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Hannover Rueck SE ADR HVRRY

Morningstar Rating
$43.42 −0.18 (0.41%)
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Company Report

Hannover’s Cost Leadership Is Gradually Eroding, and It Is Compensating Through Pure Underwriting

Hannover is probably one of the most efficiently run reinsurers in our European reinsurance coverage. The business is based in a low-cost location, and the number of employees that support the business is more efficient than at large peers. We believe that the combination of its low-cost location, lean and flat structure, organic growth over acquisitions, and homogenous technology make the group the most expense-efficient European reinsurer we cover. Versus larger peers, we think Hannover is a more agile and nimbler organization, and its focus on brokers as its primary channel would support this claim. Through these brokers, Hannover supports insurance companies, mutuals, and governments as clients.

Price vs Fair Value

HVRRY is trading within a range we consider fairly valued.
Price
$43.42
Fair Value
$68.00
Uncertainty
Medium
1-Star Price
$94.60
5-Star Price
$61.60
Economic Moat
Rqnbg
Capital Allocation
Thhprywv

Bulls Say, Bears Say

Bulls

Hannover has a history of leadership in an expense-based cost advantage.

Bears

Hannover’s expense-based cost leadership is theoretically replicable, as peers could also move to a low-cost location.

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Trading Information

Previous Close Price
$43.60
Day Range
$43.4243.53
52-Week Range
$34.6548.14
Bid/Ask
$42.68 / $43.60
Market Cap
$31.42 Bil
Volume/Avg
2,240 / 3,631

Key Statistics

Price/Earnings (Normalized)
17.09
Price/Sales
1.59
Dividend Yield (Trailing)
2.49%
Dividend Yield (Forward)
2.49%
Total Yield
2.49%

Company Profile

Hannover Re is a reinsurance company headquartered in Hannover, Germany. Its roots go back to the 1920s when, in conjunction with the Gerling Group, Haftpflichtverband founded Eisen- und Stahl-Industrie to provide reinsurance services. In the 1960s ownership of the business was turned over to Haftpflichtverband, and Aktiengesellschaft für Transport und- Rückversicherung was founded. This was the basis of Hannover Re. The business expanded into life and health reinsurance in the 1990s, and over the next 30 years expanded beyond its core domestic market of Germany to write business internationally. Hannover sold its commercial specialty insurance business to Talanx in January 2019. Hannover was listed in the 1990s on the Frankfurt Stock Exchange.
Sector
Financial Services
Industry
Insurance - Reinsurance
Stock Style Box
Large Core
Total Number of Employees
3,756

Competitors

Valuation

Metric
HVRRY
MUV2
SREN
Price/Earnings (Normalized)
17.0911.6311.76
Price/Book Value
2.682.012.37
Price/Sales
1.591.020.76
Price/Cash Flow
21.068.1315.40
Price/Earnings
HVRRY
MUV2
SREN

Financial Strength

Metric
HVRRY
MUV2
SREN
Quick Ratio
Current Ratio
Interest Coverage
13.6123.618.98
Quick Ratio
No chart available

Profitability

Metric
HVRRY
MUV2
SREN
Return on Assets (Normalized)
2.87%2.04%1.83%
Return on Equity (Normalized)
19.06%19.06%23.32%
Return on Invested Capital (Normalized)
16.95%17.01%10.47%
Return on Assets
HVRRY
MUV2
SREN
See how this stock stacks up to its competitors with Morningstar Investor

Insurance - Reinsurance Industry Comparables

1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Munchener Ruckversicherungs-Gesellschaft AG
MURGF
Sxqp$68.1 Bil
Munchener Ruckversicherungs-Gesellschaft AG ADR
MURGY
XzfkglhHqdtd$68.1 Bil
Swiss Re AG
SSREF
Tjvn$35.9 Bil
Swiss Re AG ADR
SSREY
PxrlbyvkGyxn$35.9 Bil
Hannover Rueck SE
HVRRF
KhqpnltjTndd$31.4 Bil
Everest Group Ltd
EG
Klprk$17.2 Bil
Reinsurance Group of America Inc
RGA
Gbckf$14.1 Bil
RenaissanceRe Holdings Ltd
RNR
VjjvddzlBqy$11.9 Bil
SCOR SE ADR
SCRYY
GpkqwtdxRfkyy$5.1 Bil

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