Insights into our evolving strategy
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- Madlyn Austin
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1 Insights into our evolving strategy Growing Hannover Re Ulrich Wallin CEO 14th International Investors' Day Hannover, 23 June 2011
2 Agenda 1. Our mission: Growing Hannover Re 2. Our business model 3. Our profit and growth targets 4. Our risk management 5. Our business partners 6. Our organisation 7. Our level of capitalisation 8. Implementation of the strategy 9. Conclusion
3 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 1. Our mission: Growing Hannover Re Our goals We want to expand our position as a leading global and extraordinary successful reinsurer As the somewhat different reinsurer we aspire to be the best option for our clients' reinsurance need Measurement of success We are one of the Top 3 reinsurers by client evaluation profitability premium income 1
4 2. Our business model Our goals We conduct our business in our two business groups, non-life and life and health reinsurance, which operate from a common capital base This allows us to use our capital most efficiently due to the diversification between and within our business groups We write primary insurance business as a complement to our main activity being reinsurance In Germany, we operate through "the reinsurer for Germany", our subsidiary the E+S Rück, with a specific focus on shareholder related business Measurement of success Being among the 3 most profitable by return on equity At least 30% reduction in required capital due to the diversification between our business groups Profit contribution from business we cannot reach via reinsurance achieved through our primary insurance activities Be among the top 2 reinsurers in Germany Above-average profit contribution from our shareholder-related business which we shall lead for non-life and life and health 2
5 Hannover Re's market approach Non-life reinsurance Self-image: Profit contribution: Clients and products: Markets: Sales channels: Risk management: With our "three-pillar" approach (target markets, specialty lines, global reinsurance) we are in a position to successfully meet all individual client and market needs Through rigid cycle management we achieve higher RoE margins than our peers by striving for a positive IVC & an EBIT margin in excess of 10% We combine the high level of technical expertise with sound CRM in order to secure profitable business. We offer all standard products but in addition offer tailor-made solutions for individual clients and develop new products. Our approach to the different markets in reinsurance has been consistent for decades making us a reliable partner to our clients With a view to securing & advancing our business we co-operate predominantly with R/I brokers, especially in the non-proportional sector outside Germany Adequate reserving level is of utmost importance 3
6 Hannover Re's market approach Life and health reinsurance Self-image: Profit contribution: Clients and products: Markets: Sales channels: Risk management: We are a solution-driven reinsurer for the mutual benefit of our customers and ourselves Double-digit increase of our premium revenues by organic growth & acquisitions as the basis to achieve an annual double-digit growth of VNB & MCEV & an EBIT margin of at least 6% Target clients are defined by a long-term philosophy of partnership "Five-pillar" business model (financial solutions, new markets, bancassurance, multinationals, conventional R/I) Growth drivers are our expansion in emerging markets, senior citizen products in developed markets and our expansion into the US protection market Expand local presence in Asian growth markets over the coming years Direct to our clients through our worldwide network of branch offices and subsidiaries We strive to balance the biometric risks we are assuming 4
