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Hannover Rück

DB:HNR1
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HNR1
DB
€17B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

Hannover Rück SE, together with its subsidiaries, provides reinsurance products and services worldwide. The last earnings update was 63 days ago. More info.


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HNR1 Share Price and Events
7 Day Returns
-0.3%
DB:HNR1
-0.5%
DE Insurance
-0.3%
DE Market
1 Year Returns
27.7%
DB:HNR1
20.9%
DE Insurance
-6.7%
DE Market
HNR1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hannover Rück (HNR1) -0.3% 2.3% 7.6% 27.7% 55.4% 118.2%
DE Insurance -0.5% 3.9% 3.4% 20.9% 61.4% 63.4%
DE Market -0.3% 2.3% -2% -6.7% 11.3% 12.2%
1 Year Return vs Industry and Market
  • HNR1 outperformed the Insurance industry which returned 20.9% over the past year.
  • HNR1 outperformed the Market in Germany which returned -6.7% over the past year.
Price Volatility
HNR1
Industry
5yr Volatility vs Market

HNR1 Value

 Is Hannover Rück undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Hannover Rück to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hannover Rück.

DB:HNR1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 18 analysts.
= Stable Book Value * Return on Equity
= €83.41 * 12.9%
€10.75
Book Value of Equity per Share Weighted future Book Value estimates from 12 analysts. €83.41
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:HNR1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.686 (1 + (1- 30%) (14.77%))
0.837
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.837 * 5.96%)
5.22%

Discounted Cash Flow Calculation for DB:HNR1 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Hannover Rück is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:HNR1 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.9% – 5.22%) * €83.41)
€6.40
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €6.40 / (5.22% - 0.23%)
€128.32
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €83.41 + €128.32
€211.74
DB:HNR1 Discount to Share Price
Calculation Result
Value per share (EUR) From above. €211.74
Current discount Discount to share price of €144.10
= -1 x (€144.10 - €211.74) / €211.74
31.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Hannover Rück is available for.
Intrinsic value
32%
Share price is €144.1 vs Future cash flow value of €211.74
Current Discount Checks
For Hannover Rück to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Hannover Rück's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Hannover Rück's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hannover Rück's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hannover Rück's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:HNR1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €8.95
DB:HNR1 Share Price ** DB (2019-07-17) in EUR €144.1
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 13.58x
Germany Market PE Ratio Median Figure of 419 Publicly-Listed Companies 20.05x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hannover Rück.

DB:HNR1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= DB:HNR1 Share Price ÷ EPS (both in EUR)

= 144.1 ÷ 8.95

16.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hannover Rück is overvalued based on earnings compared to the DE Insurance industry average.
  • Hannover Rück is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Hannover Rück's expected growth come at a high price?
Raw Data
DB:HNR1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.11x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
4.4%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.11x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

DB:HNR1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.11x ÷ 4.4%

3.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hannover Rück is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Hannover Rück's assets?
Raw Data
DB:HNR1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €81.52
DB:HNR1 Share Price * DB (2019-07-17) in EUR €144.1
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.08x
Germany Market PB Ratio Median Figure of 565 Publicly-Listed Companies 1.75x
DB:HNR1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= DB:HNR1 Share Price ÷ Book Value per Share (both in EUR)

= 144.1 ÷ 81.52

1.77x

* Primary Listing of Hannover Rück.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hannover Rück is overvalued based on assets compared to the DE Insurance industry average.
X
Value checks
We assess Hannover Rück's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Hannover Rück has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HNR1 Future Performance

 How is Hannover Rück expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hannover Rück expected to grow at an attractive rate?
  • Hannover Rück's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Hannover Rück's earnings growth is positive but not above the Germany market average.
  • Hannover Rück's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:HNR1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HNR1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 4.4%
DB:HNR1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 4%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:HNR1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:HNR1 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,517
2022-12-31 1,366
2021-12-31 22,222 1,297 11
2020-12-31 21,120 1,247 15
2019-12-31 20,548 1,210 13
DB:HNR1 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 19,564 2,306 1,080
2018-12-31 18,945 2,225 1,059
2018-09-30 18,549 1,934 1,135
2018-06-30 18,320 1,803 979
2018-03-31 17,803 1,932 967
2017-12-31 17,544 1,694 959
2017-09-30 17,094 2,143 928
2017-06-30 16,484 2,492 1,218
2017-03-31 16,306 2,436 1,165
2016-12-31 16,083 2,331 1,171
2016-09-30 16,184 2,961 1,157
2016-06-30 16,420 3,003 1,107

