Slides
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Hannover Re Conference Call on Q2 / 2026 financial results Hannover , 12 August 2026 somewhat diдerent
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17 17 Appendix Appendix 14 14 Outlook 2026 Outlook 2026 5 5 12 12 Investments Investments 4 4 9 9 Life Health reinsurance Life & Health reinsurance 3 3 6 6 Property Casualty reinsurance Property & Casualty reinsurance 2 2 3 3 Group overview Group overview 1 1 Conference Call on Q2/2026 financial results2
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1 Group overview Conference Call on Q2/2026 financial results3
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Strong underlying profitability allowed for continued increase in reserve resiliency Business development in 1H/2026 fully supports net income target for 2026 Conference Call on Q2/2026 financial results Reinsurance revenue Group net income Target 2026: ≥ 2.7 bn.1) Group Figures in m. EUR unless otherwise stated 1) 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 2) New business CSM + extensions on existing contracts P&C reinsurance L&H reinsurance 445 478 1H/2025 1H/2026 Reinsurance revenue (gross) 8.8 bn. -8.0% (f/x-adj. -3.9%) Combined ratio Reinsurance service result New business CSM 1.7 bn. -13.3% (compared to prior year) New CSM generation2) 385 m. +5.5% (compared to prior year) Reinsurance revenue (gross) 4.1 bn. +9.1% (f/x-adj. +12.1%) Target 2026: ~ 925 m. 88.4% 83.2% 1H/2025 1H/2026 Target 2026: < 87% 13,338 12,918 1H/2025 1H/2026 f/x-adj. +0.7% 1,314 1,406 1H/2025 1H/2026 4 +7.0% | 1 Group overview | 2 | 3 | 4 | 5 | RoE 21.5% Financial ambition: > 14% CSM (net) 8.8 bn. +11.4% (vs. 31.12.2025) RoI 3.7% Target 2026: ~ 3.5% Total investments 69.4 bn. +4.6% (vs. 31.12.2025) Shareholders’ equity 13.3 bn. +2.6% (vs. 31.12.2025) Solvency ratio 254% Financial ambition: > 200% Operating cash flow 3.0 bn. +34.7% (vs. prior year) -3.1%
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1,632 2,154 6,275 6,659 849 995 2,892 2,962 11,648 12,770 31/12/2025 30/06/2026 Strong earnings driving growth in shareholders’ equity, despite dividend payout in Q2 Increase in CSM mainly reflects successful renewals in P&C and new business generation in L&H Conference Call on Q2/2026 financial results Change in shareholders’ equity Contractual Service Margin (CSM) and Risk Adjustment (RA) Figures in m. EUR unless otherwise stated 5 | 1 Group overview | 2 | 3 | 4 | 5 | 12,929 1,406 -1,507 203 -165 401 13,266 Shareholders' equity 31.12.2025 Group Net income Dividend payment Change in OCI Reinsurance Liabilities Change in OCI Investments Currency translation and other Shareholders' equity 30.06.2026 CSM P&C RA P&C RA L&H CSM L&H CSM +11.4% Total +9.6% RA +5.8%
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2 Property & Casualty reinsurance Conference Call on Q2/2026 financial results6
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All figures in m. EUR unless otherwise stated LC = loss component, NDIC = non-distinct investment component YTD Reinsurance revenue − Reinsurance revenue (f/x-adjusted -3.9%), impacted by f/x and decreased volume in Structured R/I & ILS -18.7% (f/x-adjusted); Traditional business +0.2% (f/x-adjusted) − Traditional underlying earned premium growth of ~4%, higher than reinsurance revenue growth, mainly due to impact from increase in commissions and NDIC (profit & sliding-scale commissions) − Expected catch-up in revenue growth supported by 7.2% YTD growth in 2026 renewals Reinsurance service result − Net large losses of 785 m. (incl. initial estimate for Iran war of 200 m.) below budget of 1,025 m.; full budget booked − Result reflects strong underlying profitability; combined ratio below target despite additional reserve resiliency; discounting effect of ~12% Reinsurance finance result − Further increase reflects increased reserve volume Investment result − Increase in