Hannover Rueck SE Registered Shares

HNR1: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€164.00	Rgrkb	Mvkbtwss

Hannover Re Earnings: Good Start to the Year

Henry Heathfield

May 11, 2023

Hannover Re has reported a good start to the year, reporting net income of EUR 484 million over the first quarter. At the moment, that places the business well in terms of its full-year EUR 1.7 billion net income target. However, there is a lot further to travel this year. We maintain our fair value estimate of EUR 180 per share and our rating of a narrow economic moat.

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