RBC Makes 'Very Modest' Changes to Hannover Re Forecasts After Q2 Results

MT Newswires · 1d ago
11:59 AM EDT, 08/13/2026 (MT Newswires) -- RBC Capital Markets made "very modest" adjustments to its forecasts for Hannover Re (HNR1.F), noting management's confidence in the German reinsurer's growth outlook despite headwinds. "Q2 was broadly in line with our forecasts, with P&C revenues slightly weaker against a better combined ratio and investment income. Management was confident that revenues will recover in H2 towards its MSD guidance, underpinned by ytd renewal volumes. Our forecasts are little changed (FY26E/27E/28E EPS +1%/0%/0%), and we remain modestly below consensus on close to zero EPS growth through 2028," the research firm said Thursday. "We continue to value Hannover Re at a premium to peers for its superior long-term growth and underwriting performance." The sector perform-rated stock has an unchanged price target of 270 euros.