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Hannover Re: The somewhat different reinsurer November 2025
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer2
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Equity story Hannover Re: The somewhat different reinsurer3 1.1
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Growing earnings and dividends − Strong track record of profitable growth − Dividend policy: ordinary dividend > prior year − Total shareholder return of 17.5% p.a.1) (market value growth + dividends) Hannover Re: The somewhat different reinsurer4 Delivering high and sustainable profitability − Industry-leading return on equity − Competitive advantage: lean operating model with low cost ratio − Low earnings volatility supported by broad diversification, efficient retrocession and prudent reserving Excellent market position and very strong capitalisation − Leading reinsurer with worldwide presence − Very strong capitalisation according to Solvency II and rating agencies 1) Average for the years 2014 – 2024 Why to invest in Hannover Re … | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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Positioning in the reinsurance market Hannover Re: The somewhat different reinsurer5 1.2
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Hannover Re: The somewhat different reinsurer6 All figures in m. EUR; for further information please see AM Best “Market Segment Report” September 2025 (© AM Best Europe - Information Services Ltd. - used by permission) 1) All non-USD currencies converted to USD using foreign exchange rate at year -end 2024 2) Reflects total reinsurance premium written by all syndicates in the Lloyd’s market. The above list includes insurance gro ups that write reinsurance business in the Lloyd’s market. As such, reinsurance premium is included in both the insurance group’s premium figure and the Lloyd’s market’s premium figure 3) Shareholders’ funds includes Lloyd’s members’ assets and Lloyd’s central reserves 4) Fiscal year ended March 31, 2025 5) Net asset value used for shareholders’ funds 6) Ratio is based on the group’s operations 7) Premium data excludes intragroup reinsurance Non- IFRS 17 Rank IFRS 17 Rank Group Country Reinsurance Premiums (GWP) Reinsurance Revenue (gross) 1 Swiss Re CH 36,181 2 Munich Re DE 32,555 3 Hannover Re DE 27,480 1 Berkshire Hathaway Inc. US 26,906 2 Lloyd’s 2) 3) UK 23,537 4 SCOR FR 16,799 3 RGA US 15,573 4 Everest Re BM 12,941 5 Renaissance Re BM 11,733 6 Arch Capital BM 11,112 7 PartnerRe BM 9,345 8 MS&AD Insurance Group 4) 5) 6) JP 6,836 5 China Re CN 5,864 9 General Insurance Corp of India 4) IN 4,905 10 MAPFRE RE 7) ES 4,454 Top Reinsurance Groups 2024 (USD millions)1) We are among the top reinsurers in the world | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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Hannover Re: The somewhat different reinsurer7 − Reducing cost of capital − Managing earnings volatility Expertise/support in … …risk management − Product development and pricing − Distributing products in new markets − Strong capital base − Diversification Global trends − Protection gap − Demographic change − Climate change New products/markets − Emerging markets − Cyber − Emerging risks Volatile earnings − Expectation of regulators, shareholders and rating agencies Capital requirement − Regulatory changes − Capital models − Local GAAP, IFRS Impact on primary insurance … Increasing demand for insurance of non-diversifying risk New risks lead to higher volatility and need for additional know-how High cost of capital/need for capital management … drives demand for reinsurance! Trends, conditions & expectations Value Proposition of reinsurance Reinsurance is and will be an attractive product Drivers for reinsurance demand | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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About us Hannover Re: The somewhat different reinsurer8 1.3
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Purpose & values The “why” and the “how” articulate our distinctive corporate culture Hannover Re: The somewhat different reinsurer9 Beyond risk sharing – we team up to create opportunities Our self-conception Purpose Why do we do what we do? Core values Which guiding principles are important for us? Strategy What do we want to achieve? Our values We are open-minded and give things a try We are ambitious - for our clients’ success Drive We foster a culture of respect We all contribute to common success We value every individual and embrace diversity We-Spirit Responsibility We have integrity We take ownership We are empowered to master challenges | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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Group Strategy 2024 – 2026 Staying Focused. Thinking Ahead. Hannover Re: The somewhat different reinsurer10 Accelerate Grow Focus Staying focused on our “somewhat different” approach − Act as a pure-play reinsurer − Be the preferred business partner − Build on our lean and capital-efficient operating model Securing profitable growth and outperformance − Enable our clients to grow and succeed − Enhance cycle management and portfolio steering − Innovate and strengthen leadership in tailored solutions, longevity and ILS Thinking ahead to enable global industry leadership − Expand data and analytics capabilities − Drive operational efficiency and automation − Invest in leadership and people development Industry-leading performance Delivery on Our ambition Profitability: Earnings growth: Economic value creation: Attractive dividends: Cost leadership: Capital strength: Credit ratings: Employee engagement: Environmental stewardship: RoE EBIT growth CSM growth, xRoCA Ordinary dividend growth Cost/Reinsurance rev (gross) Solvency II ratio S&P, A.M. Best Engagement index CDP score Strong foundations Sustainability and embedded governance | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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Financial ambition 2024 - 2026 Increasing earnings will support continued dividend growth Staying Focused. Thinking Ahead. > 2% CSM growth > 200% Solvency ratio ≥ Prior year Regular dividend > 14% Return on Equity > 5% EBIT growth Industry-leading performance Economic value creation, capital strength & attractive dividends Focus Grow Accelerate 11 Hannover Re: The somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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One of the world’s leading reinsurers Key facts about Hannover Re Hannover Re: The somewhat different reinsurer12 Initial Public Offering of Hannover Re in 1994 Founded by HDI (P&C reinsurance only) in 1966 4,000 Total staff of employees Majority shareholder, 50.2% held by Talanx AG Transacting all lines of property & casualty and life & health reinsurance Worldwide presence with subsidiaries and branches on all continents | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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Hannover Re: The somewhat different reinsurer13 The Americas Europe Africa Australia Toronto Itasca Bogotá Hamilton Mexico City Rio de Janeiro Orlando Abidjan Johannesburg Kuala Lumpur Manama Hong Kong Mumbai Taipei Shanghai Tokyo Seoul Madrid Dublin London Paris Hannover Milan Stockholm Asia Property & Casualty reinsurance Life & Health reinsurance Property & Casualty and Life & Health reinsurance Sydney | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Present on all continents
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Hannover Re: The somewhat different reinsurer14 49.8% Free float 50.2% Talanx AG1) 64.8% Domestic business >180 subsidiaries, branch/rep. offices worldwide International business 35.1% 8 German primary insurers 1) Majority shareholder HDI V.a.G. | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Group structure supports our business model