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hannover Rück's earnings are expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
  • Hannover Rück's revenue is expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:HNR1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from Hannover Rück Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HNR1 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 11.99 12.58 11.40 2.00
2022-12-31 11.07 12.12 10.18 3.00
2021-12-31 10.73 11.55 9.89 16.00
2020-12-31 10.33 11.40 9.53 20.00
2019-12-31 10.02 11.30 9.08 20.00
DB:HNR1 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 8.95
2018-12-31 8.79
2018-09-30 9.41
2018-06-30 8.12
2018-03-31 8.02
2017-12-31 7.95
2017-09-30 7.69
2017-06-30 10.10
2017-03-31 9.66
2016-12-31 9.71
2016-09-30 9.59
2016-06-30 9.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Hannover Rück is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Hannover Rück's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Hannover Rück has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HNR1 Past Performance

  How has Hannover Rück performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Hannover Rück's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Hannover Rück's year on year earnings growth rate has been positive over the past 5 years.
  • Hannover Rück's 1-year earnings growth exceeds its 5-year average (11.6% vs 1.6%)
  • Hannover Rück's earnings growth has exceeded the DE Insurance industry average in the past year (11.6% vs 9.4%).
Earnings and Revenue History
Hannover Rück's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hannover Rück Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HNR1 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 19,563.91 1,079.74 427.49
2018-12-31 18,944.84 1,059.49 423.34
2018-09-30 18,548.58 1,135.01 415.99
2018-06-30 18,320.17 978.85 414.27
2018-03-31 17,803.18 967.16 418.59
2017-12-31 17,544.19 958.56 411.30
2017-09-30 17,093.85 928.17 413.97
2017-06-30 16,484.32 1,218.22 413.14
2017-03-31 16,305.97 1,164.85 407.14
2016-12-31 16,082.66 1,171.23 401.55
2016-09-30 16,184.05 1,156.66 394.64
2016-06-30 16,419.82 1,106.84 392.84
2016-03-31 16,329.89 1,142.19 392.43
2015-12-31 16,327.29 1,150.73 398.51
2015-09-30 15,874.86 1,076.20 398.20
2015-06-30 15,179.01 1,073.13 388.43
2015-03-31 14,573.75 1,032.41 371.07
2014-12-31 14,005.60 985.65 363.86
2014-09-30 13,695.06 960.68 347.67
2014-06-30 13,444.74 916.40 347.55
2014-03-31 13,596.48 897.20 339.09
2013-12-31 13,762.92 895.47 333.67
2013-09-30 14,059.41 809.03 343.57
2013-06-30 14,401.47 867.79 326.43
2013-03-31 14,298.23 819.51 325.06
2012-12-31 14,051.24 849.59 310.79
2012-09-30 13,554.00 895.10 299.08

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Hannover Rück has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hannover Rück used its assets more efficiently than the DE Insurance industry average last year based on Return on Assets.
  • Hannover Rück's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hannover Rück's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Hannover Rück has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HNR1 Health

 How is Hannover Rück's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Hannover Rück's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hannover Rück is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hannover Rück's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Hannover Rück's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 4.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Hannover Rück Company Filings, last reported 3 months ago.

DB:HNR1 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 10,606.17 2,567.39 2,521.01
2018-12-31 9,542.03 2,558.88 2,049.20
2018-09-30 9,098.27 2,556.46 2,103.49
2018-06-30 9,054.60 2,556.90 1,962.71
2018-03-31 9,067.56 1,786.15 2,362.18
2017-12-31 9,286.56 1,742.57 2,000.65
2017-09-30 8,936.72 1,747.07 2,125.40
2017-06-30 9,296.78 1,752.44 1,931.08
2017-03-31 10,040.31 1,761.42 2,200.46
2016-12-31 9,740.55 1,806.53 1,925.20
2016-09-30 9,513.48 1,793.05 2,262.17
2016-06-30 9,136.37 1,799.56 1,917.03
2016-03-31 9,061.46 1,789.62 1,962.01
2015-12-31 8,777.47 1,801.82 2,012.72
2015-09-30 8,428.12 1,798.25 1,821.45
2015-06-30 8,349.96 1,798.56 1,516.47
2015-03-31 9,197.98 2,299.52 2,158.68
2014-12-31 8,252.96 2,273.83 1,408.09
2014-09-30 7,698.03 2,291.90 1,452.14
2014-06-30 7,072.62 1,781.05 1,230.03
2014-03-31 6,941.75 1,753.57 1,211.68
2013-12-31 6,561.02 2,466.36 1,225.35
2013-09-30 6,393.33 2,452.58 1,323.44
2013-06-30 6,231.87 2,456.59 1,217.24
2013-03-31 6,930.71 2,410.27 1,262.10
2012-12-31 6,749.50 2,400.79 1,211.50
2012-09-30 6,572.35 1,881.82 1,461.59
  • Hannover Rück's level of debt (24.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (25.3% vs 24.2% today).
  • Debt is well covered by operating cash flow (89.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.7x coverage).
X
Financial health checks
We assess Hannover Rück's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hannover Rück has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HNR1 Dividends

