Annual Report 2025
“Hannover Re stands for reliability and financial strength. We achieved our increased earnings guidance in 2025 and at the same time made the most of another successful financial year to take strategic actions aimed at significantly reinforcing our future profitability. With a further substantial increase in the proposed dividend and the higher payout ratio, our shareholders are also participating more than ever in Hannover Re’s success.” Clemens Jungsthöfel, Chief Executive Officer
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Key Figures Financial Year 2025
Reinsurance revenue (gross)
in EUR m.
- P&C reinsurance grows by 3.8% to EUR 18.8 billion adjusted for exchange rate effects
- L&H reinsurance grows by 6.8% to EUR 8.0 billion adjusted for exchange rate effects
Group net income
in EUR m.
“Thanks to our proven strengths and robust balance sheet, and with the additional steps taken to increase our resilience, we are optimally placed to deliver attractive earnings growth even in a challenging market – in 2026 and beyond."
Clemens Jungsthöfel
Dividends
- Strong track record of reliable and increasing dividend
- Dividend policy since 2025: dividend ≥ prior year, payout ratio ~55%
- Average total shareholder return of 19.0% p.a. (2016-2025; share price + reinvested dividends)
P&C Operating profit / loss (EBIT)
in EUR m.
- Reinsurance revenue (gross) grows by 3.8% to EUR 18.8 bn. adjusted for exchange rate effects
- Large losses EUR 375 million below budgeted expectation
- Combined ratio improves to 84.0%
L&H Operating profit / loss (EBIT)
in EUR m.
- Reinsurance revenue (gross) up by 6.8% to EUR 8,015.5 million adjusted for exchange rate effects
- Longevity covers and financial solutions still in particularly high demand among customers
- Reinsurance service result (net) beats target at EUR 903.0 million