Income Statement Hannover Re

Equities

HNR1

DE0008402215

Reinsurance

Real-time Estimate Tradegate Other stock markets 14:14:14 18/07/2025 BST			5-day change	1st Jan Change
265.90 ^EUR	+0.26%		+0.38%	+10.11%

07-15	HANNOVER RUECKVERSICHERUNG AG : Buy rating from JP Morgan	ZD
07-10	Hannover Rück SE, Q1 2025 Earnings Call, May 13, 2025

b5e812aca3bae51f0f5fe9ad64.Wblj4zdllg85xIuibNI5S7Bjd8nKcG033-xO_oIpaDQ.KMMXumJT8jhglNHqAqtIHe8GLfiuFRp9pac-p9hLBnwrjg-kTjbhZHeb_A

Published financial data: HANNOVER RE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Premiums and Annuity Revenues	21.36B	24.14B	29.67B	24.46B	26.38B
Total Interest And Dividend Income	1.46B	1.87B	2.1B	1.42B	169M
Gain (Loss) on Sale of Investments, Total (Rev)	200M	193M	-94.87M	-154M	-90.4M
Other Revenues, Total	152M	71.97M	110M	-	-
Total Revenues	23.17B	26.28B	31.79B	25.72B	26.46B
Policy Benefits	16.68B	18.32B	22.34B	22.8B	23.36B
Policy Acquisition / Underwriting Costs, Total	5.38B	6.08B	7.49B	-	-
Selling General & Admin Expenses, Total	478M	511M	576M	-	-
Provision for Bad Debts	-	-	-	156M	98.3M
Other Operating Expenses	-309M	-305M	-457M	441M	435M
Reinsurance Income Or Expense	264M	288M	379M	-	-
Total Operating Expenses	21.96B	24.32B	29.58B	23.4B	23.89B
Operating Income	1.21B	1.96B	2.21B	2.33B	2.56B
Interest Expense, Total	-229M	-293M	-168M	-158M	-152M
Income (Loss) on Equity Invest.	-	-	-	16.3M	27.4M
Currency Exchange Gains (Loss)	149M	-77.53M	-88.32M	-409M	771M
Other Non Operating Income (Expenses)	-	-	-	76M	2.7M
EBT, Excl. Unusual Items	1.13B	1.59B	1.96B	1.85B	3.21B
Restructuring Charges	-	-	41M	-	-
Impairment of Goodwill	-3.94M	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other Unusual Items	-	59.1M	-	-	-
EBT, Incl. Unusual Items	1.12B	1.65B	2B	1.85B	3.21B
Income Tax Expense	205M	352M	454M	26.4M	816M
Earnings From Continuing Operations	919M	1.3B	1.54B	1.83B	2.4B
Net Income to Company	919M	1.3B	1.54B	1.83B	2.4B
Minority Interest	-35.71M	-68.89M	-136M	-2.8M	-68.1M
Net Income - (IS)	883M	1.23B	1.41B	1.82B	2.33B
Net Income to Common Incl Extra Items	883M	1.23B	1.41B	1.82B	2.33B
Net Income to Common Excl. Extra Items	883M	1.23B	1.41B	1.82B	2.33B
Per Share Items
Net EPS - Basic	7.32	10.21	11.66	15.13	19.31
Basic EPS - Continuing Operations	7.32	10.21	11.66	15.13	19.31
Basic Weighted Average Shares Outstanding	121M	121M	121M	121M	121M
Net EPS - Diluted	7.32	10.21	11.66	15.13	19.31
Diluted EPS - Continuing Operations	7.32	10.21	11.66	15.13	19.31
Diluted Weighted Average Shares Outstanding	121M	121M	121M	121M	121M
Normalized Basic EPS	5.55	7.68	9.01	9.59	16.09
