Full Year 2025 Hannover Rueck SE Earnings Call Transcript

Mar 12, 2026 / 01:00 PM GMT

Release Date Price: $49.73 (+3.95%)

Transcript

Key Points

Positve

Hannover Rueck SE (HVRRF) reported a record net income of €2.64 billion for 2025, reflecting a sustainable increase in earnings power.
The company proposed a significant dividend increase of 40% to €12.50 for 2025, indicating strong shareholder returns.
Underlying revenue growth in Property and Casualty (P&C) was around 10%, surpassing the 7% growth target.
The solvency ratio remained robust at 256%, reflecting strong operating capital generation and successful capital deployment.
The return on equity (ROE) was 21.4%, significantly above the cost of capital, showcasing strong profitability and stability.

Negative

Hannover Rueck SE (HVRRF) realized losses of almost €600 million in its fixed income portfolio, impacting overall investment returns.
Negative currency effects resulted in a decrease in the Contractual Service Margin (CSM) by 3.1%, affecting financial performance.
The company faced challenges with reserve adjustments related to the Russia-Ukraine conflict and US casualty trends, indicating potential future liabilities.
Despite strong earnings, the return on investment was deliberately kept below target at 2.5% to improve future returns, indicating current investment challenges.
The impact of large losses in P&C was below budget, but the company had to strengthen reserves for specific losses, such as the Russia-Ukraine aviation loss.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HNRGn.DE - Hannover Rueck SE
Full Year 2025 Hannover Rueck SE Earnings Call
Mar 12, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, welcome to the conference call on annual annual results 2025.

I'm Serg the cos call operator.

I would like to remind you that all participants will be in listen-only mode and the conference is being recorded.

The presentation will be followed by a session.

You can register for questions at any time by pressing and on the telephone.

For operator's assistance, please press 0.

Unauthorized recordings for publication or podcasts are not permitted.

At this time it's my pleasure to turn over to Carl Steiner. Please go ahead, sir.

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Unidentified_2 [2]
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