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Hannover Re: The somewhat different reinsurer15 Property & Casualty reinsurance Christian Hermelingmeier Chief Financial Officer Asset Management, Group Finance and Accounting, Reinsurance Valuation and Steering, Group Taxation, Coordination of International Operations, Investor and Rating Agency Relations Sven Althoff Coordination of P&C Business Group, Aviation & Marine, Credit, Surety and Political Risks, Quotations, North America, United Kingdom, Ireland & London Market Sharon Ooi Facultative R/I, Asia-Pacific & Sub-Saharan Africa Silke Sehm Catastrophe XL (Cat XL), Structured R/I (Advanced Solutions) and ILS, Retrocessions, Cyber & Digital Thorsten Steinmann Agricultural Risks, Continental Europe, Latin America and North Africa Life & Health reinsurance Claude Chèvre Life & Health Services, Africa, Asia, Australia, Continental Europe, Latin America and Middle East Brona Magee Longevity Solutions, North America, Bermuda, United Kingdom and Ireland | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Executive Board of Hannover Rück SE Clemens Jungsthöfel Chief Executive Officer Group Risk Management, Global Human Resources, Group Legal Services, Group Audit, Corporate Communications, Global Information Technology, Group Transformation and Operations, Group Strategic Development
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Hannover Re: The somewhat different reinsurer16 Gross written premium Reinsurance revenue 55% 56% 60% 62% 65% 68% 69% 73%45% 44% 40% 38% 35% 32% 31% 27% 17.1 16.4 17.8 19.2 22.6 24.8 27.8 33.3 2015 2016 2017 2018 2019 2020 2021 2022 Life & Health reinsurance Property & Casualty reinsurance 68% 69% 71% 24.0 24.5 26.4 32% 31% 29% 2022 2023 2024 All figures in bn. EUR unless otherwise stated | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Long-term track record of favourable growth Transition from IFRS 4 to IFRS 17 accounting
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42.2% 15.5% 13.0% 11.3% 5.9% 5.7% 4.5% 1.9% North America 41.8% United Kingdom 16.4% Asia 11.7% Other European countries 12.2% Germany 6.0% Australia 5.7% Latin America 4.4% Africa 1.8% Americas 4,716 Asia-Pacific 1,993 EMEA 4,256 Facultative R/I 1,070 Structured R/I and ILS 4,821 Aviation and Marine 524 Agricultural Risks 464 Credit, Surety and Political Risks 821 Financial Solutions 1,059 Longevity 1,787 Mortality 3,018 Morbidity 1,850 Hannover Re: The somewhat different reinsurer17 All figures in m. EUR unless otherwise stated 2024: Reinsurance revenue split by regions 2024: Reinsurance revenue split by line of business | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Well-balanced international portfolio 20242023 2024: EUR 26,379 m. P&C R/I 18,665 L&H R/I 7,715
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3.2% 3.3% 3.2% 2022 2023 2024 Low-cost ratio remains an important competitive advantage Hannover Re: The somewhat different reinsurer18 Pure play reinsurance Strong cost culture Organisational simplicity and fast decision-making Lean operating model based on | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Cost ratio1) 1) Cost (directly + non-directly attributable) / Reinsurance revenue (gross)
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852 423 82 318 325 562 Hannover Re Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Lean and efficient operating model Revenue and EBIT per employee highlight competitive strength Hannover Re: The somewhat different reinsurer19 6.8 2.4 4.5 3.2 4.5 5.2 Hannover Re Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Based on reported company data and f/x rates at 31.12.2024, own calculation. Peers: Everest Re, Munich Re, RGA, SCOR, Swiss Re Revenue per employee 2024 in m. EUR EBIT per employee 2024 in EUR thousands | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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986 1,151 1,171 959 1,060 1,284 883 1,231 1,407 2014 2015 2016 2017 2018 2019 2020 2021 2022 Guidance Hannover Re: The somewhat different reinsurer20 Group net income 781 1,825 2,329 2022 2023 2024 All figures in m. EUR | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Long-term earnings growth and earnings stability in challenging years 2024: Delivering on raised net income guidance Transition from IFRS 4 to IFRS 17 accounting
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Hannover Re: The somewhat different reinsurer21 Change in shareholders’ equity All figures in m. EUR unless otherwise stated Contractual Service Margin (net) and Risk Adjustment 1,749 1,646 5,950 6,517 844 987 2,885 3,017 11,428 31.12.2023 31.12.2024 CSM +6.0% Total +6.4% RA +7.4% CSM P&C RA P&C RA L&H CSM L&H | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Increase in shareholders’ equity mainly driven by retained earnings Increase in CSM and RA will contribute to earnings over time 10,127 2,329 -868 -314 -12 534 11,794 Shareholders' equity 31.12.2023 Group Net income Dividend payment Change in OCI Reinsurance Liabilities Change in OCI Investments Currency translation and other Shareholders' equity 31.12.2024 12,167
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Hannover Re: The somewhat different reinsurer22 RoE based on reported company data, own calculation. Peers: Everest Re, Munich Re, RGA, SCOR, Swiss Re 1) 2010 – 2022 IFRS4 Return on Equity: average1) | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Long-term track record of high and stable return on equity RoE of 21.2% well above the strategic ambition 21.2% 14.7% 13.8% 14.3% 5-year Ø 2020 – 2024 10-year Ø 2015 – 2024 15-year Ø 2010 – 2024 2024 Average RoE and standard deviation 2015 – 2024 Hannover Re Peer Peer Peer Peer Peer 0% 2% 4% 6% 8% 10% 12% 14% 16% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% RoE Standard Deviation average average +5.4%p -2.1%p
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23 RoE based on company data, own calculation All companies reported IFRS4/US-GAAP figures 1) Hannover Re, Munich Re, SCOR: IFRS 17 | RGA, Everest Re, Swiss Re: US-GAAP 2) Hannover Re, Munich Re, SCOR, Swiss Re: IFRS 17 | RGA, Everest Re: US-GAAP Hannover Re: The somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Hannover Re remains one of the most profitable reinsurers No. 1 position on 5-year average RoE – significantly above peer average Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank Avg. Rank Hannover Re 8.2% 1 10.8% 2 14.1% 1 19.0% 3 21.2% 1 13.8% 1 Peer 5.5% 2 13.9% 1 6.4% 3 23.3% 1 10.1% 4 10.4% 2 Peer 4.0% 3 9.7% 4 13.2% 2 16.2% 5 18.2% 2 9.9% 3 Peer 3.2% 5 4.5% 6 5.1% 4 11.2% 6 7.2% 5 8.8% 4 Peer -3.1% 6 5.7% 5 2.6% 5 22.3% 2 15.0% 3 7.2% 5 Peer 3.7% 4 7.3% 3 -5.2% 6 18.0% 4 0.1% 6 6.1% 6 Average 3.6% 8.7% 6.0% 18.3% 12.0% 9.1% 2020 2020 – 20242021 2022 20231) 20242)
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Hannover Re: The somewhat different reinsurer24 Book value and accumulated paid dividends 75.12 83.97 97.80 63.48 69.48 76.68 138.6 153.45 174.48 2022 2023 2024 66.90 74.61 70.72 72.78 87.30 91.17 98.55 67.09 67.09 28.23 32.48 37.48 42.48 47.73 53.23 57.73 63.48 63.4886.59 95.13 107.09 108.2 115.26 135.03 144.4 156.28 130.57 2014 2015 2016 2017 2018 2019 2020 2021 2022 Book value per share Cumulative dividend paid (since IPO) All figures in EUR | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Value creation for shareholders driven by growth in book value and dividends Increasing interest rates and transition to IFRS 17 led to decrease in equity in 2022 Transition from IFRS 4 to IFRS 17 accounting
