Hannover Re (HNR1.DE) dividend yield, history and 2029 forecast

By Olivier Lachance · Report of November 10, 2026 · XETRA: HNR1.DEHow this report is made

What is the Hannover Re (HNR1.DE) dividend yield?

Hannover Re (HNR1.DE) dividend

4.2 %dividend yield at the €297.20 close of November 10, 2026

Our base-case forecast: €12.50 by November 2027, €13.70 by November 2029

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Is Hannover Re a good dividend stock? Does its cash cover the dividend?

Our report makes no buy or sell call. It checks the dividend against free cash flow, the cash the business has left after paying for buildings and equipment.

Premium cash temporarily belongs to the insurance operation because Hannover Re may later need it for claims. In 2025, operating activities generated €5,686.9 million. Net investing cash flow was an outflow of €4,030.2 million. The portfolio is therefore not simply spare money waiting to be distributed; it must match the currencies and timing of expected liabilities.

What does Hannover Re's dividend yield mean for your return?

It is the part of your return paid in cash: a year of dividends as a share of the share price, at the November 10, 2026 close.

4.2%Dividend yield

Hannover Re dividend forecast: how much will it pay by 2029?

Management raised the regular dividend target to around 55% of group earnings in October 2025. Shareholders approved €12.50 per share for 2025. Making more of the payout recurring gives investors greater predictability, but it also leaves less profit inside the company when underwriting weakens.

Dividends begin at €12.50 per share in all cases because management has promised at least the previous year’s payment. The base case rises to €13.20 in 2028 and €13.70 in 2029 under the 55% payout target. The bear case falls to €11.40 and then €10.50 as earnings weaken. The bull case rises to €13.70 and then €15.10 because stronger profits support a larger payout. The historical dividend has risen each year, but the earnings record leaves room for a cut in a severe downturn.

The forecast's table · base case, then bear / bull in brackets; EUR millions, per share in EUR, unless shown · November 2027

Earnings2,860 (2,500 / 3,050)
Shares (millions)121 (121 / 121)
Dividends per share12.50 (12.50 / 12.50)
Price to earnings12.20 (10.50 / 13.00)

What could change Hannover Re's dividend?

Management targets at least €2.7 billion of group net income in 2026 and a P&C combined ratio below 87%. It targets a €925 million L&H service result. Its investment-return target is 3.5%, against a €2.3 billion large-loss budget. The solvency threshold is 200%, with a 55% regular payout ratio.

The outcome turns on renewal prices, new-business CSM, catastrophe losses, reserve development and capital. Investors’ Day is 25 November 2026. Key renewals cluster around 1 January 2027, with an update on 4 February. Annual results arrive on 11 March 2027. Remember: Hannover Re’s strong current earnings are valuable only if softer prices do not erode the next generation of profit.

Questions about the Hannover Re (HNR1.DE) dividend

What is the dividend on €100 of Hannover Re shares?

About €4.20 a year at the 4.2 % dividend yield: €100 buys 0.3 shares at the November 10, 2026 close.

Where could Hannover Re stock be by 2029?

Our report's forecast is €285.09 a share by November 2029, from the €297.20 close of November 10, 2026. Hannover Re stock forecast →

This page shows the dividend. The report shows whether the cash pays for it.

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How it is made: AI reads Hannover Re's filings, writes the report, checks the numbers against them and cites each source, 152 in this one. How we work · Corrections