Normalized Diluted EPS	5.55	7.68	9.01	9.59	16.09
Dividend Per Share	4.5	4.5	5	6	7
Payout Ratio	54.63	44.07	38.58	32.63	31.07
American Depositary Receipts Ratio (ADR)	0.17	0.17	0.17	0.17	0.17
Supplemental Items
EBITDA	1.35B	2.08B	2.45B	2.41B	2.65B
EBITA	1.23B	1.98B	2.23B	2.35B	2.58B
EBIT	1.21B	1.96B	2.21B	2.33B	2.56B
EBITDAR	1.35B	2.08B	2.45B	2.41B	2.65B
Total Revenues (As Reported)	23.04B	26.09B	31.73B	-	-
Effective Tax Rate - (Ratio)	18.25	21.28	22.72	1.42	25.41
Current Domestic Taxes	4.34M	77.6M	42.95M	152M	502M
Current Foreign Taxes	-18.94M	113M	222M	240M	240M
Total Current Taxes	-14.6M	190M	265M	391M	742M
Deferred Domestic Taxes	123M	200M	289M	-188M	11.7M
Deferred Foreign Taxes	96.82M	-39.22M	-100M	-176M	62.6M
Total Deferred Taxes	220M	161M	189M	-365M	74.3M
Normalized Net Income	669M	927M	1.09B	1.16B	1.94B
Interest on Long-Term Debt	3.6M	3.7M	3.9M	3.3M	3.5M
Non-Cash Pension Expense	4.28M	1.07M	1.85M	4.9M	5.3M
Supplemental Operating Expense Items
General and Administrative Expenses	478M	511M	576M	-	-
Net Rental Expense, Total	300K	400K	1.1M	1.3M	900K
Imputed Operating Lease Interest Expense	157K	237K	289K	316K	218K
Imputed Operating Lease Depreciation	143K	163K	811K	984K	682K
Stock-Based Comp., Other (Total)	4.9M	15.5M	14.8M	20.2M	31M
Total Stock-Based Compensation	4.9M	15.5M	14.8M	20.2M	31M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Investment In Debt Securities	41.27B	47.62B	46.77B	-	-
Investment In Equity and Preferred Securities, Total	740M	553M	2.24B	2.06B	119M
Trading Asset Securities, Total	105M	80.7M	127M	3.94B	-
Real Estate Owned	1.59B	1.82B	2.32B	2.54B	2.61B
Total Other Investments	3.7B	4.19B	3.29B	51.12B	62.64B
Total investments	47.41B	54.26B	54.74B	59.65B	65.37B
Cash And Equivalents	1.28B	1.36B	1.32B	1.05B	1.25B
Reinsurance Recoverable - (IS)	2.18B	2.97B	3.65B	2.65B	3.12B
Other Receivables - (Insurance Template)	6.23B	7.78B	8.96B	638M	711M
Deferred Policy Acquisition Costs - (BS)	2.86B	3.35B	3.58B	-	-
Gross Property Plant And Equipment	259M	287M	296M	-	287M
Accumulated Depreciation	-122M	-122M	-134M	-	-136M
Net Property Plant And Equipment	136M	165M	162M	148M	150M
Goodwill	80.96M	83.93M	77.36M	78M	79.9M
Other Intangibles, Total	132M	138M	134M	135M	132M
Other Current Assets, Total	10.43B	11.85B	12.32B	136M	254M
Deferred Tax Assets Long-Term (Collected)	598M	676M	1.87B	628M	502M
Other Long-Term Assets, Total	116M	281M	139M	1.37B	562M
Total Assets	71.44B	82.9B	86.95B	66.49B	72.13B
Liabilities
Accounts Payable, Total	-	-	-	-	-
Accrued Expenses, Total	34.96M	40.6M	47.87M	46.5M	45M
Insurance And Annuity Liabilities	41.85B	49.16B	55.05B	-	-
