Solid Q3 23 figures, targets confirmed

• Reinsurance revenues were down by 4% to €6.24bn for Q3 23 • Net income from investments rose by 13% to €415m for Q3 23 • Net income attributable to shareholders increased by 46% to €429m for Q3 23 • RoE was 18.7% for Q3 23 compared to 12.5% for Q3 22 • Guidance for FY2023 confirmed

Good Q2 23 figures, RoE of 20.3%

• Reinsurance revenues were up by 10% to €5.7bn for Q2 23 • Net income attributable to shareholders increased by 23% to €476m for Q2 23 • RoE was 20.3% for Q2 23 compared to 15.5% for Q2 22 • Treaty renewals up by 12.6% at 1 July 2023 • Guidance for FY2023 confirmed

Good Q1 23 figures under new IFRS accounting rules

• The reinsurance service result was up by 34% to €568m for Q1 23 • Net income attributable to shareholders increased by 13% to €485m for Q1 23 • RoE was 20.8% for Q1 23 compared to 16.8% for Q1 22 • Treaty renewals up by 7% at 1 April 2023 • Guidance for FY2023 confirmed

2022 net income in line

• Net income increased by 15% to €1.41bn for 2022 compared to 2021 • RoE was 14.1% for FY2022 compared to 10.8% for 2021 • Hannover Re expects to grow its group net income to at least €1.7bn for FY2023

Good Q3 figures, burdened by Hurricane Ian

• Net premiums earned were up by 28% to €7.8bn for Q3 22 • Hannover Re reserved €276m for losses related to Hurricane Ian • Net income attributable to shareholders increased by 20% to €222m for Q3 22 • Hannover Re expects to be at the lower and of the profit target range of €1.4 to 1.5bn for FY2022

Good Q2 figures, Ukraine burdened, FY2022 targets partly upgraded

• Net premiums earned were up by 21% to €7.1bn for Q2 22 • Hannover Re reserved €316m for losses related to the Russian/Ukrainian war in H1 22 • Net income attributable to shareholders increased by 6% to €385m for Q2 22 • Treaty renewals up by 20% at 1 July 2022 • Profit guidance for FY2022 confirmed but RoI and premium growth targets upgraded

Solid Q1 22 figures above consensus expectations but major losses were a dampener

• Net premiums earned were up by 18% to €6.7bn for Q1 22 • Hannover Re reserved €123m for losses related to COVID-19 • Large losses of €336m for Q1 22 exceeded the budgeted €284m • Net income decreased by 14% to €264m for Q1 22 • Treaty renewals up by 17% at 1 April 2022 • Guidance for FY2022 confirmed

Good January treaty renewals, net income in line

• Net income increased by 39% to €1.23bn for 2021 • Hannover Re increased its premium volume by 8.3% in the 1 January 2021 treaty renewals • The adjusted price increase for the renewed business amounted to 4.1% • Hannover Re confirmed its net income guidance of €1.4-1.5bn for 2022

Good Q3 figures, new 2022 targets

• Net premiums earned were up by 13% to €6.1bn for Q3 21 • Hannover Re reserved an additional €140m for losses related to COVID-19 • Large losses of €744m for Q3 21 considerably exceeded the budgeted €275m • Net income decreased by 30% to €186m for Q3 21, comfortably ahead of consensus • Hannover Re released new earnings guidance range of €1.4-1.5bn for FY2022

Good Q2 figures, profit above consensus expectations

• Net premiums earned were up by 10% to €5.8bn for Q2 21 • Hannover Re reserved €112m for losses related to COVID-19 • Net income increased from €102m for Q2 20 to €365m for Q2 21 • Hannover Re’s net expenditure on European flood/storm damage in July is expected to be €200-250m • Guidance for FY2021 confirmed

Good Q1 figures

• Net premiums earned were up by 12% to €5.7bn for Q1 21 • Hannover Re reserved €151m for losses related to COVID-19 • Net income increased by 2% to €306m for Q1 21 • Treaty renewals up by 7% at 1 April 2021 • Guidance for FY2021 confirmed

Again strong January treaty renewals, preliminary FY2020 net income above expectations

• Net income decreased by 31% to €883m for 2020 due to COVID-19 claims • Hannover Re increased its premium volume by 8.5% on a currency-adjusted basis in the 1 January 2021 treaty renewals • The price increase for the renewed business amounted to 5.5% • Hannover Re confirmed its net income guidance of €1.15-1.25bn for 2021

Good Q3 figures despite Covid-19, new 2020 target

• Net premiums earned were up by 7% to €5.4bn for Q3 20 • Hannover Re reserved an additional €200m in anticipated losses related to COVID-19 • Net income decreased by 22% to €265m for Q3 20, comfortably ahead of consensus • DPS above €4.0 for FY2020 not excluded despite Covid-19 burdens • Hannover Re released new earnings guidance of more than €800m for FY2020

Disappointing Q2 results due to COVID-19 but strong premium increases

• Gross written premiums were up by 16% to €6.2bn for Q2 20 • Hannover Re reserved an additional €380m in anticipated losses related to COVID-19 in P&C for Q2 after €220m for Q1 20 • The tax result was a credit of €43m for Q2 20 compared to expenses of €92m for Q2 19 • Net income decreased by 73% to €101m for Q2 20 • Treaty renewals were up by 12% at 1 July 2020

Strong Q1 figures in light of COVID-19

• Net premiums earned were up by 10% to €5.1bn for Q1 20 • Hannover Re reserved €220m for anticipated losses related to COVID-19 • Net income increased by 2.5% to €301m for Q1 20 • Treaty renewals up by 25% at 1 April 2019 • Hannover Re cancelled its net profit target of around €1.2bn for 2020 two weeks ago but dividend for FY2019 confirmed

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

Morning Note – 18 April 2024

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long