Hannover Re Reports Full-Year 2018; Life and Health Back on Track, but Shares Still Overvalued
Hannover Re reported net income of EUR 1.06 billion for full-year 2018, slightly below our estimate of EUR 1.30 billion. However, this included a EUR 185 million charge within the life and health business for U.S. mortality recapture. We are maintaining our EUR 110 fair value estimate and narrow moat rating.Dividends announced for the full year came in at EUR 3.75 (normal) and EUR 1.50 (special) per share, which combined gives the business a roughly 60% payout ratio that we maintain for the bus...
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