Unpaid Claims	-	-	-	-	-
Unearned Premiums	5.07B	6.2B	6.65B	-	-
Reinsurance Payable - (BS)	2.36B	3.01B	3.53B	44.94B	49.57B
Current Portion of Long-Term Debt	841K	24.02M	262M	-	728M
Current Portion of Leases	6.94M	8.49M	8.2M	7.8M	14.9M
Short-Term Borrowings	24.1M	89.8M	250M	-	116M
Long-Term Debt	3.35B	4.24B	5.14B	4.77B	3.83B
Long-Term Leases	75.9M	104M	103M	93M	91.7M
Current Income Taxes Payable	133M	92.02M	191M	226M	604M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	152M	195M	279M	-	-
Unearned Revenue Non Current	96.92M	144M	176M	58M	61.2M
Pension & Other Post Retirement Benefits	229M	209M	154M	164M	155M
Deferred Tax Liability Non-Current	2.73B	2.84B	2.62B	2.1B	1.8B
Other Non Current Liabilities	3.48B	3.8B	3.74B	3.06B	2.42B
Total Liabilities	59.6B	70.15B	78.2B	55.47B	59.44B
Common Stock, Total	121M	121M	121M	121M	121M
Additional Paid In Capital	725M	725M	725M	725M	725M
Retained Earnings	8.3B	8.99B	9.7B	9.12B	10.6B
Comprehensive Income and Other	1.85B	2.05B	-2.45B	158M	354M
Total Common Equity	11B	11.89B	8.09B	10.13B	11.79B
Minority Interest	844M	871M	657M	893M	894M
Total Equity	11.84B	12.76B	8.75B	11.02B	12.69B
Total Liabilities And Equity	71.44B	82.9B	86.95B	66.49B	72.13B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	121M	121M	121M	121M	121M
ECS Total Common Shares Outstanding	121M	121M	121M	121M	121M
Book Value / Share	91.17	98.55	67.09	83.97	97.8
Tangible Book Value	10.78B	11.66B	7.88B	9.91B	11.58B
Tangible Book Value Per Share	89.41	96.71	65.34	82.21	96.05
Total Debt	3.46B	4.46B	5.76B	4.88B	4.79B
Net Debt	2.18B	3.11B	4.44B	3.82B	3.53B
Debt Equivalent of Unfunded Proj. Benefit Obligation	229M	208M	146M	159M	148M
Debt Equivalent Oper. Leases	2.4M	3.2M	8.8M	10.4M	7.2M
Minority Interest, Total (Incl. Fin. Div)	844M	871M	657M	893M	894M
Equity Method Investments, Total	362M	238M	2.23B	2.06B	119M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	-	-	-	-
Machinery, Total	154M	157M	174M	-	177M
Full Time Employees	3.22K	3.35K	3.52K	3.76K	3.9K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	883M	1.23B	1.41B	1.82B	2.33B
Depreciation, Depletion & Amortization	139M	112M	232M	69.1M	74.1M
Amortization of Goodwill and Intangible Assets - (CF)	20.2M	21.41M	21.57M	21.8M	21M
Total Depreciation, Depletion & Amortization	159M	134M	253M	90.9M	95.1M
(Gain) Loss On Sale of Asset - (CF)	-	-9.91M	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-394M	-317M	-226M	-	-
Total Asset Writedown	6.07M	16.87M	18.24M	79.1M	37.5M
Deferred Policy Acquisition Costs - (CF)	-85.26M	-106M	-186M	-	-
Change in Accounts Receivable	-407M	-844M	-780M	450M	-
