Hannover Rück SE (HNR1) Fair Value & Analysis
Financial Services · DE · Market cap €30.7B · ISIN DE0008402215
What is Hannover Rück SE really worth?
A solid business, but trading 21% above our fair value of €216.20.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 6 valuation models · updated 4 days ago
Share price +4.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range €113.73 – €270.56 · fair‑value band €162.15 – €270.25 · the €260.60 price screens above the €216.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Hannover Rück SE (HNR1) currently trades at €260.60, while our model-based Fair Value estimate is €216.20, implying the stock looks roughly 20.5% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of €186.64 per share, and 1 of the 6 models we run sit above the €260.60 price. Bear case: the Asset-Based group reads lowest at €71.83, and 5 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Hannover Rück SE generated revenue of €24.3B at a net margin of 11.8%. Revenue declined 22.8% year over year. It earns a return on equity of 21.7%. Net debt stands at €3.1B. Fundamentals as of Sep 1, 2026
Our scenario range runs from €162.15 (bear case) to €270.25 (bull case); at €260.60, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 55% fair-value upside, at −17%, HNR1 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €7.66 per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Economic Profit (€186.64) versus Asset-Based (€71.83). Highest evidence: Gordon GGM (64).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Hannover Rück SE reported revenue of €26.8B in FY2025 versus €26.3B in FY2021, a compound +0.5%/yr. Reported net income was €2.6B in FY2025, compounding +21.0%/yr from FY2021.
of which total revenue −5.7 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
HNR1 screens 21% overvalued. Compare with MUV2 →
Peer Group
Insurance - Reinsurance · 29 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Insurance - Reinsurance median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Reinsurance stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MUV2 MUV2 | €518.00 | €460.14 | −11% |
| Swiss Re AG SREN | CHF 141.15 | CHF 137.55 | −3% |
| Reinsurance Group RGA | $246.02 | $261.04 | +6% |
| Everest Group EG | $370.06 | $507.47 | +37% |
| RenaissanceRe Holdings RNR | $330.41 | $563.91 | +71% |
| SCOR SE SDRC | €34.14 | €66.75 | +96% |
| General Insurance Corporation GICRE | ₹355.85 | ₹594.47 | +67% |
| China Reinsurance (Group) Corporation 1508 | HK$1.22 | HK$2.43 | +100% |
| Hamilton Insurance Group HG | $35.35 | $54.04 | +53% |
| SiriusPoint Ltd SPNT | $23.98 | $37.12 | +55% |
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