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3.25 3.50 3.50 3.75 4.00 4.50 4.50 5.00 6.00 7.00 1.50 1.50 1.50 1.50 1.50 1.25 1.00 1.20 2.00 4.75 5.00 5.00 5.25 5.50 4.50 5.75 6.00 7.20 9.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ordinary dividend Special dividend 49% 51% 62% 59% 51% 61% 56% 51% 47% 46% Dividend payout ratio (in %) Hannover Re: The somewhat different reinsurer Dividend per share in EUR Very good capitalisation allows for realignment of our dividend policy Increased dividend distribution and unchanged ability to finance future growth 25 Dividend per share ≥ prior years’ total dividend Special dividend Used only in exceptional circumstances Payout ratio ~55% Merge into one | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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Hannover Re: The somewhat different reinsurer26 Performance comparison (incl. reinvested dividends) 40% 60% 80% 100% 120% 140% 160% 180% 200% 220% 240% +60% +25% +110% +76% +4% +51% 1) STOXX Europe 600 Insurance | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | HR share price increased by 60% over the past 3 years Swiss Re Munich Re Hannover Re SXIIP1) DAX SCOR
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Hannover Re: The somewhat different reinsurer27 Total Shareholder Return1) 11.2% p.a. 17.5% p.a. 16.1% p.a. 14.6% p.a. 5y 10y 20y Since IPO Value creation1) since IPO +5,907% 1) Total shareholder return incl. reinvested dividends Source: Bloomberg, Frankfurt Stock Exchange | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Annual Total Shareholder Return of 14.6% since IPO
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Sustainability Hannover Re: The somewhat different reinsurer28 1.4
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Sustainability at Hannover Re How we evolved Hannover Re: The somewhat different reinsurer29 2011 Publication of first sustainability strategy Investor dialogues | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 2016 Climate neutrality at Hannover location Annual publication of EMAS statements 2012 Negative screening in investments Publication of annual sustainability reports 2018 Publication of annual combined non-financial information statements Implementation of best-in- class approach in investments 2019 Phased exit for any coal-based risks until 2038 2021 Signature of UN PSI Human rights policy statement Climate strategy in investments 2023 Development of Environmental Strategy 2024 - 2026 CSRD pre-study Hannover Re Foundation: first sustainability projects 2025 Publication of 1st Sustainability statement according to ESRS Hannover Re Foundation: Support of two new projects that preserve/restore ecosystems such as coral reefs or freshwater 2020 Participant in UNGC HR recognizes ILO core labour standards for all staff Signatory of PRI 2022 Creation of dedicated sustainability team First taxonomy eligibility report P&C and L&H ESG position paper Oil & gas exclusions in facultative business sharpened Hannover Re Foundation: Statutes amended 2024 First taxonomy alignment report Ongoing CSRD implementation Implementation of Environmental Strategy 2024 - 2026
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We pursue opportunities and strengthen societal resilience We engage We decarbonise Hannover Re: The somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Staying Focused. Thinking Ahead. Focus Grow Accelerate Support transition and resilience through investments in sustainable assets Pursue attractive business opportunities Continuous work on decarbonising our underwriting business, investments, and own operations Strengthen societal resilience and close protection gaps through underwriting solutions Maintaining CDP1) score at ‘Management Level’ throughout our strategy cycle 30 1) CDP = Carbon Disclosure Project Raise awareness among own staff Foster engagement with clients & brokers, investee companies Sustainability embedded into our Group strategy 2024 – 2026 The action areas of our Environmental Strategy focus on environmental stewardship
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Investments Underwriting Own business operations Hannover Re: The somewhat different reinsurer 1) base year 2019, applicable for Scope 1 and Scope 2 emissions of our liquid asset portfolio − Exit from all risks connected with thermal coal and related infrastructure by 2038 in the entire P&C portfolio − P&C ESG position paper − Further exclusions are defined in accordance with the ESG Manual for the facultative division − Climate strategy: • Decarbonisation: - 70% EVIC-based CO2e intensity by 20301 • Active investment in sustainable assets • Engagement: dialog with issuers • Application of specific exclusion criteria – e.g. thermal coal, oil sands − Negative screening / active divestment since 2012 − Actively reducing our Scope 1 emission through electrification of car fleet (Hannover Office) − Actively reducing our Scope 2 emissions by sourcing green electricity in all international operations since FY 2024 − Raise awareness among staff through selected communication measures | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Net zero by 2050 31 Selected measures
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer32
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Hannover Re: The somewhat different reinsurer33 Underwriting Empowered underwriters − Fast decision-making and strong underwriting culture − Contributes to lean operating model Distribution Distribution channels − Flexible cost base due to relatively higher share of business written via brokers (~2/3) Cycle management Effective cycle management and focus on profitability ‒ Selective growth: increase market share in “hard” markets only ‒ No pressure to grow due to low admin expense ratio ‒ Above-average profitability due to stringent underwriting approach with focus on bottom line Reserving Conservative reserve policy − Reduction of P&C earnings volatility − Protection against inflation risk | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | We are somewhat different Our approach in P&C reinsurance
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24% 28% 12% 18% 5% 6% 3% 4% Reinsurance revenue (gross) EUR 18,665 m. 2023: EUR 16,824 m. 23% 25% 11% 26% 4% 6% 3% 3%EMEA Americas APAC Structured R/I and ILS Credit, Surety and Political Risks Facultative R/I Aviation and Marine Agricultural Risks 1) All lines of Property & Casualty reinsurance except those stated separately 20242023Reinsurance revenue (gross) split by segments 1) 1) 1) Hannover Re: The somewhat different reinsurer34 | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | Broad portfolio diversification in Property & Casualty across business lines
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69% Broker Business Business mix P&C reinsurance Underwriting year 2024 35 Property 49% Liability 19% Motor 13% Specialty & Other 19% 32% Non-proportional business 31% Direct Business Estimated premium income excluding Structured Reinsurance & ILS Numbers on the right as of 31.12.2024 68% Proportional business | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | Hannover Re: The somewhat different reinsurer
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Hannover Re: The somewhat different reinsurer36 16,265 16,824 18,665 2022 2023 2024 867 1,099 2,387 6.0% 7.7% 15.0% 2022 2023 2024 All figures in m. EUR unless otherwise stated Reinsurance revenue EBIT/EBIT margin | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | Margin-oriented U/W approach leads to profitable growth Supported by the improved P&C reinsurance environment since 2023 Combined ratio 94.5% 94.0% 86.6% 2022 2023 2024
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37 Large loss budget (net) in m. EUR 670 690 825 825 825 875 975 1,100 1,400 1,725 1,825 ILS share of gross loss in m. EUR 21 7 34 358 378 244 88 439 1,002 62 364 Hannover Re: The somewhat different reinsurer 1) Major losses in excess of EUR 10 m. gross 559 714 846 1,790 1,722 1,497 2,127 2,649 2,944 1,970 2,506 426 573 627 1,127 850 956 1,595 1,250 1,706 1,621 1,629 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Natural and man-made catastrophe losses 1) in m. EUR Gross Net Large loss budget (net) | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | Large losses 2024 well within budget of EUR 1,825 m.
