Disappointing Nine Months for Hannover Re; Shares Overvalued
Hannover Re reported nine-month net income of EUR 725 million, EUR 170 million for the third quarter. Much the same as Munich Re on Nov. 7, we are not overly impressed with these results. They just plainly look light given the natural catastrophe environment, and while tougher, though nowhere new hard enough, comparable period. We're going to maintain our fair value estimate, which was already a 10% discount to the market. Granted, Hannover Re earns more than its cost of capital, which is rare i...
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