11:12 AM EST, 11/10/2026 (MT Newswires) -- Berenberg sees Hannover Re (HNR1.F) as well-positioned to deliver earnings and dividend growth despite a softening market amid rising pressures in the reinsurance industry. "Hannover Re's 9M combined ratio of 83.7% understates its profitability, as it includes the full large loss budget and further additions to the resiliency reserve (we estimate cEUR0.6bn ytd), with the underlying combined ratio being in the low-80s. The resiliency reserve is a lever the company can pull while the cycle softens further as management can add less to it and then hold it flat/start releasing, offsetting the c2ppt combined ratio drag from this year's c4% price decline," analysts wrote in a note published Tuesday. "Growth looks set to continue, with traditional premiums up c7% this year." With this in mind, the research firm lowered its net income and adjusted EPS forecasts for 2026, while raising its projections for both metrics for 2027 and 2028. "The shares still trade at a modest discount to the sector, below their c10% long-term premium, despite the recent rally. We envisage c20% upside to the current share price," Berenberg added. The price target was raised to 340 euros from 330 euros, with an unchanged buy recommendation on the stock.

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