7 Diversification reduces capital requirements by a third Capitalisation ratio 155% Risk capital for the 99.97% VaR (according to internal risk model) in m. EUR , ,029 2,618 33% diversification 8,382 * , ,905 5,411 Effective capital requirement Non-life reinsurance Life and health reinsurance The risk categories have been adapted to the Solvency II requirements Calculation according to economic valuation principles As at December 2010 Assets Credit Operational HR Group required capital * Including hybrid capital HR Group available economic capital 5
8 Hannover Re consistently among most profitable reinsurers Even on after-tax basis, in spite of strong Bermuda competition Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank avg. RoE Rank Odyssey Re 28.3% % % % 6 9.2% % 1 Renaissance Re 27.5% % 4 (0.4%) % % % 2 Hannover Re 18.7% % 2 (4.1%) % % % 3 Partner Re 21.8% % 3 1.1% % % % 4 Everest Re 18.2% % 5 (0.4%) % 4 9.9% % 5 Munich Re 13.5% % 7 6.5% % % % 6 Transatlantic Re 15.6% % 6 3.1% % 5 9.7% % 7 SCOR 12.7% % 8 8.9% % % % 8 Swiss Re 16.5% % 9 (3.3%) 8 2.3% % % 9 XL Re* 18.5% 5 3.6% 10 (31.8%) % 9 5.8% 9 (0.2%) 10 Ranking among shown peer group, based on company data, own calculation * Based on XL Capital group figures We aim to be one of the top 3 R/I in terms of RoE 6
9 3. Our profit and growth targets Our goals Triple 10-target Increase of our business volume in excess of the market average Achieve a profit in excess of the cost of capital based on our internal economic capital model Achieve a return on equity of at least 750 bps above the risk-free interest rate according to IFRS Outperform the RBS Global Reinsurance Index on a 3-year rolling basis Continuously pay an attractive dividend to shareholders Measurement of success 10% growth per year of EBIT, EPS, book value per share Premium growth in comparison to our peer group IVC > 0 RoE Development of our share price Continuous dividend payment which is relatively more attractive compared to our peers 7
10 EBIT increased slightly by 3% Operating profit (EBIT) in m. EUR ,142 1, CAGR: 30% US GAAP, from 2004 IFRS, 2009 figures restated 8
11 Record earnings per share Earnings per share (EPS)* in EUR CAGR: 57% (1.05) US GAAP, from 2004 IFRS, 2009 figures restated *Adjusted figures to the 3-for-1 share split in July
12 Highest book value per share ever Year-on-year +21.4%; >100% within ten years Book value per share (as at 31 Dec), dividend in EUR 50 BV/S CAGR: 8% ,21 17,90 19,57 20,93 21, , , ,47 30,80 37, Book value per share Dividend (cumulative since 1994) US GAAP, as from 2004 IFRS, 2009 figures restated 10
13 Our central management tool Allows us to steer our business toward the profitable segments NOPAT CA Shareholders equity (average) Group net income + Minorities (average) + Minority interest in profit or loss + Economic valuation adjustments (average) + Economic adjustments (Loss reserve discount, EVNR) + Hybrid capital (average) +/- Reclassification NII AuM Capital Allocated (CA) + Technical interest = IVC (risk free on neutral portfolio) + Interest on hybrid capital CoC + Tax effect on adjustments Cost of debt Net operating profit after adjustments and taxes (NOPAT) + Cost of equity + Cost of economic valuation adjustments Weighted average Cost of Capital (CoC) The question is: Do we generate enough profit to compensate our cost of capital? 11