Reinsurance Recoverable - (CF)	-	-	-	1.17B	-
Change in Unearned Revenues	-	-	-	-	-
Change In Income Taxes	-	-	-	-	-
Change In Deferred Taxes	-65.75M	241M	347M	-	-
Change in insurance Reserves / Liabilities	2.25B	4.28B	4.53B	-	-
Change in Other Net Operating Assets (Collected)	740M	290M	25.64M	3.85B	3.73B
Other Operating Activities	142M	22.98M	-219M	-1.68B	-511M
Cash from Operations	3.23B	4.94B	5.16B	5.79B	5.68B
Sale (Purchase) of Real Estate Properties (Collected)	-	-	-	-410M	-174M
Investment in Marketable and Equity Securities, Total	-1.79B	-5.26B	-5.69B	-3.76B	-4.37B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-372M	-34.86M	65.96M	-	-
Other Investing Activities, Total	-77.92M	30.06M	239M	-339M	130M
Cash from Investing	-2.24B	-5.26B	-5.38B	-4.51B	-4.41B
Long-Term Debt Issued, Total	509M	881M	895M	361M	-
Total Debt Issued	509M	881M	895M	361M	-
Long-Term Debt Repaid, Total	-527M	-15.59M	-37.99M	-1.12B	-196M
Total Debt Repaid	-527M	-15.59M	-37.99M	-1.12B	-196M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-482M	-543M	-543M	-596M	-724M
Common & Preferred Stock Dividends Paid	-482M	-543M	-543M	-596M	-724M
Special Dividend Paid	-181M	-	-151M	-128M	-145M
Other Financing Activities, Total	-45.05M	-45.31M	-29.84M	-20.5M	-40.4M
Cash from Financing	-726M	278M	133M	-1.5B	-1.1B
Foreign Exchange Rate Adjustments	-73.19M	120M	53.22M	-42.7M	33.5M
Net Change in Cash	187M	77.04M	-31.94M	-268M	198M
Supplemental Items
Cash Interest Paid	440M	419M	414M	342M	303M
Cash Income Tax Paid (Refund)	269M	137M	70.88M	321M	362M
Net Debt Issued / Repaid	-17.71M	866M	857M	-757M	-196M
Levered Free Cash Flow	3.36B	1.12B	2.62B	4.94B	5.99B
Unlevered Free Cash Flow	3.5B	1.3B	2.72B	5.04B	6.09B
Change In Net Working Capital	-2.58B	73.69M	-1.07B	-3.47B	-4.36B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.06	1.59	1.63	2.25	2.33
Return on Total Capital	5	7.55	8.71	9.28	9.5
Return On Equity %	7.92	10.57	14.35	17.43	20.22
Return on Common Equity	8.21	10.76	14.08	19.02	21.25
Margin Analysis
Gross Profit Margin %	4.8	7.16	6.14	11.37	11.71
SG&A Margin	2.06	1.94	1.81	-	-
EBITDA Margin %	5.84	7.93	7.71	9.35	10.02
EBITA Margin %	5.3	7.55	7.03	9.14	9.77
EBIT Margin %	5.21	7.47	6.96	9.05	9.69
Income From Continuing Operations Margin %	3.97	4.95	4.85	7.1	9.06
Net Income Margin %	3.81	4.69	4.43	7.09	8.8
Net Avail. For Common Margin %	3.81	4.69	4.43	7.09	8.8
Normalized Net Income Margin	2.89	3.53	3.42	4.49	7.33
Levered Free Cash Flow Margin	14.49	4.26	8.24	19.21	22.64
Unlevered Free Cash Flow Margin	15.11	4.96	8.57	19.59	23
Asset Turnover
Asset Turnover	0.32	0.34	0.37	0.4	0.38
