Hannover Rück (HNR1) Q2 2026 earnings summary

Executive summary

• Group net income rose 7% year-over-year to EUR 1.406 billion in H1 2026, with return on equity at 21.5% and strong underlying profitability across segments.

• Solvency ratio stood at 254%, and shareholders’ equity increased by 2.6% in H1 2026.

• Robust reserve resiliency and prudent reserving supported growth despite dividend payout.

• Premium growth in P&C Reinsurance was +7.2% year-to-date, driven by renewals and new business.

• Life & Health Reinsurance continued positive trends, with new CSM generation of EUR 385 million.

Financial highlights

• Combined ratio in P&C Reinsurance improved to 83.2%, well below the 87% target.

• Return on investment stood at 3.7%, exceeding the 3.5% target.

• Operating profit (EBIT) increased 9.7% to EUR 1,932 million; earnings per share reached EUR 11.66.

• Shareholders’ equity increased to EUR 13.3 billion.

• Contractual service margin (CSM) grew by 11.4%, reflecting strong new business generation.

Outlook and guidance

• Guidance for 2026 is confirmed: group net income ≥ EUR 2.7 billion, P&C combined ratio <87%, L&H reinsurance service result ~EUR 925 million, and investment return ~3.5%.

• YTD 2026 renewals show 7.2% growth; reinsurance rates remain adequate despite a -3.9% risk-adjusted price change.