investment result based on higher ordinary income Strong underlying profitability allowed for additional reserve resiliency Growth target in traditional business challenging, but achievable due to expected catch-up in 2H/2026 Conference Call on Q2/2026 financial results7 | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Property & Casualty R/I Q2/2025 Q2/2026 1H/2025 1H/2026 Reinsurance revenue (gross) 4,453 4,293 9,539 8,773 Reinsurance revenue (net) 3,924 3,644 8,403 7,533 Reinsurance service result 703 626 975 1262 Reinsurance finance result -289 -355 -572 -667 Investment income 363 543 832 1069 Other result 73 -57 59 -140 Operating profit/loss (EBIT) 851 757 1,295 1,524 Combined ratio (net) 82.1% 82.8% 88.4% 83.2% New business CSM (net) 457 603 1,995 1,729 New business LC (net) -12 -16 -30 -21
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1,506 -162 -62 -21 1,262 CSM release Experience variances and other Run-off result LC new business Reinsurance service result Reinsurance Service Result − CSM release reflecting successful 2025 and 2026 renewals − Negative experience variance mainly driven by prudent reserving for current underwriting years − Positive underlying reserve run-off offset by prudent reserve strengthening − Minor new business loss component reflects continued attractive market conditions Strong New Business CSM of 1.7 bn driven by successful 2026 renewals Reinsurance service result reflects strong underlying profitability and additional reserve resiliency Conference Call on Q2/2026 financial results Contractual Service Margin (net) All figures in m. EUR unless otherwise stated 51 1,729 61 187 -1,506 1,632 2,154 CSM 31.12.2025 Currency effects New business IFIE Change in estimates Regular release CSM 30.06.2026 8 | 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | − Diversified contribution to new business CSM, mainly from EMEA and Americas; decrease compared to 1H/2025 reflects developments in renewals and negative impact from currency effects and discounting − Change in estimates largely driven by positive assumption updates − CSM increase of +32.0%, reflecting successful 2026 renewals
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3 Life & Health reinsurance Conference Call on Q2/2026 financial results9
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YTD Reinsurance revenue − Reinsurance revenue (f/x-adjusted +12.1%), mainly driven by US Financial Solutions and growth across multiple regions Reinsurance service result − Positive experience variance driven by diversified contributions from Traditional business and Financial Solutions, partly offset by Australian disability business − Negative impact from assumption updates and increase in risk adjustment for Morbidity business Investment result − Favourable increase in ordinary income, result from at-equity participation -24 m. Other result − Currency result of -47 m. driven by change in several f/x rates L&H performance fully supports full-year target and reflects favourable underlying profitability Strong growth reflected in pleasing new CSM generation of 385 m. Conference Call on Q2/2026 financial results All figures in m. EUR unless otherwise stated LC = Loss component 10 | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | Life & Health R/I Q2/2025 Q2/2026 1H/2025 1H/2026 Reinsurance revenue (gross) 1,916 2,103 3,799 4,145 Reinsurance revenue (net) 1,700 1,828 3,440 3,623 Reinsurance service result 201 224 445 478 Reinsurance finance result -45 -58 -96 -106 Investment income 105 105 213 184 Other result -44 -67 -92 -148 Operating profit/loss (EBIT) 217 204 470 408 New CSM generation (net) 133 136 365 385 New business LC (net) -1 -4 -17 -7
