Hannover Rück (HNR1) Q3 2026 earnings summary

Executive summary

• Q1–3 2026 net income rose 6.9% to €2.101bn and EBIT increased 16.5% to €2.912bn.

• Strong underlying profitability across both business groups supported 21.1% ROE; reserve resilience increased.

• Solvency II ratio was 242%, including foreseeable 2026 dividends pro rata and planned 2027 business growth.

• FY 2026 net income guidance of at least €2.7bn was confirmed.

Financial highlights

• Gross reinsurance revenue declined 1.0% to €19.516bn; at constant exchange rates it increased 1.1%.

• Net reinsurance service result rose 8.0% to €2.58bn; net investment result increased 40.4% to €1.890bn.

• EBIT increased 16.5% to €2.912bn; net income rose 6.9% to €2.101bn and diluted EPS was €17.42 versus €16.29.

• Shareholders’ equity reached €13.668bn, up from €12.929bn at year-end 2025; book value per share was €113.34 versus €107.21.

• Operating cash flow was €4.998bn in 9M 2026.

Outlook and guidance

• FY 2026 net income guidance remained at ≥€2.7bn, assuming large losses do not significantly exceed the €2.3bn budget and no unforeseen capital-market distortions.

• P&C traditional-business gross revenue is projected to grow at a mid-single-digit rate at constant exchange rates; combined ratio guidance remains below 87%, with a 9–10% discount effect assumption.

• L&H net reinsurance service result target is ~€925m; investment return guidance is ~3.5%.

• Further balance-sheet strengthening may be considered if large losses remain below expectations.