Half Year 2026 Hannover Rueck SE Earnings Call Transcript

Aug 12, 2026 / 08:30 AM GMT

Release Date Price: €250 (-0.16%)

Transcript

Key Points

Positve

Group net income of EUR1.4 billion in H1 2026 is well on track to meet the full-year target.
P&C reinsurance combined ratio of 83.2% is well below the target of 87%, despite booking the full large loss budget.
Strong underlying profitability allowed for further increases in reserve resiliency.
Life and health reinsurance service result of EUR478 million is slightly ahead of 50% of the full-year target.
Return on investment of 3.7% comfortably exceeds the 3.5% target, driven by higher fixed-income contributions.
Solvency ratio remains excellent at 254%, with strong operating capital generation of EUR1.8 billion.
Successful renewals in 2026 drove a 7.2% year-to-date premium growth in P&C reinsurance.
New business CSM of EUR1.7 billion in P&C reflects successful renewals and high-quality profitability.
Life and health new business CSM of EUR385 million increased year-over-year, with diversified growth.
Balance sheet strengthened further, with shareholders' equity up 2.6% and CSM up 11.4%.

Negative

Reinsurance rates continue to soften, with risk-adjusted price changes of -4.5% at mid-year renewals and -3.9% year-to-date.
P&C reinsurance revenue growth is impacted by currency effects and lower structured reinsurance volumes, making the IFRS growth target ambitious.
New business CSM in P&C decreased by EUR265 million year-over-year, partly due to price and volume changes.
Negative experience variance and runoff result in P&C due to prudent reserving, though underlying profitability is strong.
Life and health experienced negative effects from claims volatility in Australian disability business in Q2.
Assumption changes for onerous business and increased risk adjustment for morbidity business led to a loss component in life and health.
US financial solutions growth is not expected to continue due to strong competition.
The investment result included a negative impact from the valuation of a net equity participation.
Currency result was negative at EUR47 million in life and health, driven by currency movements.
The market environment remains competitive, with pressure on pricing and terms, particularly in property catastrophe.

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

HNRGn.DE - Hannover Rueck SE
Half Year 2026 Hannover Rueck SE Earnings Call
Aug 12, 2026 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone, and welcome from sunny Hannover to our earnings call and our.

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Unidentified_2 [2]
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Results for the first half year of 2026.

Today's speakers are, as always, Klemens Jungsturtel, our CEO, and Christian Hermelingmeier, our CFO.

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Unidentified_1 [3]
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And for the Q&A, they are joined by Claude Schebre and Svend Alesoff.

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