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38 1,117 1,308 1,517 1,546 1,887 1,865 1,813 1,694 1,456 1,536 1,703 1,378 2,057 2,523 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Development of resiliency reserves reviewed by WTW All figures in m. EUR as at 31 December 2024 unless otherwise stated. Figures unadjusted for changes in foreign exchange rate, i.e. based on actual exchange rates at respective year-end. Resiliency reserves embedded in best estimate defined as the difference between net of reinsurance undiscounted booked reserves before tax and minority participations (based on Hannover Re’s own best estimates) and WTW’s analysis. Up to 2022 the booked reserves are on an IFRS4 basis and from 2023 onwards these are on an undiscounted IFRS 17 LIC basis. The WTW review is based on data provided by Hannover Re. See appendix for more detail. | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | Undiscounted LIC resiliency reserves further increased to EUR 2,523 m. at year-end 2024 Additional risk adjustment of ~1 bn brings prudency level to 7.7% of nominal net reserves Hannover Re: The somewhat different reinsurer
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Successful renewal − Growth supported by superior financial strength, favourable market positioning and long-standing customer relationships High quality of P&C portfolio supported by third consecutive January renewal in attractive pricing environment − Moderate decrease in reinsurance pricing with broadly stable terms and conditions − Proportional business benefitting from underlying growth, with commissions broadly stable Retrocession in line with plan: Reduced cession rate with expanded geographical protection − Sufficient NatCat capacity available in the retrocession market − Risk-adjusted pricing improving Growing in an attractive market environment − Successful expansion of diversified portfolio while maintaining our disciplined underwriting − Attractive growth opportunities in Structured Reinsurance/ILS − Allocation of shares to Hannover Re almost always protected despite growth ambitions from other market participants Hannover Re: The somewhat different reinsurer39 Successful expansion of strong portfolio in attractive pricing environment | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | 1 January 2025 renewals Prevailing high quality of Hannover Re’s P&C business supported by January 2025 renewals
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Continued growth in an attractive market environment Premium increase of 7.6% fully supports targets for FY/2025 Total Treaty Reinsurance in m. EUR % on renewed: 7,124 7,124 10,254 -950 9,304 566 1,168 11,038 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Inforce book before 1 Jan 2025 Cancelled/ restructured Renewed Changes New business/ restructured Inforce book after 1 Jan 2025 1 Jan renewal Later renewals 17,378 18,162 (+11.4%)(-9.3%)(100.0%) (90.7%) (+5.5%) (107.6%) Change in shares: -2.7% Change in price: -2.1% Change in volume: +10.3% 40 Hannover Re: The somewhat different reinsurer | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |
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- Pricing environment remains favourable despite increase in reinsurance capacity and competition - Overall reinsurance prices slightly decreasing, pricing pressure most pronounced for NatCat business - Reinsurance structures, retention levels as well as terms and conditions remain broadly stable - Successful expansion of portfolio in light of strong quality of 2025 underwriting year P&C growth targets fully supported by 2025 renewals Year-to-date growth in traditional treaty renewals +5.4%, supplemented by >10% growth in Structured R/I 41 1/1 Renewals All figures in m. EUR unless otherwise stated Underwriting year figures at unchanged f/x rates | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 | 1,739 6 174 1,919 Inforce book up for renewal New/ cancelled/ restructured Price & volume changes on renewed Inforce book after renewal Thereof change in price: -2.4% 10,254 218 566 11,038 Inforce book up for renewal New/ cancelled/ restructured Price & volume changes on renewed Inforce book after renewal Thereof change in price: -2.1% -161 4,334 71 4,243 Inforce book up for renewal New/ cancelled/ restructured Price & volume changes on renewed Inforce book after renewal Thereof change in price: -2.9% 1/4 Renewals 1/7 Renewals Hannover Re: The somewhat different reinsurer +7.6% +10.4% -2.1%
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer42
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Flexible We have a highly agile mindset ‒ Tailor-made services and solutions ‒ Ability to anticipate market and client demands Responsive We prioritise fast time-to-market − Rapid decision-making processes − In-depth knowledge of local markets Efficient We foster an effective organisational set-up ‒ >1,200 experts in 23 offices on all continents ‒ Highly empowered and qualified staff We are somewhat different Our approach in L&H reinsurance Hannover Re: The somewhat different reinsurer43 Solution-driven We strive to achieve exceptional results ‒ Strong entrepreneurial spirit ‒ Appetite to innovate industry solutions | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 |
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14% 23% 39% 24%Financial Solutions Longevity Mortality Morbidity Traditional Business 15% 23% 41% 22% 20242023Reinsurance revenue (gross) split by segments 44 Well-balanced diversification across Life & Health segments Reinsurance revenue (gross) EUR 7,715 m. 2023: EUR 7,633 m. Hannover Re: The somewhat different reinsurer | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 |
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45 7,752 7,633 7,715 2022 2023 2024 650 871 933 9.1% 12.6% 13.1% 2022 2023 2024 All figures in m. EUR unless otherwise stated Hannover Re: The somewhat different reinsurer Reinsurance revenue EBIT/EBIT margin | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Favourable growth in profitability 2024: Strong operating performance in L&H reinsurance, well above target
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Hannover Re: The somewhat different reinsurer46 Value of New Businessdevelopment (Solvency II)1) 290 663 778 326 496 2018 2019 2020 2021 2022 869 756 618 2022 2023 2024 1) Based on Solvency II principles and pre-tax reporting CSM = Contractual Service Margin, LC = Loss Component All figures in m. EUR unless otherwise stated New business CSM and LC (net) + Extensions on existing contracts (IFRS 17) | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Successful new business generation will contribute to future earnings
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Financial solutions Automated U/W systems R&D technology Risk assessment Health (re-) insurance Biometric research Longevity solutions 47 L&H Expert networks Hannover Re: The somewhat different reinsurer | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Our clients are served in the markets by our network of offices and by our solution-orientated expert networks
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Complete life and health offerings Similar offerings to competitors but with a somewhat different focus 48 Profitability is less likely to be affected by the underlying biometric risks Structured agreements to achieve certain financial objectives New Business Financing Reserve & Solvency Relief Embedded Value Transaction Only in combination with risk solutions and/ or financial solutions Comprehensive range geared towards individual needs ProcessesProducts Risk AssessmentBiometrics Underwriting Systems Profitability depends largely on the underlying biometric risks Competitive terms and appropriate capacity for technical risks Longevity Risk Solutions Financial Solutions Reinsurance Services Morbidity Disability, LTC Health, CI Traditional Business Mortality LTC: Long Term Care CI: Critical Illness | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Hannover Re: The somewhat different reinsurer
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49 Mortality Risk of paying more death benefits than expected Longevity Risk of paying annuities longer than expected Risks Life expectancy Mortality Longevity Trigger Risk Risk Longevity: enhanced annuities1) Illustration: 50k single premium, male 65, 3% interest Mortality No investment participation Lifelong annuity Insurer Reinsurer Actual annuity Fixed premium + fee Longevity: risk transfer Obesity 267 +9% Diabetes 300 +23% Cancer 452 +85% Healthy 244 +0% (standard) Status of health Monthly annuity Annuity increase Hannover Re: The somewhat different reinsurer 1) Allows people in ill health to receive a higher regular income in recognition of the fact that they, on average, have a shorter life expectancy than a healthy person | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Example risk solution Mortality & longevity
