suez (U/P): Presents Its Strategic Plan For 2030 Icade (M/P): Sold 49% Of The Eqho Tower For €365m Abanca (O/P): Moody's Raises The Intrinsic Rating By One Notch to Ba1, The Outlook Remains Positive

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 02/10/2019 - Teva - FR

Teva (Conserver) : Etudie un accord pour mettre fin à des plaintes sur les opioïdes Zone euro - Inflation : Le taux d'inflation annuel de la zone euro est estimé à 0,9% en septembre Zone euro - PMI : L’Indice PMI pour l’industrie manufacturière se replie de 45,7 en septembre Wind Hellas : Prévoit d’émettre €500m 5NC2 via la holding Crystal Almond Suez (Vente) : Présente son plan stratégique à horizon 2030 Icade (Conserver) : Cède 49% de la Tour Eqho pour €365m Abanca (Achat) :  Moody’s rehausse d’un cran la note intrinsèque à Ba1, la pers...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

Benoit Valleaux ...
  • Geoffroy Michalet
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2020

Les investisseurs cherchent désespérément à déterminer un plancher à la valorisation des indices. Tant que ceci n’est pas réalisé le ratio risque opportunité n’est pas calculable et la volatilité perdurera. On comprend alors que le “Buy the Dip” gagnant depuis mars 2009 ne soit plus un mantra magique. Nous proposons 4 scénarios (choc faible, modéré, fort, crise) et 5 méthodes de calcul de cible de Stoxx 600. En un mot si vous croyez à un contrôle rapide de l’épidémie le marché offre u...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/06/2020

...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/02/2020

...

Alfred Glaser ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2020

We have upgraded our recommendation for Edenred to Buy and our target price to € 60.0. The group, now part of the payment services universe, should continue to deliver solid growth in underpenetrated niche markets, with considerable scope to improve its profitability whilst at the same time maintaining significant FCF generation. The current valuation nonetheless remains discounted vs the payment services sector. - ...

With a more favourable environment, HANNOVER RUCK.AG improves to Positive

HANNOVER RUCK.AG (DE), a company active in the Reinsurance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 14, 2020, the closing price was EUR 191.70 and its potential was estimated at EUR 201.29.

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.

Hannover – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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 ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch