reports
- Henry Heathfield
- CFA
Hannover Re Reports Strong Investment Income for 1Q 2018
Hannover Re reported net income of EUR 273.4 million, a 3% increase on EUR 264.8 million the previous year. The result puts the business on target to deliver its EUR 1 billion net result at the end of the year. We maintain our EUR 110 per share fair value estimate, along with our no-moat and stable moat trend ratings. For nonlife insurance, the events of second-half 2017 provided some stability to the pricing environment, though likely not the increases some market participants expected. Net exp...
- Henry Heathfield
- CFA
Hannover Re has a narrow moat and is modestly overvalued.
Hannover Re reported net income of EUR 960 million for 2017. Though this is below the previous year's result, it was slightly above our forecast as Hannover Re continues to demonstrate that it is one of the best-run reinsurance businesses in Europe. This is reflected in a pretty full valuation, and we therefore maintain our EUR 110 fair value estimate and narrow moat rating. Losses from the hurricanes in the third quarter came in at EUR 750 million and the Californian wildfires losses were EUR 1...
- Henry Heathfield
- CFA
Hannover Re has a narrow moat and is modestly overvalued.
Hannover Re reported net income of EUR 960 million for 2017. Though this is below the previous year's result, it was slightly above our forecast as Hannover Re continues to demonstrate that it is one of the best-run reinsurance businesses in Europe. This is reflected in a pretty full valuation, and we therefore maintain our EUR 110 fair value estimate and narrow moat rating. Losses from the hurricanes in the third quarter came in at EUR 750 million and the Californian wildfires losses were EUR 1...
- Henry Heathfield
- CFA
Hannover Re Reports Flat but Respectable 1Q Results.
Hannover Re reported a basically flat but respectable set of first-quarter 2017 results, broadly in line with our expectations, though the business continues to impress with its cycle management and reserving discipline. Net income for the quarter came in at EUR 265 million, as the business's exposure to the major loss in Australia was limited, though retrocession was low. We will maintain our fair value estimate of EUR 100 per share and narrow moat rating. Within property and casualty, the chan...
- Henry Heathfield
Hannover Re has a narrow moat and is modestly overvalued.
Reinsurance is facing pricing headwinds in the near term, but we believe Hannover Re is in a better position to weather the storm, given its exposure to moatier specialist lines.The benign natural catastrophe environment has led to strong insurance balance sheets, and alternative capital has compounded the issue. Hannover Re’s booked losses have remained within budget, but this has not been enough to offset cyclical headwinds, which are likely to remain until the U.S. natural catastrophe envir...
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