Hannover Rück SE (HVRRY) Q3 2025 Earnings Call Transcript
Hannover Rück SE (OTCPK:HVRRY) Q3 2025 Earnings Call November 10, 2025 4:30 AM EST
Company Participants
Karl Steinle – General Manager Investor & Rating Agency Relations
Clemens Jungsthofel – CEO & Chairman of the Executive Board
Christian Hermelingmeier – CFO & Member of Executive Board
Sven Althoff – Member of the Executive Board
Claude Chevre – Member of The Executive Board
Conference Call Participants
Shanti Kang – BofA Securities, Research Division
Andrew Baker – Goldman Sachs Group, Inc., Research Division
Kamran Hossain – JPMorgan Chase & Co, Research Division
Chris Hartwell
Darius Satkauskas – Keefe, Bruyette, & Woods, Inc., Research Division
Iain Pearce – BNP Paribas, Research Division
Vinit Malhotra – Mediobanca – Banca di credito finanziario S.p.A., Research Division
William Hardcastle – UBS Investment Bank, Research Division
Roland Pfänder – ODDO BHF Corporate & Markets, Research Division
Presentation
Karl Steinle
General Manager Investor & Rating Agency Relations
Good morning, everyone, and welcome to our earnings call on our results for the first 9 months of 2025.
And as usual, our CEO, Clemens Jungsthofel; and CFO, Christian Hermelingmeier, will provide a brief overview of the business development so far in ’25. And afterwards, Clemens will present the updated outlook for the current year. And as usual, we’ll provide an initial guidance for the financial year ’26. For the Q&A, we will be joined by Claude Chèvre and Sven Althoff.
And with that, I hand over to you, Clemens.
Clemens Jungsthofel
CEO & Chairman of the Executive Board
Thank you, Karl, and good morning from Hannover.
So on the first slide, the business performance in the first 9 months was very satisfactory. The group net income of EUR 1.96 billion reflects a strong underlying profitability and additional positive tailwind from currency translation and from tax, adding up to more than EUR 400 million. The low tax rate, particularly in the third quarter, is mainly connected to the newly