14 Capital allocation and value creation Life with higher xroca Capital allocated (CA) in m. EUR Value creation IVC in m. EUR Asset management 1,963 Asset management % 25% L/H R/I 1,571 20% 55% 86 % Non-life R/I 4, L/H R/I % Excess return on CA (xroca) in % 15.5% 47% Non-life R/I % 6.4% 0 Non-life R/I L/H R/I Asset management 12
15 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 4. Our risk management Our goals We position our risk-taking based on our internal capital model so that we are profitable in 9 out of 10 years and have a ruin probability of no more than 0.3 Measurement of success Results of our DFA report IVC achieved by all segments of business Allocation of capital to our business segment to achieve the highest possible risk-adjusted profitability Details are laid down in our risk strategy 13
16 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion Who created how much? New: Asset Management separately 2010 Actual in m. EUR Non-Life Life Asset Management Group Group net income Minority interest in profit or loss Net income Total adjustments (20) Economic adjustements (12) 423 Reclassification NII AuM (752) (211) 316 (647) Technical interest (riskfree on neutral portfolio) Interest on hybrid capital Tax effect on adjustments 7 31 (86) (72) Net operating profit after adjustments and taxes (NOPAT) ,267 Capital allocated 4,319 1,571 1,963 7,853 Weighted average cost of capital (WACC) 7.3% 7.3% 7.3% 7.3% Cost of Capital (CoC) Intrinsic value creation (IVC) Excess return on capital allocated (xroca) 7.5% 15.5% 6.4% 8.8% IVC margin (% of net earned premium) 6.0% 5.2% 6.9% 14
17 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion Hannover Re Cat losses are relatively lower than peers' Q1/2011 Major cat losses as % of net premium earned Non-life reinsurance Hannover Re 33% SCOR 46% Transatlantic Re 57% Everest Re 66% Munich Re 68% Swiss Re 92% Partner Re 122% Source: Aon Benfield (Japan EQ, NZ EQ II, Australian events) 15
18 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion Our retrocession strategy works Recoveries from our retrocessions (K6 and Whole Account) amounted to 43% of the total gross major losses in Q1/2011 Net of reinstatement premiums the total recoveries amounted to ~ EUR 420 m. The remaining coverage after Q1/2011 from our worldwide P/C protections is ~ EUR 450 m. Thereof, approx. EUR 150 m. will be consumed by expected attritional losses in Q2 - Q4/2011 Expected net catastrophe losses (natural and man-made) of EUR 410 m. EUR 300 m. cover will remain for a big event Further coverage of USD 100 m. bought for US hurricane 16
19 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion Risks in peak perils well below expected EBIT in 2011 Net aggregates for peak perils 1/100y incl. exposure from RDS segments 1) in m. EUR ~ ) Group EBIT 2011e USA L.A. EQ USA/GoM HU Europe ST Tokyo EQ Japan TY Sydney EQ 2011 as of 1 Jan 2011 as of today 1) Based on gross aggregates, retro structure and f/x rates 2) Incl. USD 55 m. further coverage as of 1 Jun Further USD 45 m. coverage has been bought recently and are not included. 17
20 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion Reported claims triangle* US/Bermuda Liability non-proportional (HR/E+S) Statistical data (as provided by cedents) Booked data U/W year 160% 140% 120% 100% 80% 60% 40% 20% 0% IFRS earned premium Ultimate loss ratio Paid losses Case reserves % 25.8% 48.5% 70.0% 97.7% 111.1% 126.6% 142.1% 143.4% 146.8% 149.0% 150.0% 176.0% 131.3% 17.7% 27.0% % 27.7% 55.4% 80.3% 116.6% 128.9% 139.2% 141.2% 142.7% 146.7% 151.1% 167.9% 131.7% 18.8% 17.4% % 16.7% 45.3% 65.9% 76.1% 83.8% 94.6% 97.3% 99.2% 100.3% 120.6% 84.1% 15.6% 21.0% % 9.0% 21.2% 34.6% 44.5% 48.4% 50.8% 52.7% 53.3% 68.3% 46.5% 6.7% 15.1% % 14.9% 22.8% 27.4% 32.0% 34.3% 36.8% 38.3% 62.1% 31.2% 6.6% 24.3% % 14.6% 22.7% 26.6% 32.4% 35.3% 38.1% 65.8% 27.9% 9.9% 28.0% % 11.6% 18.3% 24.9% 30.1% 36.4% 72.6% 26.4% 9.2% 37.0% % 11.7% 20.7% 29.2% 33.3% 81.6% 18.8% 13.9% 48.9% % 10.4% 20.5% 30.3% 89.9% 15.2% 14.3% 60.4% % 21.8% 30.0% 101.9% 8.4% 20.7% 72.9% % 12.1% 101.1% 1.8% 9.1% 90.2% % 102.2% 0.3% 11.3% 90.6% 200% 180% 160% 140% 120% 100% * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months 80% 60% 40% 20% 0% Paid losses IBNR IFRS gross written premium Case reserves IFRS earned premium IBNR balance
