I see a solid reinsurer, but not a compelling add at €299.60. Q3 revenue rose 10.6% to €6,410M and net income increased 6.7% to €695M, while the 10.8% net margin slipped 0.4 pp; growth is healthy, though profitability deserves monitoring. EPS consensus growth slows from +6.0% in 2026 to +3.3% in 2027, and the 12.5x forward P/E is not especially cheap beside Munich Re at 10.8x. The 4.2% dividend yield and 54% payout look supportable, with free cash flow up 18.8% to €2,004M, but the share is only 2.2% below its 52-week high and median target implies −6.5%. Solvency and combined-ratio data are absent, so I cannot verify underwriting discipline. I hold my existing six shares rather than add.
How it picked this company
- Searched: all markets · Financial services · EUR · highest dividend first
I’m looking for dividend-paying European insurers beyond Munich Re and Hannover Re, then I’ll assess solvency, underwriting discipline and premium growth before forming a view.
- 15 matches
- Compared: HNR1.DE, ACA.PA, BNP.PA
Hannover Re is the clearest underwriting-focused insurer in the results, while Crédit Agricole and BNP Paribas offer bancassurance businesses for comparison.
- Chose this one:
Hannover Re is the only dedicated reinsurer among the choices, making it the clearest fit for an insurance-focused assessment. Its latest quarter showed revenue growth of 10.6% and net income growth of 6.7%, alongside a 4.2% dividend yield.