Fixed Assets Turnover	168.08	174.15	194.23	166.12	177.51
Short Term Liquidity
Current Ratio	1.12	1.1	1.03	0.19	0.1
Quick Ratio	0.42	0.42	0.4	0.11	0.03
Operating Cash Flow to Current Liabilities	0.18	0.22	0.2	0.13	0.11
Average Days Payable Outstanding	216.06	212.87	207.85	698.55	740.37
Long Term Solvency
Total Debt/Equity	29.22	34.98	65.85	44.24	37.72
Total Debt / Total Capital	22.61	25.91	39.7	30.67	27.39
LT Debt/Equity	28.95	34.02	59.91	44.17	30.94
Long-Term Debt / Total Capital	22.4	25.2	36.12	30.62	22.47
Total Liabilities / Total Assets	83.43	84.61	89.94	83.43	82.41
EBIT / Interest Expense	5.28	6.7	13.16	14.77	16.86
EBITDA / Interest Expense	5.98	7.16	14.67	15.35	17.48
(EBITDA - Capex) / Interest Expense	5.98	7.16	14.67	15.35	17.48
Total Debt / EBITDA	2.53	2.13	2.34	2.02	1.8
Net Debt / EBITDA	1.6	1.48	1.8	1.58	1.33
Total Debt / (EBITDA - Capex)	2.53	2.13	2.34	2.02	1.8
Net Debt / (EBITDA - Capex)	1.6	1.48	1.8	1.58	1.33
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.36	13.42	20.95	6.46	2.86
Gross Profit, 1 Yr. Growth %	-39.72	68.91	3.81	97.24	5.88
EBITDA, 1 Yr. Growth %	-31.58	54.35	17.61	104.91	10.18
EBITA, 1 Yr. Growth %	-35.7	62.19	12.53	108.69	9.99
EBIT, 1 Yr. Growth %	-36.12	63.13	12.66	110.8	10.12
Earnings From Cont. Operations, 1 Yr. Growth %	-33.1	41.52	18.65	103.45	31.14
Net Income, 1 Yr. Growth %	-31.23	39.44	14.24	133.71	27.61
Normalized Net Income, 1 Yr. Growth %	-31.61	38.97	17.22	49.61	67.85
Diluted EPS Before Extra, 1 Yr. Growth %	-31.26	39.48	14.2	133.85	27.63
Net Property, Plant and Equip., 1 Yr. Growth %	-1.96	21.14	-2.02	-8.83	1.83
Total Assets, 1 Yr. Growth %	0.12	16.05	4.89	5.6	9.84
Common Equity, 1 Yr. Growth %	4.44	8.09	-31.92	11.78	16.47
Tangible Book Value, 1 Yr. Growth %	4.63	8.16	-32.43	12.04	16.83
Cash From Operations, 1 Yr. Growth %	28.77	63.69	4.53	16.95	-1.79
Levered Free Cash Flow, 1 Yr. Growth %	43.16	-66.64	136.28	-86.33	-32.53
Unlevered Free Cash Flow, 1 Yr. Growth %	42.02	-62.78	110.92	-86.08	-32.22
Dividend Per Share, 1 Yr. Growth %	12.5	0	11.11	20	16.67
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.59	10.35	17.13	-1.07	4.64
Gross Profit, 2 Yr. CAGR %	-21.82	0.91	32.42	24.73	44.51
EBITDA, 2 Yr. CAGR %	-13.02	2.62	34.74	7.46	50.26
EBITA, 2 Yr. CAGR %	-15.28	1.95	35.1	8.82	51.51
EBIT, 2 Yr. CAGR %	-15.51	1.91	35.57	8.9	52.36
Earnings From Cont. Operations, 2 Yr. CAGR %	-10.44	-2.7	29.58	18.56	63.34
Net Income, 2 Yr. CAGR %	-8.7	-2.08	26.21	21.74	72.7
Normalized Net Income, 2 Yr. CAGR %	-11.86	-2.69	27.63	11.7	58.47
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.72	-2.08	26.21	21.73	72.76