21 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion US/Bermuda Liability non-proportional: looks promising On average still ~7%pts higher ULRs than mature years suggest Ultimate Loss Ratios (ULR) in % % average ULR 51% average paid ratio 67% average ULR 60% average ULR "as-if" ULR (as 12/2010) + realised + projected part to complete 9th-year paid ratio ULR ("as if": 66% - 51% + + ) 19
22 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 5. Our business partners Our goals Dedication to provide our clients with reinsurance solutions which help them to reach their own goals To be the most preferred reinsurer of our clients Safeguard our financial capacity to meet our obligations Measurement of success Results of client surveys Percentage of possible clients we see business from Average signed lines First contacted for required new reinsurance solutions by clients All business placed being offered to us S&P and A.M. Best rating at a high level (S&P: AA-, A.M. Best: A+) 20
23 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 6. Our organisation Our goals Keep our competitive advantage of the lowest expense ratio in the industry Measurement of success Level of administrative expenses compared to our peers 21
24 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 7. Our level of capitalisation Our goals To have sufficient capital according to our internal capital model solvency requirements rating agencies Measurement of success Level of solvency Ratings Ability to have access to all business Level of achievable RoE our customer expectations The level of equity capital shall not endanger our RoE goals 22
25 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 8. Strategy Review 2011 Strategy Review 2011 There will be a fundamental Strategy Review in 2011 Strategy process As part of the preparations, we are reviewing and optimising the strategy implementation process Performance Excellence 2.0 We are assembling the PE 2.0 toolbox; it contains the necessary tools and opens up additional scope for co-operation in order to allow all units to support our strategy by their activities In 2010, we discussed tools and processes, in 2011 we are talking strategy! 23
26 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 8. Our Strategic Principles PE 2.0 is the tool to aid rigorous execution of the strategy Performance Excellence Model 2.0 of Hannover Re 1 Our Target Business 2 Ambitious Profit and Growth Targets 3 Active Risk Management 4 Successful Employees 5 Preferred Business Partner 6 Adequate Shareholders' Equity 7 Secure Investments 8 Lean Organisation 9 Sustained Compliance 10 Performance Excellence
27 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 8. Strategy cascade of Hannover Re Ensure consistent derivation of strategic objectives across all units Somewhat different We have brought into sharper focus the various levels of the Hannover Re strategy Strategic principles Clear line that extends from our selfimage to the contributions of the individual units Strategic objectives Contributions of the individual units to group strategy The ground rules and tools of PE 2.0 are compulsory for all units within the Group Strategic levels are to be harmonised with the risk strategy 25
