Hannover Rueck SE (XTER:HNR1)
€ 228.2 3.2 (1.42%) Market Cap: 27.52 Bil Enterprise Value: 31.34 Bil PE Ratio: 15.08 PB Ratio: 2.72 GF Score: 53/100
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Q1 2020 Hannover Rueck SE Earnings Call Transcript

May 06, 2020 / 07:00AM GMT
Release Date Price: €146 (+4.36%)
Jean;Jacques Henchoz
Hannover Rück SE - CEO & Chairman of the Executive Board

Well, good morning, ladies and gentlemen. I'd like to welcome you to our conference call presenting our results for the first quarter of 2020. First of all, I need to apologize for the specific timing of this call and the overlap with AXA's Q1 call. But today is our AGM. And there was, unfortunately, no flexibility for rescheduling. We will also have to end our call by 10:30 this morning as we need to go to the AGM thereafter.

As usual, I will start with an overview before our CFO, Roland Vogel, will go over the financials in more detail. I'll then comment on the outlook for the year. And for the Q&A, as usual, I'm additionally joined by my Board colleagues, Klaus Miller and Sven Althoff.

In the first quarter of 2020, Hannover Re was able to grow both its top and bottom line with a net income of EUR 301 million, fully in line with our initial profit guidance for the year of EUR 1.2 billion. However, you all know that we withdrew our full year guidance just 2 weeks ago due to the

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