Hannover Re - before and after the crisis. Roland Vogel CFO

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1 Roland Vogel CFO Bank of America Merrill Lynch, 16th Annual Banking & Insurance CEO Conference London, 6 October 211

2 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 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 Rückversicherung AG. All rights reserved. Hannover Re is the registered service mark of Hannover Rückversicherung AG.

3 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Step up in ranking reflects capitalisation on growth opportunities Premium ranking 21 in m. USD Rank Group Country GWP NPW 1 Munich Re D 31,28 n.a. 2 Swiss Re CH 24,756 19,433 3 Hannover Re D 15,147 13,316 * 4 Berkshire Hathaway USA 14,374 13,785 5 Lloyd's GB 12,977 9,762 6 SCOR F 8,872 8,141 7 RGA Re USA 7,21 6,66 Premium ranking 28 in m. USD Rank Group Country GWP NPW 1 Swiss Re CH 29,212 24,296 2 Munich Re D 28,82 27,199 3 Berkshire Hathaway USA 12,827 12,123 4 Hannover Re D 11,446 1,196 5 Lloyd's GB 9,114 6,72 6 SCOR F 8,185 7,5 7 RGA Re USA 5,839 5,349 Source: A.M. Best (September 211 and August 29) n.a. = not available or not applicable * Net premium earned 1

4 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Back on pre-crisis profitability levels 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% % 1 2.5% % 6 9.2% % 1 Renaissance Re 27.5% % 4 (.4%) % % % 2 Hannover Re 18.7% % 2 (4.1%) % % % 3 PartnerRe 21.8% % 3 1.1% % % % 4 Everest Re 18.2% % 5 (.4%) % 4 9.9% % 5 Munich Re 13.5% % 7 6.5% % 7 1.7% % 6 Transatlantic Re 15.6% % 6 3.1% % 5 9.7% % 7 SCOR 12.7% % 8 8.9% 2 1.2% 8 1.1% % 8 Swiss Re 16.5% % 9 (3.3%) 8 2.3% 1 3.6% 1 6.5% 9 XL Re* 18.5% 5 3.6% 1 (31.8%) 1 2.7% 9 5.8% 9 (.2%) 1 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 2

5 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Increase of shareholders' equity by more than 5% since 28 Financial leverage stable despite EUR 5 m. issue in 21 Policyholders' surplus in m. EUR Financial leverage development* in % 6,987 6, ,295 1, ,78 1,377 5,622 1, , , % 37% 41,3% 36,5% 51 35,% 35,2% 2. 3,349 2,83 3,714 4,59 4,325 29% 32,1% H/211 2% H/211 Shareholders' equity Non-controlling interests Hybrid * Hybrid vs. shareholders' equity (incl. non-controlling interests) 3

6 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Optimised risk positioning Record net income despite high burden of major losses in 21 Net (major) losses* vs. net income in m. EUR 1, (127) Net loss Group net income * Claims over EUR 5 m. gross 4

7 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Our 6 major success drivers Diversification Opportunistic and cycle management in non-life R/I Somewhat different in life/health reinsurance Innovation Low administrative expense ratio Conservative asset allocation 5

8 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Continuous increase of life and health R/I share Strong organic growth in 29 plus acquisition of ING Life Re US portfolio Gross written premium in m. EUR EBIT , , ,32 25% 9,317 26% 8,121 39% 1,275 44% 45% % ,67 74% 75% 2,135 11% 56% 55% 61% 6% 94% 89% % 21 Non-life reinsurance Life and health reinsurance Reduction of group volatility due to improved diversification 6

9 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Still well balanced international portfolio despite strong growth of 41% within two years GWP 28 EUR 8,121 m. GWP 21 EUR 11,429 m. Australia Latin 5% America 5% Asia 9% Africa 3% North America 26% Australia Latin 4% America 6% Asia 8% Africa 4% North America 3% Germany 14% Other European countries 2% Great Britain 18% Germany 1% Other European countries 16% Great Britain 21% 7

10 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Sophisticated internal model......for own risk management as well as Solvency II preparation Risk capital for the 99.97% VaR (according to internal risk model) in m. EUR , ,29 2,618 33% diversification 8, , ,95 5,411 Effective capital requirement 1. 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 21 Assets Credit Operational HR Group required capital HR Group available economic capital 8

11 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Hannover Re is well positioned......to compete in the prevailing non-life market conditions Majority of business written via brokers Flexibility to exercise cycle management Centralised underwriting safeguards underwriting discipline Our U/W tools & margin requirements are based on the CoC allocated Selection of business that achieves our profitability targets We have defended our strong rating Offers a broad cross-section of available business Risk-based solvency regimes such as Solvency II will support the development towards rational buying and writing of reinsurance Growth in developed markets by seizing market opportunities 9

12 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 We are somewhat different in life and health R/I We focus on five areas of business (our "five pillars") 1 key markets = 87% of our business; 5 main clients = 8% of our portfolio Sophisticated state-of-the-art Client Relationship Management (CRM) Concentration on biometric rather than market risk (FOGs* in 21 < EUR 2 m.) We do consider acquisitions But only if strategic fit/complement No strategic prices * FOGs = Financial Options and Guarantees, for further information see Hannover Re s MCEV report 21 Focused, long-term, growth-oriented, win-win approach 1