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50 Morbidity Risk of experiencing a higher claims burden from traditional health, critical illness, long-term care, and disability covers Payment Product: Critical illness insurance Helps consumers to protect their life quality by providing the sum insured in case of a life-threatening disease Hannover Re’s contribution Coverage of > than 160 diseases Design, pricing & claims assessment Advice & training in underwriting risks Track record as innovator in the market Hannover Re: The somewhat different reinsurer Income protection/medical insurance Payment of claim incurred Critical Illness Payment of lump sum insured | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Example risk solution Morbidity – critical illness
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Example Services offered with risk and/or financial solutions Hannover Re: The somewhat different reinsurer51 Products U/W systems Innovative, e.g. products with little or no underwriting Lean, e.g. distribution directly to individuals, without advisers Cover of death, disease or disability risks at an appropriate cost Support for proper medical & claims assessment hr | Quirc, hr | ReFlex or hr | Ascent Processes Biometrics Risk assessment | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 |
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52 Low High Short term Long term Low High Low High Few Many Low High Few Many Few Many Share of proportional business Reinsurance contract terms Magnitude of large losses Involvement of brokers Protected classes/types of insurance business Importance of facultative business Number of reinsurer participating in one treaty Number of competitors Property & Casualty business Life & Health business Hannover Re: The somewhat different reinsurer | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Primary differences between L&H and P&C business Simplified illustration
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Hannover Re: The somewhat different reinsurer53 Lines of business Life, health & annuities01 Service Important component04 Focus Biometric risks02 Around the globe 23 offices at the service of our clients 05 Partnership Long term relationship03 Reinsurance Risk and financial solutions 06 | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 | 8 | Takeaways for the Life & Health Business Group
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer54
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4,947 5,785 5,682 2022 2023 2024 Hannover Re: The somewhat different reinsurer55 Operating cash flow Assets under own management (AuM) Investment income 55,285 60,129 65,888 2022 2023 2024 965 1,588 2,005 2022 2023 2024 All figures in m. EUR unless otherwise stated | 1 | 2 | 3 | 4 Investment management | 5 | 6 | 7 | 8 | Growth in AUM driven by strong operating cash-flow generation Increase in ordinary investment income predominantly due to higher locked-in yields
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Asset class 2019 2020 2021 2022 2023 2024 Fixed Income 87% 85% 86% 83% 85% 86% Governments 42% 42% 40% 42% 41% 38% Semi-governments 8% 7% 8% 8% 9% 10% Corporates 31% 30% 32% 27% 29% 32% Investment grade 26% 25% 28% 23% 25% 27% Non-Investment grade 4% 4% 4% 4% 4% 4% Covered Bonds 4% 4% 4% 4% 4% 4% ABS/MBS/CDO 2% 2% 2% 3% 3% 3% Equities 3% 3% 4% 3% 3% 3% Listed <0.1% 1% 1% 0% 0% 0% Private Equities 2% 3% 3% 3% 3% 3% Real Assets (without Infra-Debt) 5% 5% 5% 7% 7% 7% Others 2% 3% 2% 3% 3% 2% Cash/STI 3% 3% 3% 3% 2% 2% MV AuM in EUR bn.1) 48.2 49.8 56.2 57.4 60.6 66.4 Stringent Asset-Liability-Matching Moderate increase in 2024 in credits utilising selective market opportunities Economic view based on market values without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR 1,909.0 m. (EUR 1,161.6 m.) as at 31 December 2024 1) 2019 – 2022 IAS 39 incl. Cash / >2023 IFRS9 excl. Cash Hannover Re: The somewhat different reinsurer56 | 1 | 2 | 3 | 4 Investment management | 5 | 6 | 7 | 8 |
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− Modified duration of fixed-income mainly congruent with liability- and capital-driven targets − GBP’s higher modified duration predominantly due to life business Modified duration 4.4 4.5 4.9 5.8 5.8 2024 2020202120222023 Currency split of investments EUR 27% USD 49% GBP 5% AUD 6% CAD 3% Others 11% 5.2 3.3 4.0 4.8 4.5 4.1 Modified duration per portfolio currency Currency allocation strategy to neutralise effects from SII liability profile Duration-neutral strategy; modified duration changes rather result of yield curve deviations Hannover Re: The somewhat different reinsurer57 | 1 | 2 | 3 | 4 Investment management | 5 | 6 | 7 | 8 |
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IFRS figures as at 31 December 2024 Governments Semi-governments Corporates Pfandbriefe, Covered bonds, ABS Short-term investments, cash Total AAA 24% 53% 1% 66% - 24% AA 58% 25% 9% 8% - 31% A 11% 8% 41% 9% - 21% BBB 5% 2% 39% 14% - 17% <BBB 3% 12% 10% 3% - 7% Total 100% 100% 100% 100% - 100% Germany 18% 23% 9% 16% 8% 15% UK 6% 5% 9% 5% 7% 7% France 3% 1% 6% 9% 0% 4% GIIPS 0% 0% 6% 2% 0% 2% Rest of Europe 4% 14% 15% 24% 12% 11% USA 48% 16% 29% 21% 26% 33% Australia 5% 8% 8% 9% 5% 7% Asia 12% 14% 8% 0% 32% 11% Rest of World 5% 19% 11% 15% 9% 10% Total 100% 100% 100% 100% 100% 100% Total b/s values in m. EUR 22,059 9,771 20,265 4,332 1,366 57,793 High-quality fixed-income book well-balanced Geographical allocation mainly in accordance with our broad business diversification Hannover Re: The somewhat different reinsurer58 | 1 | 2 | 3 | 4 Investment management | 5 | 6 | 7 | 8 |
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer59
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Hannover Re: The somewhat different reinsurer60 Type Nominal amount Issue date Issue ratings S&P/A.M. Best First call date Maturity Coupon rate Dated subordinated bond ISIN: XS2549815913 EUR 750 m. 2022-11-14 A/- 2033-02- 26 2043-08-26 Until 2033-08-26: 5.88% p. a. and thereafter 3.75% p. a. above 3 months EURIBOR Dated subordinated bond ISIN: XS2320745156 EUR 750 m. 2021-03-22 A/- 2031-12- 30 2042-06-30 Until 2032-06-30: 1.38% p. a. and thereafter 2.33% p. a. above 3 months EURIBOR Dated subordinated bond ISIN: XS2198574209 EUR 500 m. 2020-07-08 A/- 2030-07- 08 2040-10-08 Until 2030-10-08: 1.75% p. a. and thereafter 3.00% p. a. above 3 months EURIBOR Dated subordinated bond ISIN: XS2063350925 EUR 750 m. 2019-10-09 A/- 2029-07- 09 2039-10-09 Until 2029-10-09: 1.12% p. a. and thereafter 2.38% p. a. above 3 months EURIBOR Competitive advantage through low cost of capital (WACC) Competitive advantage through low cost of capital (WACC) Equity capital is by far the most expensive form of capital. Therefore, we make optimal use of equity substitutes: ‒ Conventional reinsurance/retrocession on an opportunistic basis (i. e. use of other reinsurers’ capital) ‒ Alternative capital market transactions ‒ Hybrid capital | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 | Our capital structure consists not only of equity Use of hybrids, securitizations etc. Lowers cost of capital and levers RoE
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Hannover Re: The somewhat different reinsurer61 Agg. XL ~ EUR 100 m. Whole Account XL ~ EUR 434 m. K-Cession securitisation ~ USD 735 m.1) Group EBIT Total available capital 1) Plus expected premium As at January 2025 ~ EUR 1.2 bn. | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 | Long-standing retrocession strategy … …protects balance sheet, reduces earnings volatility and lowers cost-of-capital
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We pioneered in transferring risks into capital markets via securitisations Equity substitutes Hannover Re: The somewhat different reinsurer62 Transactions (in m. USD if not otherwise stated) 1) in m. EUR 2) Index-linked securitisation 3) Aggregate XL cover (P&C) 4) Credit-linked floating rate note 5) EMS = Extreme Mortality Swap 85 150 230 225 540 150 200 95 335 150 350 100 330 320 400 520 565 600 640 680 610 450 831 757 735 1994 1996 2002 2005 2006 2006 2007 2007 2009 2009 2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Kover K2 K3 K4 K5 Eurus I Kepler Merlin K6 Eurus II K Eurus III K K K KK KK K K K K K 2) 3) 1) 4) 1) 2) 1) 2) P&C 50 130 50 200 300 100 100 91 164 170 274 274 274 360 360 335 239 239 80 80 1998 1999 1999 2000 2002 2006 2009 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 L1 L2 L3 L4 L5 L6 L7 EMS5) EMS5) EMS5) EMS5) EMS5) EMS5) EMS5) EMS5) EMS5) EMS5)EMS5) L&H 1) 1) 1) 1) 1) 1) In 1994 Hannover Re pioneered the first securitisation of natural catastrophe risks (Kover) followed by further transactions (K2-K6 & K-Cessions) In 1998 we started with the first-ever transfer of acquisition costs from L&H business to the capital market ( “L” deals, L1-L7) EMS5) 1) Expired transactions On-going transactions Portfolio-linked securitisation (P&C), K -Cessions | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 | K EMS5)
