Being in excellent shape for hardening market opportunities. André Arrago Member of the Executive Board

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1 Being in excellent shape for hardening market opportunities André Arrago Member of the Executive Board Goldman Sachs - 15th Annual European Financials Conference Paris, 8 June 2011

2 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Disclaimer Outlook 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 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook Strong topline growth and all-time high in earnings Driven by solid technical and investment income and positive tax one-off Favourable reinsurance markets High catastrophe frequency Stable capital markets Strong growth in non-life reinsurance +10.3%, supported by sound pricing Growth within expectations in life and health +12.4%, most notably from enhanced annuities and emerging markets Increase of net investment income by 12.4% Large losses at EUR 662 m. well above budget (EUR 500 m.) One-offs 2010: Sale of Clarendon (EUR -69 m.) and tax effect from BFH decision (EUR +112 m.) Result 2010 GWP: +11.2% NPE: +7.9% Net income: EUR 749 m. EPS: 6.21 EUR RoE: 18.2% Equity: +21.4% Proposed dividend increase to: 2.30 EUR 1

4 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook Record net income despite high burden of major losses in 2010 Net (major) losses* vs. net income in m. EUR 1, (127) Net loss Group net income * Claims over EUR 5 m. gross 2

5 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook 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 Ranking among shown peer group, based on company data, own calculation We aim to be one of the top 3 R/I in terms of RoE 3

6 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook Life and health reinsurance: continuous growth Gross written premium in m. EUR EBIT 11, , ,320 25% 9,317 26% 45% % % ,135 6% 3,067 11% 89% 75% 74% 55% % Non-life reinsurance Life and health reinsurance Reduction of group volatility due to improved diversification 4

7 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook 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, , ,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 HR Group available economic capital 5

8 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook Hannover Re is well positioned......to compete in the prevailing non-life market conditions Majority of business written via brokers (in US, UK, Aviation, Marine) 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 a strong rating Growth in developed markets by seizing market opportunities 6

9 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Well diversified and grown in selective areas Non-life reinsurance Outlook GWP Split 2010: EUR 6,339 m. GWP Growth (+10.3%) in m. EUR Global facultative 11% Global treaty 19% Global cat. XL 5% Global R/I Target markets North America 13% Germany 15% North America Germany Structured R/I Credit, surety & pol. risk UK, London market & direct % +3.9% -13.0% +20.7% +17.9% Marine 4% Aviation 6% Specialty lines UK, London market & direct 8% Credit, surety & political risks 9% Structured R/I 10% Aviation Marine Global treaty Global facultative Global cat XL % +4.4% +23.2% +42.6% +0.9% 7

10 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook New markets' share driven by demand for longevity solutions Life and health reinsurance 5 strategic pillars GWP 2010: EUR 5,090 m. Growth GWP (+12.4%) in m. EUR Financial Solutions 8% Financial Solutions % Conventional R/I 43% New Markets 28% New markets % Bancassurance % Multinationals 10% Bancassurance 11% Multinationals % Conventional R/I % 8

11 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook Hannover Re's positioning in life and health reinsurance Decentralised structure in order to support our direct marketing and underwriting without utilising intermediaries or brokers Intensive partnership with our clients looking for win-win situations rather than zero sum games Developing of attractive new products together with our cedents allow to provide value adding propositions Positioning in emerging markets enables us to benefit from the underlying growth We do consider acquisitions But only if strategic fit/complement No strategic prices Growth in developed & emerging markets due to new products and a continued increase of population 9

12 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Hannover Re's life and health growth drivers Our worldwide presence and expertise is in demand Outlook Pioneer for generation 60+ products e. g. enhanced annuities, accident insurances, long-term care & health insurance New customer group: protection of longevity risks of European pension funds via longevity swaps Significant improvement in the US term market in connection with the purchase of a US life reinsurance portfolio Hannover Re has several growth potentials 10

13 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Hannover Re: an innovative reinsurer Outlook 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 11

14 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Enhanced annuities: an innovative market Outlook Net premium earned in m. EUR

