Hannover Rück SE (OTCPK:HVRRY) Q3 2025 Earnings Name November 10, 2025 4:30 AM EST
Firm Individuals
Karl Steinle – Common Supervisor Investor & Score Company Relations
Clemens Jungsthofel – CEO & Chairman of the Government Board
Christian Hermelingmeier – CFO & Member of Government Board
Sven Althoff – Member of the Government Board
Claude Chevre – Member of The Government Board
Convention Name Individuals
Shanti Kang – BofA Securities, Analysis Division
Andrew Baker – Goldman Sachs Group, Inc., Analysis Division
Kamran Hossain – JPMorgan Chase & Co, Analysis Division
Chris Hartwell
Darius Satkauskas – Keefe, Bruyette, & Woods, Inc., Analysis Division
Iain Pearce – BNP Paribas, Analysis Division
Vinit Malhotra – Mediobanca – Banca di credito finanziario S.p.A., Analysis Division
William Hardcastle – UBS Funding Financial institution, Analysis Division
Roland Pfänder – ODDO BHF Company & Markets, Analysis Division
Presentation
Karl Steinle
Common Supervisor Investor & Score Company Relations
Good morning, everybody, and welcome to our earnings name on our outcomes for the primary 9 months of 2025.
And as typical, our CEO, Clemens Jungsthofel; and CFO, Christian Hermelingmeier, will present a quick overview of the enterprise growth up to now in ’25. And afterwards, Clemens will current the up to date outlook for the present 12 months. And as typical, we’ll present an preliminary steerage for the monetary 12 months ’26. For the Q&A, we shall be joined by Claude Chèvre and Sven Althoff.
And with that, I hand over to you, Clemens.
Clemens Jungsthofel
CEO & Chairman of the Government Board
Thanks, Karl, and good morning from Hannover.
So on the primary slide, the enterprise efficiency within the first 9 months was very passable. The group web earnings of EUR 1.96 billion displays a powerful underlying profitability and extra constructive tailwind from forex translation and from tax, including as much as greater than EUR 400 million. The low tax charge, notably within the third quarter, is especially linked to the newly