reports
- Henry Heathfield
Morningstar | Hannover Re 1Q: Average to Below Average; Shares Overval...
Hannover Re has reported average to below-average results for the first quarter of 2019. Operating and net income was EUR 450 and 295 million respectively, approximately the same as our expectations. The book value is EUR 82.0 per share, still significantly below the EUR 130.0 per share market value. This is difficult to get to on a justified basis. We are maintaining our EUR 110.0 per share fair value estimate and no-moat rating. At a group level, the underlying theme of these results has been...
- Henry Heathfield
Hannover Re 1Q: Average to Below Average; Shares Overvalued
Hannover Re has reported average to below-average results for the first quarter of 2019. Operating and net income was EUR 450 and 295 million respectively, approximately the same as our expectations. The book value is EUR 82.0 per share, still significantly below the EUR 130.0 per share market value. This is difficult to get to on a justified basis. We are maintaining our EUR 110.0 per share fair value estimate and no-moat rating. At a group level, the underlying theme of these results has been ...
- Henry Heathfield
Morningstar | Hannover Re Reports Full-Year 2018; Life and Health Back...
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 bu...
- Henry Heathfield
Morningstar | Hannover Re Reports Full-Year 2018; Life and Health Back...
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 bu...
- Henry Heathfield
Hannover Re Reports Full-Year 2018; Life and Health Back on Track, but...
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...
- Henry Heathfield
Morningstar | Hannover Re Is Probably One of the Highest Quality Reins...
While reinsurance still faces pricing pressure in the near term, we believe Hannover Re is in a better position to weather the headwinds, given its exposure to moatier specialist lines. The benign natural catastrophe environment largely continues and has led to strong insurance balance sheets, but alternative capital continues to compound the issue. Hannover Re’s booked losses have not been enough to offset cyclical headwinds, which will remain until we see a heavy U.S. natural catastrophe eve...
- Henry Heathfield
Hannover Re Is Probably One of the Highest Quality Reinsurers in the M...
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...
- Henry Heathfield
Morningstar | Disappointing Nine Months for Hannover Re; Shares Overva...
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...
- Henry Heathfield
Morningstar | Hannover Re Is Probably the Best Specialist Reinsurance ...
While reinsurance still faces pricing pressure in the near term, we believe Hannover Re is in a better position to weather the headwinds, given its exposure to moatier specialist lines. The benign natural catastrophe environment largely continues and has led to strong insurance balance sheets, and alternative capital continues to compound the issue. Hannover Re’s booked losses have not been enough to offset cyclical headwinds, which will remain until we see a heavy U.S. natural catastrophe eve...
- Henry Heathfield
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...
- Henry Heathfield
Hannover Re Is Probably the Best Specialist Reinsurance Franchise, but...
Hannover Re reported half-year results of EUR 555 million net income and just shy of 4% improvement on the prior year. This is very slightly below our estimates, but for the time being we are maintaining our EUR 110 per share fair value estimate and narrow moat rating. The period has been impacted, continually, from rising losses from U.S. mortality businesses. This problem just isn’t going away as we have written on this in several past quarters. The drag is improving, but it is still preval...
- Henry Heathfield
Morningstar | Hannover Re: a brilliantly run and well-constructed spec...
While reinsurance still faces pricing pressure in the near term, we believe Hannover Re is in a better position to weather the headwinds, given its exposure to moatier specialist lines. The benign natural catastrophe environment largely continues and has led to strong insurance balance sheets, and alternative capital continues to compound the issue. Hannover Re’s booked losses have not been enough to offset cyclical headwinds, which will remain until we see a heavy U.S. natural catastrophe eve...
- Henry Heathfield
Hannover Re: a brilliantly run and well-constructed specialist reinsur...
Hannover Re reported half-year results of EUR 555 million net income and just shy of 4% improvement on the prior year. This is very slightly below our estimates, but for the time being we are maintaining our EUR 110 per share fair value estimate and narrow moat rating. The period has been impacted, continually, from rising losses from U.S. mortality businesses. This problem just isn’t going away as we have written on this in several past quarters. The drag is improving, but it is still preval...
- Henry Heathfield
Morningstar | Hannover First Half: U.S. Mortality Still Issue, Second-...
Hannover Re reported half-year results of EUR 555 million net income and just shy of 4% improvement on the prior year. This is very slightly below our estimates, but for the time being we are maintaining our EUR 110 per share fair value estimate and narrow moat rating. The period has been impacted, continually, from rising losses from U.S. mortality businesses. This problem just isn’t going away as we have written on this in several past quarters. The drag is improving, but it is still pre...
- Henry Heathfield
Hannover First Half: U.S. Mortality Still Issue, Second-Half Recapture...
Hannover Re reported half-year results of EUR 555 million net income and just shy of 4% improvement on the prior year. This is very slightly below our estimates, but for the time being we are maintaining our EUR 110 per share fair value estimate and narrow moat rating. The period has been impacted, continually, from rising losses from U.S. mortality businesses. This problem just isn’t going away as we have written on this in several past quarters. The drag is improving, but it is still preval...
- Henry Heathfield
- CFA
Hannover Affected by Catastrophes, but U.S. Mortality Looks Brighter
Hannover Re reported third-quarter results below our expectations, largely due to the higher catastrophe losses that occurred during this period. However, the business looks to be making good progress on life and health mortality recapture, a problem area that has previously been a drain on profits. We are increasing our fair value estimate to EUR 110 per share from EUR 100 to account for lower near-term profits from a longer-term drag on group profits, and the slight rate increases likely to o...
- Henry Heathfield
- CFA
First-Half 2017: Market Softness and U.S. Mortality Holding Hannover B...
Hannover Re reported net income of EUR 535 million for the first half of 2017, in line with our estimates. The period showed an extremely light loss environment, and the property and casualty underwriting result deteriorated as a result of Ogden and market softness. The problematic U.S. mortality book caused the operating result for life and health reinsurance to decline by 8% and the business to lower its guidance. We maintain our EUR 100 fair value estimate and narrow moat rating. Within prope...
- Henry Heathfield
Hannover Re has a narrow moat and is modestly overvalued.
Hannover Re has reported strong full-year 2016 results. We are raising our fair value estimate to EUR 100 per share from EUR 92.00 to reflect the time value of money, slightly improving rates, and better investment environment, and we are maintaining our narrow moat rating. Our fair value estimate represents a valuation of 1.3 times 2018 book value, a premium we think is fair for this high-quality business. Hannover Re's differentiated value still comes from its specialist lines and low-cost ope...
- Henry Heathfield
Hannover Re Reports Strong Year-End Close
Hannover Re has reported strong full-year 2016 results. We are raising our fair value estimate to EUR 100 per share from EUR 92.00 to reflect the time value of money, slightly improving rates, and better investment environment, and we are maintaining our narrow moat rating. Our fair value estimate represents a valuation of 1.3 times 2018 book value, a premium we think is fair for this high-quality business. Hannover Re's differentiated value still comes from its specialist lines and low-cost ope...
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