Hannover Re: Announces Change of CEO in 2025

Hannover Re has announced that CEO Jean-Jacques Henchoz will not extend his contract beyond March 31, 2025. He will be succeeded by Hannover’s current CFO Clemens Jungsthöfel on April 1, 2025, who will in turn be succeeded by Christian Hermelingmeier, the current CFO of HDI Global. Henchoz will stay associated with Hannover Re. Jungsthöfel took over as CFO of HDI Global in 2018 and in 2020 became CFO of Hannover Re. Since then, Hannover’s earnings have grown by double digits. We cannot attribute that directly to either Jungsthöfel or Henchoz because that growth has also taken place in a hardening market with higher investment returns. However, Hannover Re's long-term earnings track record has been good. We maintain our EUR 235 per-share fair value estimate and no moat rating.