Hannover Re Q3 Results Down; Lifts FY25 Outlook, Sees Growth In FY26 Profit

(RTTNews) - German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported Monday lower profit and reinsurance revenue in its third quarter. However, nine-month profit increased from last year and the company raised fiscal 2025 outlook. The firm also issued fiscal 2026 profit guidance, expecting growth.

Chief Executive Officer Clemens Jungsthöfel said, "We generated a very good Group profit in the first nine months. Both business groups as well as the investments and our lean operating model contributed to this... In view of this favourable business performance we are raising our earnings guidance for the current year."

For fiscal 2025, the company now expects Group net income of around 2.6 billion euros, higher than previous estimate of around 2.4 billion euros.

Reinsurance revenue (gross) in property and casualty reinsurance is projected to grow by more than 7 percent.

Further, for fiscal 2026, the company projects Group net income of at least 2.7 billion euros.

The CEO added, "In a landscape still clouded by uncertainties, demand for reliable and high-quality reinsurance protection remains strong - which is why we expect further profitable growth side-by-side with our clients wherever conditions are commensurate with the risks."

In the third quarter, Group net income fell to 650.8 million euros from last year's 663.3 million euros. Earnings per share were 5.40 euros, down from 5.50 euros a year ago.

Operating profit declined to 738.3 million euros from 791.0 million euros last year. EBIT margin dropped to 13.2 percent from 13.5 percent a year ago.

Gross reinsurance revenue also declined to 6.37 billion euros from 6.78 billion euros a year ago.

However, nine- month group net income grew 7.7 percent year-over-year to 1.96 billion euros, while gross reinsurance revenue remained flat at 19.70 billion euros.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.