28 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 8. Strategy Cockpit 2.0 Practical tool for goal-oriented and systematic management The Strategy Cockpit is a jointly used tool for strategy development and the planning of measures This tool makes management of the overall organisation simpler and more efficient It is the next logical step after the many existing paper solutions Greater interdepartmental transparency with respect to strategy development and execution Greater integration of interfaces with regard to strategy execution and strategic measures It enhances transparency and helps us to learn from one another 26
29 1. Mission 2. Biz model 3. Profit & growth targets 4. Risk mgmt. 5. Biz partners 6. Organisation 7. Capital 8. Strategy 9. Conclusion 9. Conclusion: We aspire to be the best choice for investors......by growing Hannover Re We aim to expand our position as a leading global and extraordinary successful reinsurer We strive to deliver attractive and less volatile returns We have dedicated and ambitious profit and growth targets We write our business in non-life and life and health reinsurance from a common capital base We take risks on clear and measurable parameters We are a somewhat different reinsurer 27
30 Appendix Hannover Re's reserves as of 31 Dec 2010
31 Our well-diversified non-life business......is also reflected in our loss reserves across entities and countries Total gross non-life loss reserves* in m. EUR Group-wide non-life reserve study (internal and external) Rest of world 2,528 16% 27% USA 4,184 Hannover Re/E+S Rück, Canada, Bahrain, Takaful calculations by GRM RES: EUR 12,641 m. (81%) UK/Ireland 3,327 21% 19% 17% Germany 2,578 Bermuda, Australia, Malaysia, Shanghai by external appointed actuaries: EUR 953 m. (6%) UK(IICH), Ireland, Sweden, South Africa by HR Group own actuaries: EUR 2,040 m. (13%) Europe 3,018 Hannover Re Group Non-life: EUR 15,634 m. * As of 31 December 2010, consolidated, IFRS I
32 About 45% related to general liability Driven by premium volume in recent U/Y Gross non-life reinsurance loss reserves* in m. EUR Motor liability 2,525 21% 45% General liability 5,539 34% Other 4,222 EUR 12,286 m. * As of 31 December 2010, consolidated, IFRS II
33 Estimation system & bulk IBNR Roughly one half of own IBNR is self-made "Home-made" IBNR* in m. EUR Cedent-advised reserves 5,937 48% 52% Additional IBNR 6,349 EUR 12,286 m. * As of 31 December 2010, consolidated, IFRS III
34 Reported loss triangles*... Reconciliation to our balance sheet Legal entity Total reserves U/Y Total reserves U/Y in m. EUR No. Line of business U/Y in % of HR Group U/Y in % of HR Group Hannover Re/ 1 General liability non-prop % 3, % E+S Rück 2 Motor non-prop % 1, % 3 General liability prop % 1, % 4 Motor prop % % 5 Property prop % % 6 Property non-prop % % 7 Marine % % 8 Aviation % % 9 Credit/surety % % Total All lines of business 1, % 10, % * As of 31 December 2010, consolidated, IFRS...represent 75% of our gross carried reserves IV
35 Data description and information Understanding the data is crucial for interpretation, analysis and results! Statistical gross reported loss triangles based on cedents' original advices (paid and case reserve information) Converted to EUR with exchange rates as at 31 December 2010 Figures in triangles do not include business written in branch offices and subsidiaries Data on underwriting-year basis Data are combined triangles for companies HR and E+S Rück V
