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Hannover Rück
Hannover Rück (HNR1) investor relations material
Hannover Rück Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Group net income for the first nine months reached EUR 1,964.8 million, up 7.7% year-over-year, with return on equity at 22.0%.
Net income guidance for the full year 2025 was raised to EUR 2.6 billion, reflecting strong business performance and prudent loss realization in fixed income.
Shareholders' equity increased by up to 2% over nine months, driven by strong earnings despite negative currency effects.
Additional profits were used to strengthen the balance sheet, increase P&C reserves, and realize over EUR 300 million in fixed income losses to improve future returns.
One-off positive tax effect from German corporate tax reform contributed to a lower tax ratio and deferred tax liabilities.
Financial highlights
Adjusted P&C revenue growth was close to 10% year-over-year, ahead of the 7% target; reinsurance revenue reached EUR 19,711 million, up 2.1% currency-adjusted.
Combined ratio for P&C improved to 86.0%, in line with or better than targets.
Life & Health reinsurance revenue grew moderately, with new business CSM up to EUR 575 million and strong new business generation.
Reinsurance service result reached EUR 671 million, supporting full-year targets.
Return on investment was 2.8%, below target due to deliberate loss realization in fixed income.
Solvency ratio remained strong at 259%.
Outlook and guidance
Net income target for 2025 increased to EUR 2.6 billion, with 2026 guidance set at least EUR 2.7 billion.
Combined ratio for 2025 and 2026 expected below 87%; ROI target set at 2.9% for 2025 and 3.5% for 2026.
P&C revenue growth expected to exceed 7% in 2025; Life & Health reinsurance service result targeted above EUR 875 million in 2025 and around EUR 925 million in 2026.
New dividend policy: regular payout ratio raised to ~55% of IFRS net income.
Future impact of Q3 investment loss realization
Key changes in dividend policy
Solvency II ratio support for growth and dividends
Why prioritize loss realization over reserve additions?
What drives 2026 CR target below 87%?
What drives L&H new business and service result?
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Next Hannover Rück earnings date
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Hannover Rück
Next Hannover Rück earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Hannover Rück SE is a global reinsurance company offering property and casualty, as well as life and health reinsurance solutions. The company provides treaty and facultative reinsurance coverage to insurers worldwide, supporting risk management and capital efficiency. It operates through a decentralized network of subsidiaries and branches. Hannover Rück SE is headquartered in Hannover, Germany, and its shares are listed on the XETRA.
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