13 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 ING Life Re acquisition in the middle of the crisis......as well as diversified organic growth worldwide GWP life and health 28 EUR 3,134 m. GWP life and health 21 EUR 5,9 m. Africa 3% France 4% Asia 5% Australia 1% Germany 12% Latin America 6% Other European countries 11% North America 22% United Kingdom 27% Australia 7% Germany 7% Asia 7% Other European countries 8% France 3% Africa 3% Latin America 3% United Kingdom 27% North America 35% 11

14 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Hannover Re: an innovative reinsurer New products/markets Enhanced annuities Energy savings Retakaful Equity substitutes We pioneered securitisations For risk-management purposes ILS The expertise and experience of our underwriters has allowed us to develop leading positions in a variety of specialty markets Our superior market positioning and local knowledge allow us to grow in emerging markets 12

15 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Enhanced annuities: an innovative market 6 Net premium earned +133% in m. EUR

16 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Hannover Re remains the absolute cost leader Our overhead ratio is less than half of the industry average Administrative-expense ratio 1) 7.5% 3.2% 3.1% 3.2% 3.1% 3.2% Peer average 2) 21 Own calculation 1) Administrative expenses + other technical expenses (in % of net premium earned) 2) Munich Re, SCOR, Swiss Re, Transatlantic Re, Partner Re, Everest Re 14

17 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Lowest administrative expense ratio within our peer group* How? Lean, efficient infrastructure with no non-life underwriting authority in USA High exposure to broker biz to be able to execute strict cycle mgmt No unbundled services Lead positions only in carefully selected areas Why? To be competitive To have a better choice of business To have better access to niches To be profitable No attempt to offer everything to everyone, but rather concentrate on market segments in which we have a particular expertise * Munich Re, SCOR, Swiss Re, Transatlantic Re, Partner Re, Everest Re 15

18 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Higher investment volume supports investment income Increased importance of funds withheld Total investments in m. EUR Investment income in m. EUR ,42 29,691 9,227 9,553 33,293 1,786 38,47 37,517 12,636 12, , , , ,815 2,137 22,57 25,411 25, H/ H/21 Assets under own management Net income from assets under own management Funds withheld and contract deposits Income and expenses on funds withheld and contract deposits 16

19 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 RoI-target of 3.5% reflects conservative asset allocation Broad diversification even within the asset classes Tactical Asset Allocation 1) Investment category H/211 Fixed-income securities 79% 89% 87% 84% 87% Governmentals 19% 28% 25% 23% 21% Semi-governmentals 2% 23% 26% 21% 23% Corporates 26% 23% 22% 25% 27% Investment grade 24% 22% 2% 24% 26% Non-investment grade 2% 1% 2% 1% 1% Pfandbriefe, Covered Bonds, ABS 15% 15% 15% 16% 17% Equities 12% 3% 2% 4% 2% Listed 1% < 1% < 1% 2% <1% Private Equity 2% 3% 2% 2% 2% Real Estate / Real Estate Funds < 1% < 1% 1% 2% 2% Others 2% 2% 2% 2% 2% Short-term investments (STI) & cash 6% 6% 8% 8% 7% 2) Total balance sheet values in bn. EUR ) Without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR m. (EUR m.) as per 3 June 211 2) Of which Pfandbriefe and Covered bonds = 85% 17

20 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 1H/211: Return on equity of 9.9% despite Q1 losses Q2/211: positive development after high catastrophe burden in Q1 Very high catastrophe burden Strong growth in non-life reinsurance (+8.3%) Result 1H/211 Further growth in life and health reinsurance, but at a lower rate (+3.7%) GWP: +6.4% Stable capital markets Strong increase in net investment income by 22.%, helped by inflation swaps Net major losses of EUR 625 m., EUR 39 m. above 1H budget (EUR 235 m.) NPE: +6.8% Net income: EUR 218 m. EPS: EUR 1.81 EBIT in life and health reinsurance burdened by Australian disability claims and f/x effects RoE (annualised): 9.9% Equity: -4.1% Favourable reinsurance markets EUR +124 m. one-off from tax court ruling Excellent operative cash flow of EUR 1,295 m. BPS: EUR

21 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Updated guidance for 211 After 1H/211 we reiterated our net income target Hannover Re Group Gross written premium (GWP) 1) ~ +7% - +8% Net premium earned (NPE) 1) ~ +7% - +8% Non-life reinsurance (NPE) 1).. ~ +7% - +8% Life and health reinsurance (NPE) 1). ~ +7% - +1% Return on investment 2)3) ~ 3.5% Net income 2) ~ EUR 5 m. Dividend pay-out ratio 4)... 35% - 4% 1) At unchanged f/x rates 2) Subject to no major distortions in capital markets and/or major losses in 2H/211 not exceeding EUR 295 m. 3) Excluding effects from inflation swaps 4) Related to group net income according to IFRS 19

22 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Development of lines of business in and our expectations for 212 Non-life reinsurance 211e 212p Divisions Lines of business Volume 1) Profitability 2) Volume 1) Target markets Specialty lines North America 3) +/- Germany 3) +/- Marine (incl. energy) + Aviation ++ Credit, surety & political risks ++ Structured R/I & ILS +/- UK, London market & direct + Global R/I Global treaty 3) - Global cat. XL - Global facultative +/- 1) In EUR, development in original currencies can be different 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 3) All lines of business except those stated separately 2

23 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I Innovation Admin. exp. ratio Asset allocation 211 Development of lines of business in and our expectations for 212 Life and health reinsurance 211e 212p The five pillars Volume 1) Profitability 2) Volume 1) Financial Solutions ++ New Markets +/- Bancassurance ++ Multinationals + Conventional R/I - 1) In EUR, development in original currencies can be different 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 21

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