36 Reported claims triangle for HR/E+S* Total (~70% of HR Group reserves shown in 9 individual triangles) U/W year Statistical data (as provided by cedants) IFRS earned premium Ultimate loss ratio Booked data Paid losses Case reserves , % 92.1% 96.0% 98.0% 99.3% 100.9% 101.7% 103.0% 103.3% 103.4% 103.4% 103.4% 106.3% 96.5% 6.5% 3.3% , % 93.2% 105.0% 108.2% 110.1% 112.8% 111.4% 112.0% 112.1% 112.0% 111.6% 115.6% 99.5% 12.3% 3.8% , % 80.5% 86.5% 91.6% 92.0% 93.5% 94.1% 95.3% 95.9% 95.6% 100.9% 87.3% 8.5% 5.1% , % 50.5% 53.1% 55.3% 55.9% 56.4% 56.4% 56.7% 56.7% 61.5% 51.5% 5.0% 5.0% , % 39.6% 42.3% 44.3% 45.3% 46.0% 46.5% 47.1% 54.8% 39.9% 6.8% 8.1% , % 45.1% 48.7% 50.7% 52.5% 53.3% 53.9% 65.1% 46.5% 7.3% 11.3% , % 71.9% 77.0% 79.7% 81.6% 82.8% 96.2% 73.7% 9.0% 13.5% , % 39.3% 42.1% 44.7% 46.1% 63.3% 35.8% 9.8% 17.7% , % 49.6% 54.4% 56.9% 78.3% 43.1% 13.6% 21.6% , % 54.9% 59.4% 83.2% 39.3% 17.9% 26.0% , % 46.0% 78.3% 24.8% 17.6% 35.9% , % 81.2% 12.1% 15.6% 53.4% IBNR balance 120% 140% 4, % 120% 3,500 80% 100% 3,000 60% 40% 20% 0% % 60% 40% 20% 2,500 2,000 1,500 1,000, * As of 31 Dec 2010 (in m. EUR), consolidated, IFRS, development in months 0% Paid losses Case reserves IBNR IFRS earned premium IFRS gross written premium 0 VI
37 Reported claims triangle* 1 General liability non-proportional (HR/E+S) U/W year Statistical data (as provided by cedents) IFRS earned premium Ultimate loss ratio Booked data Paid losses Case reserves % 29.8% 48.7% 65.0% 84.8% 94.5% 106.0% 116.7% 118.8% 120.7% 123.6% 124.3% 148.0% 103.5% 20.2% 24.4% % 74.4% 145.4% 145.9% 186.3% 194.4% 200.6% 204.1% 207.5% 211.8% 216.0% 237.8% 189.0% 26.4% 22.4% % 25.2% 50.2% 75.3% 82.7% 94.6% 103.5% 106.6% 112.9% 116.6% 140.2% 89.2% 26.8% 24.2% % 13.1% 25.6% 37.6% 44.7% 48.5% 50.5% 52.7% 53.2% 70.8% 43.4% 9.8% 17.6% % 14.2% 21.7% 26.8% 32.6% 35.5% 38.6% 40.1% 64.6% 27.9% 11.6% 25.1% % 14.6% 21.8% 26.8% 32.3% 35.5% 38.8% 70.8% 26.1% 12.7% 32.0% % 13.9% 19.8% 26.1% 32.3% 37.6% 77.7% 23.6% 13.5% 40.6% % 13.0% 20.2% 28.2% 32.5% 85.0% 15.1% 16.9% 53.0% % 15.6% 25.6% 35.4% 94.5% 13.6% 20.6% 60.2% % 20.3% 30.9% 98.6% 6.2% 22.9% 69.5% % 14.1% 98.3% 1.6% 10.7% 86.0% % 101.3% 0.7% 10.7% 90.0% IBNR balance 250% 250% % 200% % 150% % 100% % 0% * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months 50% 0% Paid losses Case reserves IBNR IFRS earned premium IFRS gross written premium VII
38 Reported claims triangle* 2 Motor/Accident non-proportional (HR/E+S) U/W year Statistical data (as provided by cedents) IFRS earned premium Ultimate loss ratio Booked data Paid losses Case reserves % 98.4% 108.4% 116.1% 125.2% 128.0% 132.0% 134.3% 136.0% 135.1% 138.1% 138.3% 157.4% 102.8% 35.8% 18.7% % 56.4% 67.6% 85.2% 90.0% 95.1% 95.4% 97.4% 98.0% 101.0% 100.4% 121.4% 65.6% 36.3% 19.5% % 43.3% 55.5% 61.3% 65.4% 71.6% 72.7% 75.1% 75.2% 75.0% 96.9% 45.7% 29.3% 21.9% % 49.3% 59.6% 63.9% 66.4% 67.7% 69.0% 70.8% 71.3% 96.3% 43.3% 28.1% 24.9% % 39.7% 45.8% 52.0% 53.4% 54.1% 55.1% 55.2% 83.1% 33.0% 22.4% 27.7% % 34.4% 44.0% 48.3% 52.7% 53.3% 53.3% 87.6% 30.1% 23.5% 34.0% % 30.6% 36.6% 41.7% 43.2% 43.6% 78.6% 24.3% 19.6% 34.6% % 32.3% 38.1% 42.9% 44.7% 84.9% 24.1% 20.6% 40.2% % 43.8% 51.6% 55.7% 108.7% 29.8% 25.1% 53.8% % 67.5% 73.0% 134.1% 51.7% 20.4% 62.0% % 30.4% 100.2% 8.1% 19.9% 72.2% % 98.6% 1.4% 12.1% 85.1% IBNR balance 160% 140% 120% 100% 80% 60% 40% 20% 180% 150% 120% 90% 60% 30% % % * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months Paid losses Case reserves IBNR IFRS earned premium IFRS gross written premium 0 VIII
