Hannover Rueck SE
Hannover Rück SE, together with its subsidiaries, provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally. It operates through Property & Casualty Reinsurance; and Life & Health Reinsurance segments. …
Hannover Rück SE, together with its subsidiaries, provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally. It operates through Property & Casualty Reinsurance; and Life & Health Reinsurance segments. The company provides property and casualty reinsurance solutions for agricultural, livestock, and bloodstock; aviation and space; natural catastrophe; credit, surety, and political risks; cyber; digital; marine and upstream energy; natural catastrophes; advanced and facultative business, insurance-linked securities and structured reinsurance; and parametric solutions. It also offers risk solutions in the areas of critical illness, disability, health, longevity, long term care, and mortality. In addition, the company offers group life, retirement, lifestyle, credit life, and Takaful reinsurance products. Further, the company provides various financial solutions, including new-business financing; monetization of embedded value; reserve and solvency relief; and reinsurance and solvency II businesses. The company was formerly known as Hannover Rückversicherung AG and changed its name to Hannover Rück SE in March 2013. Hannover Rück SE was founded in 1966 and is based in Hanover, Germany. Hannover Rück SE operates as a subsidiary of Talanx AG.After signing in, return here and select “Add to watchlist”. Saving companies requires a verified email address.
Looks undervalued
Why: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Start with the price and fair value range, then review the data dates and assumptions below. Estimates are not predictions or investment advice.
Market price below modeled range
Showing the FCFF (steady state) you selected on the company card, using 2.53% growth, 2.4% terminal growth and 9.6% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 2.53%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.5% (sector default 5.4%, own revenue history -2.2%, analyst revenue consensus 3.5%).
5-year outlook: relative outlook of about 4.6% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 3.5% a year; the growth assumption used is 2.5%.
Adjust assumptions
Show the recommended model instead
Why this model: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Compare models- Recommended: Dividend discount model — EUR 132.26 (-54.9%)
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EPS-based Gordon proxy
— EUR 311.52 (+6.3%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 648.78 (+121.4%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— EUR 645.04 (+120.1%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— EUR 2641.10 (+801.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 648.64 (+121.4%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— EUR 2961.73 (+910.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 494.11 | 40.7% |
| Base EUR 645.04 | 54.6% |
| Bull EUR 912.05 | 67.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
1 year price change: +23.21% · EUR 293.00 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (EUR 645.04). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (30 minutes ago).
06 Nov 2025Range EUR 223.15 – 306.4006 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +39.9% a year | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| HNR1.DE (this company) | EUR 293.00 | -121.5% | 13.4 | 2.7 | 3.2% | 84 |
| BRK-B Berkshire Hathaway Inc. (Class B) | USD 571.97 | 99.9% | 0.0 | 0.0 | – | 92 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.66 | 68.4% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.86 | 45.8% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.84 | 36.1% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.23 | 34.4% | 8.0 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.50 | 32.6% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.87 | 30.2% | 8.2 | 1.3 | 5.0% | 88 |
| Peer median | 7.6 | 1.3 | ||||
Dividends
Paid in the last 12 months: EUR 12.50 per share · yield 4.27% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 12.500 |
| 2025 | 9.000 |
| 2024 | 7.200 |
| 2023 | 6.000 |
| 2022 | 5.750 |
| 2021 | 4.500 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | EUR 24,017,800,000 |
|---|---|
| EBITDA | EUR 26,800,000,000 |
| EBIT | EUR 3,546,400,000 |
| Net income | EUR 2,641,500,000 |
| Free cash flow | EUR 5,686,900,000 |
| Capital expenditures | EUR 5,686,900,000 |
| Debt | EUR 4,142,300,000 |
| Cash | EUR 1,051,500,000 |
| Working capital | EUR 7,352,100,000 |
| Shares outstanding | 120,597,000 |
| Reported dividends per share | EUR 9.2996 |