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Group S&P AM Best Berkshire Hathaway AA+ A++ Munich Re AA A+ XL Bermuda AA-1) A+ Hannover Re AA- A+ Swiss Re AA- A+ Lloyd‘s AA- A+ Partner Re AA-2) A+ Everest Re A+2) A+ SCOR A+ A Financial strength ratings Hannover Re: The somewhat different reinsurer63 As at 1st November 2025 1) Positive Outlook 2) Negative Outlook | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 |
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Hannover Re: The somewhat different reinsurer64 Access to business We have a better showing of business than the average player ‒ Access to all lines of business ‒ We enjoy a highly diversified, high-quality book of business Attractive for brokers and cedents We are on virtually all broker lists, with cedents often demanding specific R/Is High allocations We get very high allocations when we quote for business >90% vs. some 50% for a Bermuda start-up Low capital charges for our cedents We create lower capital charges for our cedents As an above-average rated R/I we reduce our cedent’s cost of capital Low cost of financing Our cost of financing in the capital markets is lower ‒ Hybrid bonds trade at tighter spreads ‒ Better conditions for LoCs and credit lines | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 | Benefits of an above-average rating
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The risk is manageable Stress tests for natural catastrophes after retrocessions Hannover Re: The somewhat different reinsurer65 | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 | Effect on forecast net income in m. EUR 2023 2024 100-year loss -1,426 -1,854 250-year loss -1,946 -2,510 100-year loss -782 -1,030 250-year loss -1,425 -1,900 100-year loss -823 -988 250-year loss -1,185 -1,467 100-year loss -609 -620 250-year loss -978 -1,053 100-year loss -505 -587 250-year loss -1,345 -1,522 Earthquake Japan Earthquake Chile Hurricane US Earthquake US West Coast Winter storm Europe
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252% 269% 261% Capital adequacy ratio remains very strong Significant growth of 11% in Own Funds as well as 14% in SCR 17,514 18,952 21,032 6,952 7,033 8,051 2022 2023 2024 Eligible Own Funds Solvency Capital Requirements (SCR) Increase in eligible own funds driven by favourable new business development and investment income. Increase in SCR mainly driven by business growth. Very good capitalisation supports further business growth. 1) Excluding minority shareholdings of EUR 636 m. 2) Hannover Re has implemented a minimum acceptable Solvency II ratio of 180% and a threshold of 200% All figures in m. EUR unless otherwise stated Development of the Solvency II ratio 1) Excess over 200% threshold2) Hannover Re: The somewhat different reinsurer66 | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 |
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Individual events with limited impact on Solvency ratio Solvency ratio robust under stressed conditions 67 261% 230% 243% 238% 249% 252% 249% 256% 259% 260% 258% 257% Basis Severe Atlantic tropical cyclone Severe European winter storm Severe North American West Coast earthquake Severe internet outage due to DNS provider failure Terror attack in major US city Mortality rate +5% Longevity rate +5% Lapse rate +10% Interest rates -100bps Credit spreads +50 bps F/X rates +10% Sensitivities and stress tests Solvency II ratio 31.12.2024 1) 250-year return period acc. to our internal model which is equivalent to an occurrence probability of 0.4% 2) Average stress level of +50 bps, differing by corporate bond issuer rating. Excl. government bonds and incl. impact of changes in dynamic volatility adjustment 1) 1) 1) 2) | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 | Hannover Re: The somewhat different reinsurer
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Efficient capital deployment supported by significant diversification Increase in own funds and capital requirements in line with business growth Solvency Capital Requirements in m. EUR 11,080 8,051 21,032 6,920 2,618 6,083 405 711 5,657 3,029 Property & Casualty Life & Health Market Counterparty default Operational Required capital before tax Deferred taxes Required capital after tax Eligible own funds (2,604) As at 31 December 2024 (2023) Solvency capital requirements based on the internal model Capital allocation based on Tail Value-at-Risk taking account of the dependencies between risk categories (6,085) (5,244) (432) (654) (15,156) (7,033) (18,952) (2,741) 3%(3%) 34% (36%) diversification 44%(44%) 12%(14%) 42%(39%) 0%(0%) (9,636) (5,520) 16,736 Hannover Re: The somewhat different reinsurer68 | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 |
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12,688 12,688 19,693 19,693 18,573 17,764 17,764 85% 8,162 -1,158 -1,121 -636 506 2,589 6% 1% Shareholders' equity incl. minorities (IFRS) Contractual Service Margin Other differences Excess of assets over liabilities Foreseeable dividends Minority haircut Hybrid capital Basic own funds after deductions Reconciliation of IFRS Shareholders’ equity vs. Solvency II own funds in m. EUR 21,032 6% 2% 1) As at 31 December 2024 1) Foreseeable dividends and distributions incl. non-controlling interests 2) Net deferred tax assets Tier 3 capital Unutilised Tier 2 capacity Tier 2 capital Tier 1 hybrid capital Tier 1 unrestricted capital 2) Hannover Re: The somewhat different reinsurer69 Our capital structure consists not only of equity Unutilised Tier 2 provides additional flexibility | 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 |
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer70
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Net income guidance raised to EUR ~2.6 bn. after strong Q1-3/2025 result Additional prudency and active loss realisation in fixed-income portfolio Hannover Re: The somewhat different reinsurer Reinsurance revenue Group net income Initial target 2025: ~ 2.4 bn.1) Group Figures in m. EUR unless otherwise stated 1) Subject to no major distortions in capital markets and/or major losses not exceeding the large loss budget of EUR 2.1 bn. in 2025 2) At unchanged f/x rates , excl. impact of refinement in NDIC calculation 3) Including foreseeable dividend recognised on a pro -rata basis P&C reinsurance L&H reinsurance 668 671 Q1-3/2024 Q1-3/2025 Reinsurance revenue (gross) 13.9 bn. -0.1% (f/x-adj. +2.0%) Target 2025: +7%2) Combined ratio Reinsurance service result New business CSM & LC (net) 2.6 bn. +7.1% (compared to prior year) New business CSM & LC (net) (incl. extensions on existing contracts) 575 m. +16.0% (compared to prior year) Reinsurance revenue (gross) 5.8 bn. +0.3% (f/x-adj. +2.2%) Target 2025: > 875 m. 87.9% 86.0% Q1-3/2024 Q1-3/2025 Initial target 2025: < 88% 19,701 19,711 Q1-3/2024 Q1-3/2025 f/x-adj. +2.1% +0.0% 1,824 1,965 Q1-3/2024 Q1-3/2025 RoE 22.0% Financial ambition: > 14% CSM (net) 8.3 bn. +2.1% (vs. 31.12.2024) RoI 2.8% Initial target 2025: ≥ 3.2% Total investments 64.6 bn. -2.0% (vs. 31.12.2024) Shareholders’ equity 12.0 bn. +1.5% (vs. 31.12.2024) Solvency ratio3) 259% Financial ambition: > 200% 71 +7.7% | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 |
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YTD Reinsurance revenue − Reinsurance revenue growth (f/x-adjusted +2.0%) impacted by change in NDIC calculation (~7.5%p) with no impact on reinsurance service result, total adjusted revenue growth ~9.5% − Q3 revenue still impacted by change in NDIC calculation and timing of bookings for larger treaties, with expected catch-up effects in Q4 Reinsurance service result − Net large losses of 1,177 m. well below budget of 1,636 m., however booked to full budget − Result reflects strong underlying profitability and additional prudency in reserving (less pronounced in Q3/2025) − Combined ratio below target despite additional reserve prudency; discounting effect of ~9.5% reflects reserve increases in long-tail lines Reinsurance finance result − Further increase reflects continued high interest rates Investment result − Investment income reflects favourable ordinary income and active loss realisation in fixed-income portfolio of 324 m. Other result − Currency result 219 m., mainly driven by weakening of USD Continued growth in a favourable market environment Strong result allowed for additional prudency and active loss realisation in fixed-income portfolio Hannover Re: The somewhat different reinsurer All figures in m. EUR unless otherwise stated LC = loss component, NDIC = non-distinct investment component Property & Casualty R/I Q3/2024 Q3/2025 Q1-3/2024 Q1-3/2025 Reinsurance revenue (gross) 4,840 4,393 13,939 13,932 Reinsurance revenue (net) 4,146 3,869 12,041 12,271 Reinsurance service result 498 742 1,461 1,717 Reinsurance finance result -246 -291 -666 -863 Investment income 349 230 1,146 1,062 Other result -25 -107 -205 -48 Operating profit/loss (EBIT) 576 574 1,737 1,868 Combined ratio (net) 88.0% 80.8% 87.9% 86.0% New business CSM (net) 604 644 2,468 2,639 New business LC (net) -14 2 -30 -28 72 | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 |