 What is Hannover Rück's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.64%
Current annual income from Hannover Rück dividends. Estimated to be 3.95% next year.
If you bought €2,000 of Hannover Rück shares you are expected to receive €73 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hannover Rück's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Hannover Rück's dividend is below the markets top 25% of dividend payers in Germany (3.85%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:HNR1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:HNR1 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 6.25 2.00
2022-12-31 6.02 3.00
2021-12-31 5.90 19.00
2020-12-31 5.69 23.00
2019-12-31 5.44 22.00
DB:HNR1 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-05-08 5.250 3.786
2018-05-07 5.000 4.173
2017-05-10 5.000 4.639
2016-05-10 4.750 4.771
2015-05-06 3.000 3.125
2014-05-07 3.000 4.198
2013-05-07 2.600 4.412
2012-03-08 2.100 4.081
2011-03-09 2.300 6.280
2011-03-07 2.300 5.563
2010-05-04 2.100 5.661
2009-11-06 0.000 0.000
2009-10-30 0.000 0.000
2009-07-30 0.000 0.000
2009-04-30 0.000 0.000
2009-03-02 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Hannover Rück has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Hannover Rück only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Hannover Rück's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Hannover Rück's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hannover Rück afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hannover Rück has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HNR1 Management

 What is the CEO of Hannover Rück's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jean-Jacques Henchoz
AGE 55
TENURE AS CEO 0.2 years
CEO Bio

Mr. Jean-Jacques Henchoz has been Member of Management Board at Talanx AG since April 1, 2019. Mr. Henchoz has been Chief Executive Officer of Hannover Rück SE since May 8, 2019 and has been its Member of Executive Board since April 1, 2019. Mr. Henchoz has been Chairman of the Executive Board at Hannover Rück SE since 2019. Mr. Henchoz was the Chief Executive Officer of Reinsurance Europe, Middle East and Africa and Regional President of Europe, Middle East and Africa at Swiss Re Ltd. from January 1, 2012 to September 1, 2018. Mr. Henchoz assumed the leadership of the then Europe Division of Swiss Re Ltd. in March 2011 and also became a Member of the Group Management Board. He served as Regional President of EMEA Division at Swiss Re Ltd. He joined Swiss Re in 1998, working in the Europe Division in Zurich and served several positions in underwriting. Since 2003, he served as Head of Strategy for Swiss Re's Property & Casualty business. From 2005 to 2010, he served as the Chief Executive Officer of Swiss Re Canada, where he led the Property & Casualty and Life & Health business in Canada and the English Caribbean markets. He has been Member of the Executive Board of Hannover Life Re of Australasia Ltd. since 2019. He served as Chief Executive Officer of Canadian Operations and Head of Canadian & English Caribbean Operations at Swiss Re Ltd. until June 2010. From 1995 to 1996, Mr. Henchoz served as a Business Development Manager of SGS Société Générale de Surveillance and served various roles at the Swiss Federal Department of Economic Affairs and European Bank for Reconstruction and Development (EBRD) from 1988 to 1995. He holds a Bachelor of Arts degree in Political Science from University of Lausanne and a Master of Business Administration degree from the International Institute for Management Development (IMD), Lausanne.