39 Reported claims triangle* 3 General liability proportional (HR/E+S) Statistical data (as provided by cedents) Booked data U/W year IFRS earned premium Ultimate loss ratio Paid losses Case reserves % 77.7% 85.5% 91.1% 89.8% 96.4% 96.1% 100.8% 103.2% 102.9% 101.7% 101.8% 106.7% 95.0% 6.4% 5.3% % 91.7% 107.1% 103.8% 95.0% 111.4% 95.4% 97.2% 98.6% 100.1% 97.5% 104.2% 87.7% 9.7% 6.7% % 65.7% 73.4% 87.3% 83.5% 87.9% 88.2% 96.0% 94.4% 92.1% 100.5% 83.1% 9.5% 7.9% % 61.0% 59.8% 64.1% 61.0% 62.4% 62.2% 62.1% 62.1% 72.8% 51.1% 9.9% 11.7% % 46.7% 49.4% 54.3% 50.3% 53.2% 54.7% 57.6% 70.8% 42.9% 14.2% 13.8% % 36.6% 37.5% 42.9% 47.4% 48.3% 49.9% 67.4% 38.0% 9.4% 19.9% % 40.6% 42.1% 42.2% 47.4% 48.7% 69.5% 36.8% 12.8% 19.9% % 40.1% 39.1% 48.2% 53.3% 75.6% 30.8% 17.1% 27.7% % 46.2% 50.0% 53.5% 92.2% 33.7% 20.6% 37.9% % 45.5% 50.7% 87.9% 21.9% 25.7% 40.3% % 46.1% 82.2% 13.4% 30.3% 38.5% % 87.5% 14.4% 22.9% 50.2% IBNR balance 120% 120% % 100% % 80% % 60% % 40% % 20% % % Paid losses Case reserves IBNR IFRS earned premium IFRS gross written premium * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months IX
40 Reported claims triangle* 4 Motor/Accident proportional (HR/E+S) U/W year Statistical data (as provided by cedents) IFRS earned premium Ultimate loss ratio Booked data Paid losses Case reserves % 98.9% 97.4% 95.8% 95.6% 94.7% 94.4% 93.8% 93.7% 93.0% 92.7% 92.5% 92.6% 88.7% 3.5% 0.4% % 97.5% 94.7% 94.8% 94.3% 93.5% 93.1% 94.4% 93.2% 91.9% 92.9% 92.7% 87.6% 4.9% 0.2% % 87.2% 86.6% 85.7% 85.1% 84.2% 83.3% 82.1% 82.5% 82.0% 80.9% 76.8% 4.0% 0.1% % 84.5% 83.1% 82.3% 81.6% 81.1% 80.6% 80.0% 80.0% 78.9% 73.5% 5.0% 0.3% % 79.5% 77.5% 77.7% 77.3% 76.7% 75.4% 75.3% 74.6% 67.5% 6.1% 0.9% % 76.0% 73.9% 72.9% 72.3% 72.1% 71.7% 72.5% 63.9% 7.9% 0.7% % 74.8% 73.1% 72.5% 71.6% 71.4% 71.6% 62.7% 8.8% 0.0% % 79.4% 78.0% 76.1% 75.6% 76.5% 63.2% 12.4% 0.9% % 79.3% 77.5% 77.9% 76.9% 62.3% 14.7% -0.1% % 81.3% 81.5% 78.6% 63.2% 16.6% -1.2% % 88.1% 85.0% 59.9% 23.2% 1.9% % 80.8% 24.7% 3.2% 53.0% IBNR balance 120% 100% % 80% 90% 80% 70% % 60% % 20% 50% 40% 30% % % 10% % Paid losses Case reserves IBNR IFRS earned premium IFRS gross written premium 0 * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months X
41 Reported claims triangle* 5 Property proportional (HR/E+S) Statistical data (as provided by cedents) Booked data U/W year IFRS earned premium Ultimate loss ratio Paid losses Case reserves % 95.0% 95.0% 94.0% 91.7% 92.2% 92.6% 93.0% 92.8% 93.3% 92.9% 92.6% 93.4% 90.1% 2.6% 0.7% % 99.6% 99.9% 101.3% 102.0% 101.6% 101.0% 99.9% 99.9% 99.6% 99.3% 100.5% 98.3% 1.3% 0.8% % 84.1% 84.7% 85.8% 86.1% 85.1% 85.5% 86.0% 86.7% 85.9% 89.1% 84.1% 3.1% 1.9% % 61.8% 62.4% 62.1% 61.8% 61.7% 61.7% 61.6% 61.8% 62.7% 61.0% 0.8% 0.8% % 48.4% 51.4% 50.8% 49.5% 49.5% 49.4% 49.6% 50.9% 47.9% 1.8% 1.2% % 58.4% 60.7% 60.2% 60.4% 60.7% 60.8% 61.9% 59.0% 1.8% 1.1% % 57.3% 57.8% 58.6% 59.1% 59.3% 61.6% 56.7% 2.6% 2.3% % 51.7% 53.3% 54.1% 54.6% 58.4% 50.7% 3.8% 3.9% % 55.8% 59.1% 58.3% 65.1% 53.0% 6.2% 5.9% % 56.4% 57.8% 63.9% 43.0% 9.4% 11.6% % 55.4% 66.2% 34.3% 13.7% 18.2% % 67.9% 11.5% 18.9% 37.5% IBNR balance 120% 100% 80% 120% 100% 80% 1, % 60% 40% 40% 20% 20% 0% % * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months Paid losses Case reserves IBNR IFRS earned premium IFRS gross written premium XI
42 Reported claims triangle* 6 Property non-proportional (HR/E+S) Statistical data (as provided by cedents) Booked data U/W year IFRS earned premium Ultimate loss ratio Paid losses Case reserves % 173.4% 178.7% 177.7% 177.1% 176.8% 175.0% 175.0% 175.0% 174.7% 174.6% 174.5% 171.9% 170.2% 1.4% 0.2% % 70.1% 70.7% 70.5% 69.2% 69.7% 69.4% 69.7% 69.4% 69.2% 68.4% 69.6% 67.8% 1.6% 0.2% % 152.9% 154.5% 155.9% 157.7% 158.7% 159.8% 163.3% 162.9% 161.9% 162.5% 159.2% 2.9% 0.5% % 40.4% 41.3% 41.9% 42.0% 41.4% 41.1% 41.2% 41.1% 41.5% 40.2% 0.9% 0.4% % 21.4% 22.5% 23.6% 24.3% 24.4% 24.9% 25.0% 25.5% 22.3% 2.7% 0.5% % 49.3% 52.3% 53.8% 54.0% 54.6% 54.1% 55.6% 51.2% 3.2% 1.2% % 137.2% 142.6% 145.9% 147.1% 146.8% 147.7% 140.8% 5.3% 1.6% % 30.3% 32.5% 32.9% 33.0% 34.7% 29.9% 3.0% 1.9% % 63.7% 66.2% 65.7% 68.6% 58.2% 7.2% 3.2% % 45.6% 47.0% 52.6% 33.9% 11.9% 6.8% % 43.7% 54.1% 22.9% 18.6% 12.6% % 60.1% 15.9% 25.1% 19.0% IBNR balance 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% % Paid losses IBNR IFRS gross written premium Case reserves IFRS earned premium * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months XII