15 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook 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% 3.2% ) Peer average 2010 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 13

16 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Financial strength ratings Outlook Group S&P A.M. Best General Reinsurance Corp. AA+ A++ Munich Re AA- A+ Partner Re AA- 1) A+ Hannover Re AA- A 2) Everest Re A+ A+ Swiss Re A+ 2) A 2) Lloyd's A+ A Transatlantic Re A+ A SCOR A 2) A XL Re A A As of 1 June ) Negative outlook 2) Positive outlook 14

17 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook Numerous benefits of an above-average rating We have a better showing of business than the average player Not excluded from virtually any business/access to all lines of business We enjoy a highly diversified, high quality book of business We are on virtually all broker lists, with cedents often demanding specific R/Is We get very high allocations when we quote for business >90% vs. some 50% for a Bermuda start-up We create lower capital charges for our cedents "AA" range S&P capital charge on reinsurance recoverables = 0.8% ("A" = 1.4%, BBB = 3.1%) As an above-average rated R/I, we "minimise" our cedents' cost of capital Our cost of financing in the capital markets is lower Hybrid bonds trade at tighter spreads Better conditions for LoCs and credit lines We might not (yet) get paid extra for our better rating on a contract level, but other advantages are significant 15

18 Outlook

19 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Natural catastrophes set the tone of Q1/2011 But net income still positive Outlook Very high catastrophe burden Strong growth in non-life reinsurance +11.8% Result 1Q/2011 Stable capital markets Growth within expectations in life and health +8.1% Strong increase of net investment income by 40.5%, helped by inflation swaps Net major losses of EUR 572 m., EUR 452 m. above Q1 budget Extraordinary reserve run-offs in the region of EUR 150 m. GWP: +10.3% NPE: +8.8% Net income: EUR 52 m. EPS: 0.43 EUR RoE (annualised): 4.7% Equity: -3.6% Favourable life reinsurance markets EUR m. tax refund from Federal Fiscal Court BPS: EUR

20 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Since EQ Japan reversal of the softening trend Outlook Pricing trends after natural catastrophes in Q1/2011 Australia: loss free up 20%; loss to layer up 40% New Zealand: loss free up 70% to 100%; loss to layer up 100% to 150% Japan: Personal accident: up 10% to 25% Property (proportional): reduced commissions Liability: up 5% Cargo: up 20% - 30% Fire XL: up 5% - 10% Cat XL: earthquake up 30% to 50% (major programs were extended to 7/1), wind up 5% to 25% Other Asian markets Prices up 5% - 20%, partially up to 50% Hannover Re's near-term intentions in loss exposed regions Australia: we are intending to expand our capacities Japan: slightly increased capacity for loyal Japanese clients We expect a continued hardening for the June and July renewals, also for US cat. business (additional impact of RMS model change) 17

21 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Outlook Updated guidance for 2011 After Q1/2011 results reduced from EUR 650 m. to EUR 500 m. Hannover Re Group Gross written premium (GWP) 1) ~ +7% - +8% Net premium earned (NPE) 1) ~ +7% - +8% Non-life reinsurance (NPE) 1). ~ +5% Life and health reinsurance (NPE) 1). ~ +10% - +12% Return on investment 2)3) ~ 3.5% Net income 2) ~ EUR 500 m. Dividend pay-out ratio 4)... 35% - 40% 1) At unchanged f/x rates 2) Subject to no major distortions in capital markets and/or large losses in Q2-Q4/2011 not exceeding EUR 410 m. 3) Excluding effects from inflation swaps 4) Related to group net income according to IFRS 18

22 Group 2010 Diversification Growth Life and health R/I Innovation Admin. expense ratio Rating Our Investor Relations team Outlook Hannover Rückversicherung AG Karl-Wiechert-Allee Hannover, Germany Karl Steinle Klaus Paesler General Manager Senior IR Manager Corporate Communications Corporate Communications Julia Hartmann Louise Camilleri-Wolter IR Manager Deputy IR Manager Corporate Communications Corporate Communications

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