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Reinsurance service result on track to meet full-year target CSM release slightly ahead of expectations Conference Call on Q2/2026 financial results All figures in m. EUR unless otherwise stated 1) New business CSM + extensions on existing contracts 88 -148 477 61 478 CSM release RA change current/past service Experience variances and other LC new business and change in LC Reinsurance service result 158 94 223 -477 6,275 385 6,659 CSM 31.12.2025 Currency effects New CSM generation IFIE Change in estimates Regular release CSM 30.06.2026 11 | 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | Reinsurance Service Result Contractual Service Margin (net) − Strong profitability with CSM release slightly ahead of target driven by US Financial Solutions; Risk Adjustment release in line with expectations − Positive experience variance driven by diversified contributions from Traditional business and Financial Solutions, partly offset by Australian disability business − Change in LC mainly driven by assumption updates and prudent increase in risk adjustment for Morbidity business; new business LC -7 m. − Successful new CSM generation1) of 385 m., mainly driven by new business in Financial Solutions and Traditional − Positive change in estimates mainly from Longevity and Traditional business
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4 Investments Conference Call on Q2/2026 financial results12
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in m. EUR 1H/2025 1H/2026 RoI Ordinary investment income1) 1,239 1,369 4.0% Realised gains/losses -70 -3 0.0% Depreciations Real Assets, Impairments -31 -31 -0.1% Change in ECL -12 2 0.0% Fair Value Through P/L 21 18 0.1% Investment expenses -101 -102 -0.3% Investment result 1,046 1,254 3.7% 31 Dec 25 30 Jun 26 Fixed Income -2,052 -2,232 Equities (non-recycling) 15 23 Real Assets 496 525 Others (Participations etc.)²) -122 -128 Total -1,664 -1,812 Unrealised gains/losses on investment portfolio YTD − Pleasing ordinary income with increasing contribution from fixed income − Realised gains/losses reflect regular portfolio maintenance in fixed income and sale of real estate − Change in fair value of financial instruments mainly driven by positive contribution from private and listed equity funds 13 Conference Call on Q2/2026 financial results | 1 | 2 | 3 | 4 Investments | 5 | All figures in m. EUR unless otherwise stated 1) Incl. result from associated companies 2) Excl. derivatives designated for hedge accounting − Change in unrealised gains/losses mainly driven by higher fixed income market yields Resilient investment portfolio delivers RoI above target
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5 Outlook 2026 Conference Call on Q2/2026 financial results14
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272 3,776 192 4,240 Inforce book up for renewal New/ cancelled/ restructured Shares, price & volume changes on renewed Inforce book after renewal 15 Figures in EUR m. unless otherwise stated Underwriting year figures at unchanged f/x rates 1) Excluding specialty business mentioned separately 2) Marine, Aviation, Credit, Surety, Political Risks, Agricultural Risks, Cyber, Digital, Parametrics +12.3% 2 Apr – 1 Jul 2026: Traditional Treaty Business Estimated premium income Americas1) − US: • Continued growth in property and casualty at adequate pricing, despite further rate pressure in property and for well-performing accounts • Disciplined underwriting approach results in selective growth in NatCat − Strong demand for NatCat protection in Latin America, despite limited growth in the regional P&C markets. APAC1) − Asia: decrease in premium volume reflects increased competition across markets − Australia: Attractive growth opportunities despite decreasing rates Specialty R/I2) − Credit & Surety: strong growth driven by new business opportunities in consistently attractive market − Aviation: selective increase in participations, partly offset by softer market conditions and restructuring of placements − Marine: Successful renewal in highly competitive market, growth opportunities particularly in Latin America − Cyber: Overall stable volume, supported by disciplined treaty renewals and growth in non-proportional business | 1 | 2 | 3 | 4 | 5 Outlook 2026 | Thereof change in price: -4.5% Continued growth opportunities in mid-year renewals, YTD 2026 renewals growth of 7.2% Reinsurance rates remain adequate despite overall risk-adjusted price change of -3.9% Conference Call on Q2/2026 financial results
