Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HANNOVER RUECK SE. We currently have 6 research reports from 1 professional analysts.
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HANNOVER RUECK SE
HANNOVER RUECK SE
Strong Q3 profit and boring 2017 targets released
10 Nov 16
Net income attributable to shareholders increased by 20% to €304m for Q3 16 versus Q3 15. Gross written premiums declined by 4% to €4.2bn for Q3 16 versus the same period last year. At constant exchange rates, it would have been a decrease of around 2%. Net premiums were down by 5.5% to €3.6bn for Q3 16. Net investment income came down by 6% to €402m in Q3 16. Total revenues declined by 5% to €4.0bn in Q3 16. Insurance claims decreased by 2% to €2.8bn for Q3 16 versus Q3 15. Total expenses came down by 8% to €3.55bn for Q3 16. Pre-tax income rose by 11% to €426m for Q3 16 versus the same period last year. The tax ratio was 26% in Q3 16 compared to 30% in Q3 15. Shareholders’ equity was up by 9% to €8.8bn at the end of September 2016 versus the end of 2015. The return on equity was 14.1% for Q3 16 and 13.2% for Q3 15. Net income attributable to shareholders was nearly unchanged at €790m for 9M 16 versus 9M 15. Hannover Re confirmed its full-year net income target of at least €950m for FY2016. Hannover Re released its outlook for FY2017, targeting a RoI of 2.7% and to post group net income in excess of €950m.
Weaker Q2 figures
04 Aug 16
Net income attributable to shareholders decreased by 15% to €214m for Q2 16 versus Q2 15. Gross written premiums declined by 4% to €4.0bn for Q2 16 versus the same period last year. At constant exchange rates, it would have been a decrease of around 2%. Net premiums were up by 1% to €3.6bn for Q2 16 due to a higher retention ratio. Net investment income was down by 1% to €379m in Q2 16. Total revenues rose by 1% to €4.0bn in Q2 16. Insurance claims declined by 3% to €2.6bn for Q2 16 versus Q2 15. Total expenses came up by 1% to €3.7bn for Q2 16. Pre-tax income declined by 5% to €321m for Q2 16 versus the same period last year. Shareholders’ equity was up by 4% to €8.4bn at the end of June 2016 versus the end of 2015. The return on equity was 10.2% for Q2 16 and 12.5% for Q2 15. Net income attributable to shareholders decreased by 9% to €486m for H1 16 versus H1 15. Hannover Re said it is well on track to achieve its full-year net income target of at least €950m for FY2016.
Solid Q1 figures, better P&C and weaker life & health results
10 May 16
Net income attributable to shareholders decreased by 3% to €271m for Q1 16 versus Q1 15. Gross written premiums were down by 3.1% to €4.26bn for Q1 16 versus the same period last year. At constant exchange rates the decline would have been 2.1%. Net investment income was down by 12% to €366m in Q1 16. Total revenues rose by 2% to €3.9bn in Q1 16. Insurance claims decreased by 1% to €2.7bn for Q1 16 versus Q1 15. Total expenses were up by 2% to €3.5bn for Q1 16. Pre-tax income declined by 4% to €389m for Q1 16 versus the same period last year. The tax rate came down from 31% for Q1 15 to 26% for Q1 16. Shareholders’ equity was up by 4% to €8.4bn at the end of March 2016 versus the end of 2015. The return on equity was 13.2% for Q1 16 and 13.9% for Q1 15. The solvency II ratio was 221%.
Another best financial year in the company's history
10 Mar 16
Net income attributable to shareholders increased by 17% to €1.15bn for FY2015 compared to FY2014. Net premiums earned were up by 17.5% to €14.6bn in the same period and up by 8% at constant currency. Net investment income rose by 13% to €1.67bn for FY2015 compared to FY2014. The RoI was slightly up at 3.5% for 2015 compared to 3.3% for 2014. Total revenues increased by 17% to €16.3bn. Total technical expenses rose by 16.5% to €14.5bn for FY2015. Net major loss expenditure was up from €426m for FY2014 to €573m for FY2015 but was clearly below the budgeted €690m for 2015. The pre-tax profit rose by 22% to €1.67bn for 2015. The tax ratio increased from 22% for FY2014 to 27% for FY2015. Shareholders’ equity was up by 7% to €8.07bn in 2015. RoE after tax was unchanged at 14.7% for 2015. The dividend proposal per share increased to €3.25 plus a special dividend of €1.50 for FY2015 compared to €3.00 plus €1.25 for FY2014.
Solid Q3 results, 2016 targets released
04 Nov 15
Pre-tax profit was flat at €383m for Q3 15 compared to Q3 14. Net premiums earned rose by 21.9% to €3.8bn for Q3 15 compared to the same period last year, the increase should be around 10% at constant currency. Net investment income was up by 3% to €426m in Q3 15 compared to Q3 14. Insurance claims rose by 20% to €2.86bn for Q3 15 compared to Q3 14. Total expenses were up by 21.9% to €4.23bn for Q3 15. The tax ratio for Q3 15 was 30% compared to 27% for Q3 14. Net income attributable to shareholders rose by 1% to €254m for Q3 15 compared to Q3 14. Shareholders' equity was up by 2.5% to €7.7bn at the end of September 2015 compared to the end of 2014. The return on equity after tax was 13.7% for 9M 15 and 14.4% for 9M 14. Hannover Re released its outlook for FY2016, targeting a RoI of 2.9% and to post group net income of around €950m.
Profit target upgraded to a more realistic level
05 Aug 15
Net income attributable to shareholders increased by 19% to €252m for Q2 15 versus Q2 14. Gross written premiums rose 22% to €4.2bn for Q2 15 versus the same period last year. At constant exchange rates, it would have been an increase of around 10%. Net investment income was up by 10% to €383m in Q2 15. Total revenues were up 21% to €4.0bn in Q2 15. Insurance claims rose by 21.5% to €2.7bn for Q2 15 versus Q2 14. Total expenses came up by 24% to €3.6bn for Q2 15. Pre-tax income rose by 8% to €360m for Q2 15 versus the same period last year. Shareholders' equity was up by 20% to €7.7bn at the end of June 2015 versus the end of June 2014. The return on equity was 12.5% for Q2 15 and 13.3% for Q2 14. Net income attributable to shareholders increased by 20% to €532m for H1 15 versus H1 14. Hannover Re increased its expectation for the FY2015 from the original level of €875m to a figure in the order of €950m.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
17 Nov 16
Topic of the quarter: Following on from our last quarterly we have delved further into the potential and challenges that the Internet of Things present the sector. Having spoken to a wide variety of companies from the sector (large and small, UK and overseas) it is apparent that there is going to be a very significant increase in the amount of data either generated by or available to Support Service companies. The key to generating value from this change will be breaking down the silos in which data is currently held, attracting and investing in the right skills and talent, seeing beyond the short-term investment that is likely to be needed and engaging with clients on a higher, more strategic level. If the sector doesn’t react, then the door is wide open for the Technology sector.