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YTD Reinsurance revenue − Revenue +0.3% (f/x-adjusted +2.2%), mainly driven by Longevity and Financial Solutions Reinsurance service result − In line with full-year target − Positive experience variances in all reporting categories − Negative impact from assumption updates and increase in risk adjustment for Morbidity business Investment result − Ordinary income in line with expectation, negative result from at-equity participation (~30 m.) Other result − Minor impact from currency result (-3 m.) Reinsurance service result fully in line with target Pleasing new business generation of 575 m. Hannover Re: The somewhat different reinsurer All figures in m. EUR unless otherwise stated LC = Loss component 73 Life & Health R/I Q3/2024 Q3/2025 Q1-3/2024 Q1-3/2025 Reinsurance revenue (gross) 1,945 1,979 5,762 5,779 Reinsurance revenue (net) 1,722 1,736 5,085 5,175 Reinsurance service result 220 227 668 671 Reinsurance finance result -38 -49 -118 -145 Investment income 87 69 298 282 Other result -54 -71 -132 -163 Operating profit/loss (EBIT) 215 175 716 645 New business CSM (net) 38 156 223 373 New business LC (net) -8 6 -18 -10 NB CSM & LC incl. extensions on existing contracts 120 227 495 575 | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 |
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in m. EUR Q1-3/2024 Q1-3/2025 RoI Ordinary investment income1) 1,735 1,822 3.7% Realised gains/losses -38 -302 -0.6% Depreciations Real Assets, Impairments -90 -53 -0.1% Change in ECL -4 -7 0.0% FVTPL - valuation2) -18 34 0.1% Investment expenses -139 -149 -0.3% Investment result 1,445 1,345 2.8% 31 Dec 24 30 Sep 25 Fixed Income -3,299 -2,115 Equities (non-recycling) -1 7 Real Assets 529 490 Others (Participations etc.) 355 -79 Total -2,415 -1,697 Unrealised gains/losses on investments (OCI) YTD − Increase in ordinary income supported by strong operating cash flow and decent return from alternative investments; 110 m. contribution from inflation-linked bonds − Realised losses mainly driven by active realisation of fixed- income losses (EUR 324 m.; thereof EUR 260m in Q3), smaller positive contributions from real estate − Moderate impact from change in ECL − Overall positive result from change in fair value of financial instruments − Change in unrealised gains/losses mainly driven by fixed income market yields and realisations, change in others mainly reflects sale of stake in Viridium All figures in m. EUR unless otherwise stated 1) Incl. results from associated companies 2) Fair Value Through P/L of financial instruments Pleasing ordinary investment income above previous year Active loss realisation in fixed-income portfolio supports future investment income 74 Hannover Re: The somewhat different reinsurer | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 |
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Stand alone in m. EUR Q3/2024 Q3/2025 D-% Q3/2024 Q3/2025 D-% Q3/2024 Q3/2025 D-% Reinsurance revenue (gross) 4,840 4,393 -9.2% 1,945 1,979 1.8% 6,785 6,372 -6.1% Reinsurance service expenses -4,066 -3,216 -20.9% -1,718 -1,762 2.6% -5,784 -4,978 -13.9% Reinsurance service result (gross) 773 1,177 52.1% 228 217 -4.7% 1,001 1,394 39.2% Reinsurance result (ceded) -275 -435 58.0% -7 10 - -283 -425 50.4% Reinsurance service result 498 742 48.9% 220 227 3.0% 718 969 34.8% Reinsurance finance result -246 -291 18.5% -38 -49 28.6% -284 -340 19.9% Investment result 349 230 -34.0% 87 69 -20.8% 436 300 -31.3% Currency result 85 -13 -114.9% 4 -7 - 89 -20 -122.0% Other result -110 -95 -14.2% -58 -65 11.2% -168 -170 1.0% Operating profit/loss (EBIT) 576 574 -0.5% 215 175 -18.4% 791 738 -6.7% Net income before taxes 765 717 -6.4% Taxes -72 -37 -49.2% Net income 693 680 -1.9% Non-controlling interest 30 29 -2.6% Group net income 663 651 -1.9% Property & Casualty R/I Life & Health R/I Total Our business groups at a glance Q3/2024 vs. Q3/2025 75 Hannover Re: The somewhat different reinsurer | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 |
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Stand alone in m. EUR Q1-3/2024 Q1-3/2025 D-% Q1-3/2024 Q1-3/2025 D-% Q1-3/2024 Q1-3/2025 D-% Reinsurance revenue (gross) 13,939 13,932 -0.1% 5,762 5,779 0.3% 19,701 19,711 0.0% Reinsurance service expenses -11,347 -11,398 0.4% -5,092 -5,086 -0.1% -16,439 -16,484 0.3% Reinsurance service result (gross) 2,592 2,534 -2.2% 670 693 3.4% 3,262 3,227 -1.1% Reinsurance result (ceded) -1,130 -817 -27.7% -2 -21 - -1,132 -839 -25.9% Reinsurance service result 1,461 1,717 17.5% 668 671 0.4% 2,130 2,388 12.1% Reinsurance finance result -666 -863 29.6% -118 -145 22.8% -784 -1,008 28.6% Investment result 1,146 1,062 -7.3% 298 282 -5.4% 1,445 1,345 -6.9% Currency result 12 219 - 21 -3 -113.7% 32 217 - Other result -217 -267 23.3% -153 -160 4.7% -376 -442 17.7% Operating profit/loss (EBIT) 1,737 1,868 7.6% 716 645 -9.9% 2,448 2,500 2.1% Net income before taxes 2,371 2,427 2.4% Taxes -517 -411 -20.6% Net income 1,853 2,016 8.8% Non-controlling interest 29 51 78.4% Group net income 1,824 1,965 7.7% Property & Casualty R/I Life & Health R/I Total Our business groups at a glance Q1-3/2024 vs. Q1-3/2025 76 Hannover Re: The somewhat different reinsurer | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 | • tax ratio lower than anticipated due to corporate tax reform in Germany as well as varying regional profit contributions
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Large loss budget (net) 690 825 825 825 875 975 1,100 1,400 1,725 1,825 1,636 ILS share of gross loss 7 34 358 378 244 88 439 1,002 62 363 448 Large losses in Q1-3/2025 EUR 459 m. below budget Natural and man-made catastrophe losses in excess of EUR 10 m. gross in m. EUR 714 846 1,790 1,722 1,497 2,127 2,649 2,944 1,970 2,506 1,891 573 627 1,127 850 956 1,595 1,250 1,706 1,621 1,629 1,177 0 900 1800 2700 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1-3/2025 Gross Net Large loss budget (net) Large loss budget YTD (net) 77 | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 | Hannover Re: The somewhat different reinsurer
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Catastrophe losses1) in m. EUR Date Gross Net California Wildfires, US 7 - 31 Jan 1,291.0 614.8 Earthquake, Taiwan 21 Jan 11.0 11.0 Storms, US 14 - 19 Mar 12.6 11.3 Earthquake, Myanmar 28 Mar 91.4 91.4 Storms, US 14 - 20 May 60.9 50.6 Typhoon Ragasa, East and SE Asia 21 - 25 Sep 20.0 20.0 6 Natural catastrophes 1,486.9 799.0 7 Property losses 270.0 269.1 2 Aviation losses 82.5 63.0 2 Marine losses 27.3 23.8 2 Political risk losses 23.9 22.0 13 Man-made losses 403.6 377.9 19 Major losses 1,890.5 1,176.9 NatCat losses clearly below expectation Man-made losses above budget of 300 m. 78 1) Major losses in excess of EUR 10 m. gross Large loss budget 2025: EUR 2,100 m., thereof EUR 400 m. man-made and EUR 1,700 m. NatCat | 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2025 | 7 | 8 | Hannover Re: The somewhat different reinsurer
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer79
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Group net income guidance for FY 2025 increased to ~ EUR 2.6 bn. Based on full utilisation of large-loss budget and option for further loss realisation in fixed-income Property & Casualty Life & Health Investments Expected contribution Group financial guidance 2025 Revenue (gross) growth1) > 7% Combined ratio < 87% CSM growth ~ 2% Reinsurance service result > 875 m. Return on investment ~ 2.9% Group net income2) EUR ~ 2.6 bn. 80 1) F/x-adjusted, excl. impact of refinement in NDIC calculation 2) Subject to no major distortions in capital markets and based on full utilisation of large-loss budget (EUR 2.1 bn.) and excl. option for further loss realisation in fixed-income portfolio | 1 | 2 | 3 | 4 | 5 | 6 | 7 Outlook | 8 | Hannover Re: The somewhat different reinsurer
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Revenue growth1) (gross, excl. Structured R/I) mid-single digit % Combined ratio2) < 87% Guidance for FY 2026 Strong earnings contribution from all three “profit engines” Expected contribution Group financial guidance 2026 Reinsurance service result ~ 925 m. Return on investment ~ 3.5% Group net income3) EUR ≥ 2.7 bn. Property & Casualty Life & Health Investments 81 1) F/x-adjusted 2) Assumed discount effect of ~ 9 - 10% 3) Subject to no major distortions in capital markets and/or major losses in 2026 not exceeding the large loss budget of EUR 2.3 bn. | 1 | 2 | 3 | 4 | 5 | 6 | 7 Outlook | 8 | Hannover Re: The somewhat different reinsurer