43 Reported claims triangle* 7 Marine (HR/E+S) Statistical data (as provided by cedents) Booked data U/W year IFRS earned premium Ultimate loss ratio Paid losses Case reserves % 96.9% 103.5% 106.4% 107.0% 107.0% 105.4% 105.3% 104.1% 104.6% 104.6% 106.2% 106.5% 100.2% 6.0% 0.3% % 114.7% 123.3% 125.6% 126.0% 124.3% 121.6% 119.9% 119.5% 119.5% 119.4% 120.5% 117.1% 2.6% 0.8% % 93.2% 100.3% 99.5% 98.7% 99.0% 96.2% 93.7% 93.7% 93.2% 96.6% 83.0% 10.8% 2.8% % 33.4% 36.8% 37.2% 35.9% 35.4% 35.6% 35.6% 35.4% 37.2% 33.8% 1.8% 1.7% % 30.8% 32.1% 34.9% 39.1% 39.0% 38.9% 38.7% 40.7% 36.6% 2.1% 2.0% % 82.0% 87.5% 89.7% 93.3% 92.5% 91.5% 95.5% 88.7% 3.1% 3.7% % 218.0% 246.1% 251.0% 251.5% 253.3% 259.0% 243.2% 10.2% 5.7% % 25.6% 29.7% 30.5% 30.8% 40.1% 24.5% 6.3% 9.3% % 58.9% 64.5% 65.4% 78.2% 49.5% 15.6% 13.0% % 70.3% 74.0% 106.6% 48.7% 25.3% 32.7% % 45.4% 86.2% 26.3% 17.1% 42.8% % 117.7% 18.0% 23.9% 75.7% IBNR balance 300% 300% % 250% % 150% 200% 150% % 100% % 50% 50 0% % Paid losses IBNR IFRS gross written premium Case reserves IFRS earned premium * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months XIII
44 Reported claims triangle* 8 Aviation (HR/E+S) Statistical data (as provided by cedents) Booked data U/W year IFRS earned premium Ultimate loss ratio Paid losses Case reserves % 71.2% 81.2% 91.6% 95.5% 98.0% 102.8% 104.3% 105.1% 106.5% 107.6% 107.2% 110.5% 94.7% 12.4% 3.4% % 137.2% 184.4% 208.8% 194.6% 211.6% 211.8% 212.7% 214.3% 209.1% 199.0% 202.1% 116.9% 82.8% 2.4% % 49.9% 62.7% 70.8% 70.1% 69.6% 70.0% 69.8% 69.6% 70.6% 73.5% 59.7% 10.9% 2.9% % 23.6% 25.3% 27.2% 28.5% 28.6% 28.1% 28.4% 28.5% 32.6% 26.9% 2.1% 3.6% % 19.5% 21.0% 22.1% 22.4% 22.7% 23.2% 23.0% 27.8% 21.4% 1.6% 4.8% % 24.1% 29.1% 31.5% 31.1% 31.7% 31.9% 38.5% 28.4% 3.7% 6.4% % 27.4% 30.1% 32.4% 33.5% 34.6% 49.3% 25.0% 9.4% 14.9% % 40.8% 45.5% 47.7% 47.9% 67.4% 38.5% 9.3% 19.6% % 39.0% 42.1% 43.4% 63.4% 32.4% 10.0% 20.9% % 54.0% 60.7% 80.6% 25.5% 34.0% 21.0% % 47.3% 80.4% 23.1% 17.9% 39.4% % 76.5% 8.6% 25.8% 42.1% IBNR balance 250% 250% % 200% 150% 150% 100% 100% 50% 0% 50% % * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months Paid losses Case reserves IBNR IFRS earned premium IFRS gross written premium XIV
45 Reported claims triangle* 9 Credit/Surety (HR/E+S) Statistical data (as provided by cedents) Booked data U/W year 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% IFRS earned premium Ultimate loss ratio Paid losses Case reserves % 51.5% 60.8% 62.7% 67.7% 69.6% 70.2% 71.0% 70.4% 70.7% 70.6% 69.7% 69.7% 64.7% 5.0% 0.0% % 62.4% 73.0% 85.7% 85.6% 77.3% 77.5% 77.3% 76.7% 76.5% 78.0% 78.2% 72.9% 5.2% 0.1% % 84.3% 89.3% 90.5% 89.0% 86.8% 84.0% 83.3% 82.8% 82.4% 87.1% 80.2% 3.8% 3.1% % 54.0% 57.3% 59.0% 59.3% 59.0% 58.0% 57.4% 56.6% 58.3% 52.9% 4.1% 1.2% % 42.3% 44.5% 44.8% 45.4% 45.3% 45.1% 45.5% 47.0% 39.5% 6.6% 1.0% % 36.2% 37.8% 38.0% 37.0% 36.7% 36.4% 39.2% 33.4% 3.5% 2.3% % 37.3% 40.1% 41.3% 41.8% 41.7% 47.4% 36.0% 5.9% 5.5% % 34.4% 37.4% 38.1% 40.2% 53.3% 35.0% 5.1% 13.2% % 38.4% 49.6% 54.3% 68.8% 44.1% 10.1% 14.5% % 65.9% 75.5% 87.9% 63.8% 10.9% 13.1% % 31.2% 71.2% 20.3% 9.7% 41.3% % 64.0% 3.0% 7.8% 53.1% * As of 31 December 2010 (in m. EUR), consolidated, IFRS, development in months 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Paid losses IBNR IFRS gross written premium Case reserves IFRS earned premium IBNR balance XV
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