Net Property, Plant and Equip., 2 Yr. CAGR %	20.91	8.98	8.94	-5.48	-3.65
Total Assets, 2 Yr. CAGR %	5.24	7.79	10.33	-10.45	7.03
Common Equity, 2 Yr. CAGR %	11.93	6.25	-14.22	-7.69	14.1
Tangible Book Value, 2 Yr. CAGR %	12.22	6.38	-14.51	-7.8	14.41
Cash From Operations, 2 Yr. CAGR %	20.52	40.32	30.81	8.21	7.17
Levered Free Cash Flow, 2 Yr. CAGR %	67.52	-30.91	-11.66	111.12	-59.29
Unlevered Free Cash Flow, 2 Yr. CAGR %	62.09	-27.31	-11.77	97.52	-59.01
Dividend Per Share, 2 Yr. CAGR %	9.54	6.07	5.41	15.47	18.32
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.71	11.53	13.78	3.54	0.22
Gross Profit, 3 Yr. CAGR %	-11.6	1.07	1.87	37.99	18.1
EBITDA, 3 Yr. CAGR %	-6.11	5.2	7.39	21.24	8.36
EBITA, 3 Yr. CAGR %	-7.57	5.08	5.36	24.3	9.21
EBIT, 3 Yr. CAGR %	-7.73	5.09	5.38	24.61	9.31
Earnings From Cont. Operations, 3 Yr. CAGR %	-4.19	4.31	3.95	25.76	22.61
Net Income, 3 Yr. CAGR %	-2.7	5.14	3.09	27.37	23.66
Normalized Net Income, 3 Yr. CAGR %	-2.49	2.46	3.54	20.13	27.94
Diluted EPS Before Extra, 3 Yr. CAGR %	-2.71	5.14	3.07	27.38	23.67
Net Property, Plant and Equip., 3 Yr. CAGR %	13.36	20.99	5.18	2.67	-3.11
Total Assets, 3 Yr. CAGR %	5.29	8.72	6.81	-2.37	-4.53
Common Equity, 3 Yr. CAGR %	8.84	10.63	-8.4	-2.7	-0.25
Tangible Book Value, 3 Yr. CAGR %	9.1	10.85	-8.56	-2.76	-0.23
Cash From Operations, 3 Yr. CAGR %	24.02	30.47	27.2	24.22	4.77
Levered Free Cash Flow, 3 Yr. CAGR %	35.55	-2.19	3.75	13.76	75.49
Unlevered Free Cash Flow, 3 Yr. CAGR %	32.8	-0.75	3.39	12.93	67.65
Dividend Per Share, 3 Yr. CAGR %	8.74	6.27	7.72	10.06	15.87
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.25	10.32	12.62	6.31	4.16
Gross Profit, 5 Yr. CAGR %	-10.67	-0.47	3.9	9.94	10.9
EBITDA, 5 Yr. CAGR %	-6.35	1.84	8.42	6.1	6.02
EBITA, 5 Yr. CAGR %	-7.73	1.86	7.51	6.56	6.25
EBIT, 5 Yr. CAGR %	-7.86	1.79	7.55	6.6	6.29
Earnings From Cont. Operations, 5 Yr. CAGR %	-5.43	1.18	8.11	9.79	11.78
Net Income, 5 Yr. CAGR %	-5.16	1.01	7.97	11.49	12.64
Normalized Net Income, 5 Yr. CAGR %	-7.35	-0.59	8.52	6.06	14.67
Diluted EPS Before Extra, 5 Yr. CAGR %	-5.16	1.01	7.97	11.48	12.64
Net Property, Plant and Equip., 5 Yr. CAGR %	7.42	11.86	11.57	9.61	1.56
Total Assets, 5 Yr. CAGR %	2.48	5.45	7.28	0.61	0.22
Common Equity, 5 Yr. CAGR %	6.39	5.73	-1.05	2.9	2.3
Tangible Book Value, 5 Yr. CAGR %	6.26	5.6	-1.04	2.98	2.36
Cash From Operations, 5 Yr. CAGR %	0.8	16.21	24.98	21.07	17.76
Levered Free Cash Flow, 5 Yr. CAGR %	19.67	-35.92	14.21	32.79	20.63
Unlevered Free Cash Flow, 5 Yr. CAGR %	18.26	-33.77	12.75	30.48	19.81
Dividend Per Share, 5 Yr. CAGR %	6.72	5.15	7.39	9.86	11.84