CEO Compensation
  • Insufficient data for Jean-Jacques to compare compensation growth.
  • Insufficient data for Jean-Jacques to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Hannover Rück management team in years:

8.3
Average Tenure
55
Average Age
  • The average tenure for the Hannover Rück management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Roland Vogel

TITLE
CFO & Member of the Executive Board
COMPENSATION
€1M
AGE
60
TENURE
10.3 yrs

Michael Pickel

TITLE
Member of the Executive Board
COMPENSATION
€1M
AGE
59
TENURE
19.5 yrs

Klaus Miller

TITLE
Member of the Executive Board
COMPENSATION
€1M
AGE
59
TENURE
8.8 yrs

Claude Chèvre

TITLE
Member of the Executive Board
COMPENSATION
€1M
AGE
52
TENURE
7.7 yrs

Sven Althoff

TITLE
Member of the Executive Board
COMPENSATION
€968K
AGE
50
TENURE
4.9 yrs

Jean-Jacques Henchoz

TITLE
CEO & Chairman of the Executive Board
AGE
55
TENURE
0.2 yrs

Silke Sehm

TITLE
Member of Executive Board
AGE
50
TENURE
0.3 yrs

Julia Hartmann

TITLE
Senior IR Manager- Corporate Communications

Karl Steinle

TITLE
Head of Corporate Communications
TENURE
9.7 yrs

Derek Spafford

TITLE
Head of Canadian Branch
Board of Directors Tenure

Average tenure and age of the Hannover Rück board of directors in years:

1.2
Average Tenure
60
Average Age
  • The average tenure for the Hannover Rück board of directors is less than 3 years, this suggests a new board.
Board of Directors

Torsten Leue

TITLE
Chairman of Supervisory Board
COMPENSATION
€117K
AGE
53
TENURE
0.2 yrs

Herbert Haas

TITLE
Member of the Supervisory Board
COMPENSATION
€284K
AGE
65
TENURE
17.5 yrs

Erhard Schipporeit

TITLE
Member of the Supervisory Board
COMPENSATION
€80K
AGE
70
TENURE
12.2 yrs

Andrea Maria Pollak

TITLE
Member of the Supervisory Board
COMPENSATION
€66K
AGE
60
TENURE
8.2 yrs

Frauke Heitmüller

TITLE
Employee Representative Member of the Supervisory Board
COMPENSATION
€66K
AGE
51
TENURE
7.2 yrs

Ursula Lipowsky

TITLE
Member of the Supervisory Board
COMPENSATION
€53K
AGE
61
TENURE
1.2 yrs

Michael Ollmann

TITLE
Supervisory Board Member
AGE
61
TENURE
0.2 yrs

Natalie Ardalan

TITLE
Member of Supervisory Board
AGE
47
TENURE
0.5 yrs

Ilka Hundeshagen

TITLE
Member of Supervisory Board
AGE
46
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Hannover Rück's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Hannover Rück has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HNR1 News

Simply Wall St News

Does The Data Make Hannover Rück SE (FRA:HNR1) An Attractive Investment?

This indicates that HNR1 has sufficient cash flows and proper cash management in place, which is an important determinant of the company’s health. … HNR1 seems to have put its debt to good use, generating operating cash levels of 0.9x total debt in the most recent year. … The intrinsic value infographic in our free research report helps visualize whether HNR1 is currently mispriced by the market.

Simply Wall St -

These 4 Measures Indicate That Hannover Rück (FRA:HNR1) Is Using Debt Extensively

We note that Hannover Rück SE (FRA:HNR1) does have debt on its balance sheet. … DB:HNR1 Historical Debt, June 25th 2019 How Strong Is Hannover Rück's Balance Sheet? … Over the last three years, Hannover Rück actually produced more free cash flow than EBIT.

Simply Wall St -

Can Hannover Rück SE (FRA:HNR1) Maintain Its Strong Returns?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Hannover Rück: 11% = €1.1b ÷ €11b (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Hannover Rück Have A Good Return On Equity? … Combining Hannover Rück's Debt And Its 11% Return On Equity Hannover Rück has a debt to equity ratio of 0.24, which is far from excessive.

Simply Wall St -

Where Hannover Rück SE (FRA:HNR1) Stands In Terms Of Earnings Growth Against Its Industry

After looking at Hannover Rück SE's (FRA:HNR1) latest earnings announcement (31 March 2019), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … View our latest analysis for Hannover Rück Did HNR1's recent earnings growth beat the long-term trend and the industry? … You should continue to research Hannover Rück to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for HNR1’s future growth?

Simply Wall St -

Does Hannover Rück SE's (FRA:HNR1) CEO Salary Reflect Performance?