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82 82 Appendix Appendix 8 8 79 79 Outlook Outlook 7 7 70 70 Interim results Q1-3/2025 Interim results Q1-3/2025 6 6 59 59 Capital and risk management Capital and risk management 5 5 54 54 Investment management Investment management 4 4 42 42 Life Health reinsurance Life & Health reinsurance 3 3 32 32 Property Casualty reinsurance Property & Casualty reinsurance 2 2 2 2 Hannover Re Group Hannover Re Group 1 1 Hannover Re: The somewhat different reinsurer82
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83 Karl Steinle Director Investor & Rating Agency Relations Tel: +49 511 5604 - 1500 karl.steinle@hannover-re.com Axel Bock Senior Investor Relations Manager Tel: +49 511 5604 - 1736 axel.bock@hannover-re.com Rebekka Brust Investor Relations Manager Tel: +49 511 5604 - 1530 rebekka.brust@hannover-re.com Our Investor Relations contacts and financial calendar 11 November 2025 UBS European Conference, London 19 November 2025 DZ BANK Equity Conference, Frankfurt 20 November 2025 J.P. Morgan European Financials Conference, London 25 November 2025 Deutsches Eigenkapitalforum, Frankfurt 27 November 2025 Roadshow Vienna | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Appendix | Hannover Re: The somewhat different reinsurer
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Hannover Re: The somewhat different reinsurer84 Basic information International Securities Identification Number (ISIN) DE 000 840 221 5 Ticker symbols -Bloomberg HNR1 -Thomson Reuters HNRGn -ADR HVRRY Exchange listings -Germany Xetra, Frankfurt, Munich, Stuttgart, Hamburg, Berlin, Düsseldorf, Hannover (official trading: Xetra, Frankfurt and Hannover) -USA American Depositary Receipts (Level 1 ADR programme; 6 ADR = 1 share) Market segment Prime Standard Index inclusion DAX First listed 30 November 1994 Number of issued shares1) 120,597,134 Common shares1) EUR 120,597,134 Share class No-par-value registered shares 1) As at 31 December 2024 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Appendix | Basic information on Hannover Re share
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− WTW’s review of the LIC claim reserves as at 31 December 2024 covered 97.4% of the gross and 99.2% of the net undiscounted Liability for Incurred Claims (“LIC”). Life reinsurance and health reinsurance business are excluded from the scope of this review − The scope of WTW’s work was to review the nominal and discounted claims cash flows for the non-life LIC under IFRS17, gross and net of outwards reinsurance, from Hannover Rück SE’s consolidated IFRS17 financial statements and the implicit resiliency reserve margin as at 31 December 2024. WTW concludes that the reviewed LIC claims reserves, net of reinsurance, less the resiliency margin is reasonable in that it falls within WTW’s range of reasonable estimates. The scope of WTW’s reviews is aligned with IFRS 17 from 31 December 2023 onwards with the prior reviews being aligned with IFRS 4. − WTW’s analysis relies on data provided by Hannover Rück SE as of each 31 December. WTW’s analysis may not reflect claim development or all information that became available after the valuation dates and WTW’sresults, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates. − The results shown in WTW’s reports are not intended to represent an opinion of market value and should not be interpreted in that manner. The reports do not purport to encompass all of the many factors that may bear upon a market value. − The results shown in this presentation are based on a series of assumptions as to the future. It should be recognised that actual future claim experience is likely to deviate, perhaps materially, from WTW’s estimates. This is because the ultimate liability for claims will be affected by future external events; for example, the likelihood of claimants bringing suit, the size of judicial awards, changes in standards of liability, and the attitudes of claimants towards the settlement of their claims. − WTW has not anticipated any extraordinary changes to the legal, social, inflationary or economic environment, or to the interpretation of policy language, that might affect the cost, frequency, or future reporting of claims. In addition, WTW’s estimates make no provision for potential future claims arising from causes not substantially recognised in the historical data (such as new types of mass torts or latent injuries, terrorist acts), except in so far as claims of these types are included incidentally in the reported claims and are implicitly developed. − WTW’s analysis includes asbestos, environmental and other health hazard (APH) exposures which are subject to greater uncertainty than other general liability exposures. WTW’s analysis of the APH exposures assumes that the reporting and handling of APH claims is consistent with industry benchmarks. However, there is scope for wide variation in actual experience relative to these benchmarks. The actual fully developed losses for these claim exposures could prove to be significantly different to both the held and indicated amounts. − Sharp increases in inflation in many economies worldwide have resulted from rises in energy, food, component, and raw material prices since 2021, driven by wider economic effects of the Russia-Ukraine conflict combined with factors such as supply chain disruptions caused by the Covid-19 pandemic, labour shortages and geopolitical tensions. Generally, inflation has remained elevated since 2021 despite mitigating policy responses by central banks and governments. However, inflation rates appear to have peaked and have declined with an expectation of normalising in 2025. Prospective inflationary risks remain high due to the current heightened geopolitical tensions with increased possibilities of hitherto unexpected conflict escalation. Uncertainty around possible changes to tariffs applied by the US on other countries, and any reciprocal actions that they take, could result in economic shocks that cause increases in inflation which have not been anticipated in the WTW analysis. WTW’s analysis makes no explicit allowance for extraordinary future effects that may result from the above factors or other emerging shocks on the projection results. − In accordance with its scope WTW’s estimates are on the basis that all of Hannover Rück SE’s reinsurance protection will be valid and collectable. Further liability may exist for any reinsurance that proves to be irrecoverable. − WTW’s estimates are in Euros based on the exchange rates provided by Hannover Rück SE as at 31 December 2024. However, a substantial proportion of the liabilities is denominated in foreign currencies. To the extent that the assets backing the reserves are not held in matching currencies, future changes in exchange rates may lead to significant exchange gains or losses. − WTW has not attempted to determine the quality of Hannover Rück SE’s current asset portfolio, nor has WTW reviewed the adequacy of the balance sheet position except as otherwise disclosed herein. − In its review, WTW has relied on audited and unaudited data and financial information supplied by Hannover Rück SE and its subsidiaries, including information provided orally. WTW relied on the accuracy and completeness of this information without independent verification. − Except for any agreed responsibilities WTW may have to Hannover Rück SE, WTW does not assume any responsibility and will not accept any liability to any person for any damages suffered by such person arising out of this commentary or references to WTW in this document. 85 Details on reserve review by WTW | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Appendix | Hannover Re: The somewhat different reinsurer
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This presentation does not address the investment objectives or financial situation of any particular person or legal entity.Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of investing in any of our securities. While Hannover Re has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information. Some of the statements in this presentation may be forward-looking statements or statements of future expectations based on currently available information. Such statements naturally are subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. This presentation serves information purposes only and does not constitute or form part of an offer or solicitation to acquire, subscribe to or dispose of, any of the securities of Hannover Re. © Hannover Rück SE. All rights reserved. Rights of third parties that are used under a Creative Commons licence and are to be guaranteed accordingly remain unaffected and are not to be restricted in any way. Hannover Re is the registered service mark of Hannover Rück SE. Hannover Re: The somewhat different reinsurer86 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Appendix | Disclaimer