Fitch Ratings has revised the outlook on Hannover Re and its subsidiary E+S Rückversicherung AG to positive from stable, Reinsurance News reported on 9 October. The insurer financial strength ratings of both companies stay at 'AA-'. Fitch cited the group's "financial resilience, strong capitalisation and competitive standing" in international reinsurance, and expects very strong capital and financial performance over the next 12 to 24 months.
According to the report, Hannover Re's Solvency II ratio was 254% at the end of June 2026, compared with 256% at the end of 2025 and 261% at the end of 2024. That remains well above the group's minimum target of 200%. Financial leverage fell to 17% from 18% at the end of 2025, and Fitch calculates return on equity at 21%, the same level as in 2024 and 2025.
The net property and casualty combined ratio improved to 83.2% in the first half of 2026, from 84.0% for 2025 and 86.6% for 2024. Hannover Re targets a ratio below 87% for 2026, which Fitch considers achievable. Fitch noted that the group books its full year-to-date large-loss budget, which it sees as a conservative approach.
Fitch also expects "heightened competition and softening" in reinsurance, with softer conditions in 2026 and 2027 that may put pressure on underwriting earnings. It said the effect on Hannover Re should be limited because of the group's ability to manage earnings volatility.
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Reinsurance News ↗News publisher · 9 Oct 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