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Revenue growth1) mid-single-digit % Combined ratio2) < 87% Unchanged 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 16 1) Gross, excl. Structured R/I, 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 Outlook 2026 | Conference Call on Q2/2026 financial results
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Appendix Conference Call on Q2/2026 financial results17
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Stand alone in m. EUR Q2/2025 Q2/2026 D-% Q2/2025 Q2/2026 D-% Q2/2025 Q2/2026 D-% Reinsurance revenue (gross) 4,453 4,293 -3.6% 1,916 2,103 9.7% 6,369 6,395 0.4% Reinsurance service expenses -3,313 -3,209 -3.2% -1,697 -1,872 10.3% -5,010 -5,080 1.4% Reinsurance service result (gross) 1,139 1,084 -4.8% 220 231 5.2% 1,359 1,315 -3.2% Reinsurance result (ceded) -436 -458 5.1% -18 -7 -61.0% -454 -465 2.5% Reinsurance service result 703 626 -11.0% 201 224 11.2% 905 850 -6.1% Reinsurance finance result -289 -355 22.8% -45 -58 28.7% -334 -413 23.6% Investment result 363 543 49.5% 105 105 0.1% 469 648 38.2% Currency result 166 -6 -103.6% 3 -23 - 170 -29 -116.8% Other income / expenses -93 -51 -45.2% -47 -44 -7.0% -144 -95 -33.8% Operating profit/loss (EBIT) 851 757 -11.0% 217 204 -5.9% 1,065 961 -9.8% Net income before taxes 1,039 940 -9.6% Taxes -196 -206 5.6% Net income 844 733 -13.1% Non-controlling interest 10 38 267.9% Group net income 833 695 -16.6% Property & Casualty R/I Life & Health R/I Total Our business groups at a glance Q2/2025 vs. Q2/2026 18 | 1 | 2 | 3 | 4 | 5 | Conference Call on Q2/2026 financial results Appendix |
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Stand alone in m. EUR 1H/2025 1H/2026 D-% 1H/2025 1H/2026 D-% 1H/2025 1H/2026 D-% Reinsurance revenue (gross) 9,539 8,773 -8.0% 3,799 4,145 9.1% 13,338 12,918 -3.1% Reinsurance service expenses -8,182 -6,485 -20.7% -3,324 -3,647 9.7% -11,505 -10,132 -11.9% Reinsurance service result (gross) 1,357 2,288 68.6% 476 498 4.7% 1,833 2,786 52.0% Reinsurance result (ceded) -382 -1,026 168.3% -31 -20 -35.1% -414 -1,046 153.0% Reinsurance service result 975 1,262 29.4% 445 478 7.5% 1,420 1,740 22.6% Reinsurance finance result -572 -667 16.7% -96 -106 10.8% -668 -773 15.8% Investment result 832 1,069 28.5% 213 184 -13.4% 1,046 1,254 19.9% Currency result 232 -6 -102.4% 4 -47 - 236 -53 -122.4% Other income / expenses -173 -134 -22.4% -96 -101 5.1% -272 -235 -13.6% Operating profit/loss (EBIT) 1,295 1,524 17.7% 470 408 -13.1% 1,762 1,932 9.7% Net income before taxes 1,710 1,889 10.5% Taxes -374 -411 9.8% Net income 1,336 1,478 10.7% Non-controlling interest 22 73 227.4% Group net income 1,314 1,406 7.0% Property & Casualty R/I Life & Health R/I Total Our business groups at a glance 1H/2025 vs. 1H/2026 19 | 1 | 2 | 3 | 4 | 5 | Conference Call on Q2/2026 financial results Appendix |
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Natural and man-made catastrophe losses in excess of EUR 10 m. gross in m. EUR 20 846 1,790 1,722 1,497 2,127 2,649 2,944 1,970 2,506 2,563 843 627 1,127 850 956 1,595 1,250 1,706 1,621 1,629 1,725 785 0 900 1800 2700 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H/2026 Gross Net Large loss budget (net) Large loss budget YTD (net) Large loss budget (net) 825 825 825 875 975 1,100 1,400 1,725 1,825 2,100 2,300 ILS share of gross loss 34 358 378 244 88 439 1,002 62 363 524 18 Conference Call on Q2/2026 financial results | 1 | 2 | 3 | 4 | 5 | Appendix | Net large losses 1H/2026 EUR 240 m. below budget of EUR 1,025 m.