Check out our latest analysis for Hannover Rück How Does Ulrich Wallin's Compensation Compare With Similar Sized Companies? … Our data indicates that Hannover Rück SE is worth €16b, and total annual CEO compensation is €1.8m. … It looks like Hannover Rück SE pays its CEO less than the average at large companies.

Simply Wall St -

Hannover Rück SE (FRA:HNR1): What Does The Future Look Like?

Hannover Rück SE's (FRA:HNR1) latest earnings update in December 2018a … showed

Simply Wall St -

Hannover Rück SE (FRA:HNR1): How To Win In A Volatile Market

High quality stocks such as Hannover Rück SE has fared well over time in a fickle stock market, which is why I want to bring it into light amongst all the chaos. … Below I take a look at three key features of what makes a robust defensive stock investment: its size, financial health and track record. … See our latest analysis for Hannover Rück.

Simply Wall St -

What Kind Of Shareholders Own Hannover Rück SE (FRA:HNR1)?

Every investor in Hannover Rück SE (FRA:HNR1) should be aware of the most powerful shareholder groups. … Hannover Rück is a pretty big company. … Taking a look at our data on the ownership groups (below), it's seems that.

Simply Wall St -

Don't Sell Hannover Rück SE (FRA:HNR1) Before You Read This

We'll look at Hannover Rück SE's (FRA:HNR1) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Hannover Rück's P/E ratio is 14.4. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

If You Had Bought Hannover Rück (FRA:HNR1) Shares Five Years Ago You'd Have Made 106%

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Over half a decade, Hannover Rück managed to grow its earnings per share at 3.4% a year.

Simply Wall St -

HNR1 Company Info

Description

Hannover Rück SE, together with its subsidiaries, provides reinsurance products and services worldwide. It operates through Property & Casualty Reinsurance, and Life & Health Reinsurance segments. The Property & Casualty Reinsurance segment offers specialty lines comprising marine, aviation, facultative, credit, surety, and political risks reinsurance products; and treaty, catastrophe XL, and structured reinsurance, as well as insurance-linked securities. This segment also provides risk solutions for casualty and property, as well as for agricultural, livestock, and bloodstock businesses; aviation and space business; and marine and offshore energy business. The Life & Health Reinsurance segment offers credit life, enhanced annuities, group life and health, 60+, and Sharia-compliant Takaful reinsurance products. This segment also provides risk solutions in the areas of critical illness, disability, health, longevity, long term care, and mortality. In addition, it offers various financial solutions, including new-business financing; monetization of embedded value; reserve and solvency relief; and divestiture of non-core businesses. The company was formerly known as Hannover Rückversicherung AG and changed its name to Hannover Rück SE in March 2013. The company was founded in 1966 and is headquartered in Hanover, Germany. Hannover Rück SE is a subsidiary of Talanx AG.

Details
Name: Hannover Rück SE
HNR1
Exchange: DB
Founded: 1966
€17,378,047,009
120,597,134
Website: http://www.hannover-re.com
Address: Hannover Rück SE
Karl-Wiechert-Allee 50,
Hanover,
Lower Saxony, 30625,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
DB HNR1 Registered Shares Deutsche Boerse AG DE EUR 01. Dec 1994
OTCPK HVRR.F Registered Shares Pink Sheets LLC US USD 01. Dec 1994
XTRA HNR1 Registered Shares XETRA Trading Platform DE EUR 01. Dec 1994
LSE 0M9A Registered Shares London Stock Exchange GB EUR 01. Dec 1994
SWX HNR1 Registered Shares SIX Swiss Exchange CH CHF 01. Dec 1994
WBAG HNR1 Registered Shares Wiener Boerse AG AT EUR 01. Dec 1994
BATS-CHIXE HNR1D Registered Shares BATS 'Chi-X Europe' GB EUR 01. Dec 1994
OTCPK HVRR.Y ADR (EACH REP 0.5 COM SHS) (SPONS) Pink Sheets LLC US USD 10. Feb 2000
DB HNRB ADR (EACH REP 0.5 COM SHS) (SPONS) Deutsche Boerse AG DE EUR 10. Feb 2000
Number of employees
Current staff
Staff numbers
3,317
Hannover Rück employees.
Industry
Reinsurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 20:42
End of day share price update: 2019/07/17 00:00
Last estimates confirmation: 2019/07/17
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.