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Catastrophe losses1) in m. EUR Date Gross Net Wildfires, Australia 7 - 16 Jan 10.1 9.8 Flood, Southern Africa 9 - 19 Jan 10.3 10.3 Storm "Fern", US, Canada 23 - 27 Jan 161.9 130.4 Storms, Spain, Portugal, Morocco 25 Jan - 5 Feb 146.3 126.4 Storm "Hernando", US 22 - 26 Feb 13.2 13.2 Storms, US 12 - 22 Apr 16.7 10.6 Storms and Floods, South Africa 4 - 12 May 10.5 10.5 Storms and Floods, US, Canada 3 - 14 Jun 33.4 33.4 Earthquake, Philippines 8 Jun 16.3 16.3 Earthquakes, Venezuela 24 Jun 75.0 75.0 10 Natural catastrophes 493.9 436.1 7 Property losses 148.6 148.6 1 Iran war 200.0 200.0 8 Man-made losses 348.6 348.6 18 Major losses 842.5 784.7 NatCat losses below expectation offset elevated man-made losses, keeping overall large losses within budget Conference Call on Q2/2026 financial results21 1) Major losses in excess of EUR 10 m. gross Large loss budget 2026: EUR 2,300 m., thereof EUR 450 m. man-made and EUR 1,850 m. NatCat | 1 | 2 | 3 | 4 | 5 | Appendix |
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Asset class 2024 2025 1H/2026 Fixed Income 86% 87% 87% Governments 38% 36% 36% Semi-governments 10% 12% 11% Corporates 32% 33% 33% Investment grade 24% 29% 29% Non-Investment grade 4% 4% 4% Covered Bonds 4% 3% 4% ABS/MBS/CDO 3% 3% 3% Equities 3% 4% 4% Listed 0% 1% 1% Private Equities 3% 3% 3% Real Assets (without Infra-Debt) 7% 7% 7% Others 2% 1% 1% STI 2% 1% 1% MV AuM in EUR bn. 66.4 66.8 69.9 Governments 27 % Semi- governments 15 % Corporates 34 % Pfandbriefe, Covered Bonds, ABS 6 % Private and listed equities 4 % Real Assets 13 % STI / Others 1 % EUR 1,369 m. Ordinary income split 1H/2026 22 Ordinary income from fixed income benefiting from loss realisation in 2025 | 1 | 2 | 3 | 4 | 5 | Economic view based on market values without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR 2,562.5 m. (EUR 2,187.5 m.) as at 30 June 2026 Conference Call on Q2/2026 financial results Appendix |
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IFRS figures as at 30 June 2026 Governments Semi-governments Corporates Pfandbriefe, Covered bonds, ABS Short-term investments Total AAA 24% 62% 0% 80% - 26% AA 52% 22% 12% 7% - 28% A 15% 9% 39% 6% - 22% BBB 6% 1% 39% 6% - 17% <BBB 3% 6% 10% 2% - 6% Total 100% 100% 100% 100% - 100% Germany 14% 17% 3% 12% 14% 10% UK 5% 4% 8% 6% 6% 6% France 2% 1% 7% 9% 3% 4% GIIPS 0% 4% 6% 6% 0% 4% Rest of Europe 6% 16% 12% 20% 19% 11% USA 43% 19% 33% 19% 13% 33% Australia 3% 15% 8% 21% 2% 8% Asia 23% 21% 19% 8% 29% 20% Rest of World 4% 3% 4% 0% 13% 4% Total 100% 100% 100% 100% 100% 100% Total b/s values in m. EUR 21,978 10,595 22,420 4,803 736 60,532 High-quality fixed-income book well-balanced Geographical allocation mainly in accordance with our broad business diversification Conference Call on Q2/2026 financial results23 | 1 | 2 | 3 | 4 | 5 | Appendix |
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− Modified duration of fixed-income mainly congruent with liability- and capital-driven targets Modified duration* 4.3 1H/2026 4.6 2024 4.1 2025 Currency split of investments EUR 26% USD 48% GBP 5% AUD 7% CAD 4% Others 11% 5.0 4.2 3.5 5.0 3.9 4.0 Modified duration per portfolio currency* Duration and currency mix of assets driven by asset-liability management 24 Conference Call on Q2/2026 financial results | 1 | 2 | 3 | 4 | 5 | Appendix | * Effective
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Scenario analysis Unchanged focus on Credit and Alternatives risks Conference Call on Q2/2026 financial results25 Portfolio Scenario Change in market value in m. EUR Change in market value through P&L in m. EUR +50 bps -1,302 -31 +100 bps -2,546 -62 Credit spreads +50% -883 -82 Equity (listed and private equity) -10% -289 -268 Fixed-income securities As at 30 June 2026 | 1 | 2 | 3 | 4 | 5 | Appendix |
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26 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 1 September 2026 Commerzbank & ODDO BHF Corporate Conference, Frankfurt 2 September 2026 Roadshow London 17 September 2026 Natixis CIB 2026 FIG Conference, Paris 23 September 2026 Berenberg and Goldman Sachs 15th Annual German Corporate Conference, Munich | 1 | 2 | 3 | 4 | 5 | Conference Call on Q2/2026 financial results 22 September 2026 Baader Investment Conference, Munich Appendix | Our Investor Relations contacts and financial calendar
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Disclaimer 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. Hannover Re is the registered service mark of Hannover Rück SE. Conference Call on Q2/2026 financial results27 | 1 | 2 | 3 | 4 | 5 | Appendix |