Conference Call on 1 Jan 2011 Non-Life Treaty Renewals

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1 Conference Call on Jan 2 Non-Life Treaty Renewals Hannover, 2 February 2

2 Important note Unless otherwise stated, the s part of the presentation is based on underwriting-year (U/Y) figures. This basis is only remotely comparable with calendar-year (C/Y) figures, which are the basis of quarterly and annual accounts. The situation shown in this presentation exclusively reflects the developments in Hannover Re's portfolio, which may not be indicative of the market development. Portfolio developments are measured at constant foreign exchange rates as at 3 December 2.

3 Renewal analysis covers 79% of total non-life reinsurance (R/I) Renewed treaties 2 EUR 6,99 m. Structured 6. R/I & ILS % 623 Global facultative business % EUR 4,867 m. EUR 3,282 m. (67%) Global R/I (56%) Traditional treaty R/I 79% 4, Specialty lines 2.5,592,4 (72%) Target markets. 5,82,322 (73%) Non-life R/I Total traditional treaty R/I To be renewed Jan 2

4 67% of traditional treaty R/I renewed at January 2 Traditional treaty reinsurance (excl. structured R/I & ILS and global fac.) in m. EUR EUR 3,282 m. 67% US 3% 6 UK 2% Japan % Others 4% 88 US 6% 274 Latin America 4% 25 UK % Others 4% Various countries 8% 372 Reported in Q Reported in Q2 Jan 2 Jan - Apr s 2 Apr - Jul s After Jul s 2

5 Reinsurance market highlights Despite downwards pricing trend still a disciplined market behaviour Market situation mostly as anticipated in Monte Carlo Reinsurance rates down 5% - % on average depending on market, line of business and loss experience Rate declines within expectation Property catastrophe sees strong decrease despite high loss frequency Rate hardening in offshore energy (Deepwater Horizon) and European motor Reinsurance remains more attractive than insurance Terms and conditions largely unchanged A softening outlook with a hardening outlook in single LoBs 3

6 Our Jan s outperformed brokers' estimates Hannover Re's market position Very good showing and signing for Hannover Re (>9% in average) Our superior rating enabled us to sustain good business Our strict cycle management principles are reflected in our premium changes Premium increases in marine (incl. energy) Premium increases in UK, London market & direct Premium reductions in global cat XL Jan premium growth of 2% as planned, driven by specialty lines and emerging markets 4

7 Our Jan s outperformed brokers' estimates (cont'd) Hannover Re's market position North America: stable portfolio with minor shifts between property and casualty Germany: stable with an increased share in motor business Marine (incl. energy): kept leadership position in all major programmes Aviation: growth due to selective underwriting Credit, surety & political risks: disciplined u/w leads to premium reductions UK, London market & direct: double-digit growth on profitable opportunities Global treaty: strict underwriting observing margin requirements as overcapacity inflicts soft ; flat in developed markets; strong growth in emerging markets Global cat XL: premium decreases due to strict cycle management 5

8 We increased our volume by 2% Non-life reinsurance //2 //2 Division Business center Volume ) Variance Volume ) Target markets Specialty lines Global R/I North America 3) 48 +3% 42 Germany 3) 93 -% 99 Marine (incl. energy) 27 +2% 52 Aviation 9 +4% 26 Credit, surety & political risks 432 -% 385 Structured R/I & ILS Not reported UK, London market & direct % 447 Global treaty 3) % 684 Global cat XL 57-5% 33 Global facultative Not reported Total Jan s 3,282 +2% 3,346 ) In m. EUR, development in original currencies can be different 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below CoC 3) All lines of business except those stated separately 6

9 Conditions for Hannover Re still satisfactory More improvements on proportional business; non-proportional stable Proportional ) % Non-proportional 2) % 5% 5% % % -5% -5% -% % % % 8% 8% 6% 6% 4% 4% 2% 2% % % Net change (improvement - deterioration) Improvement Unchanged Deterioration ) Comparison of commission 2) Comparison of Rate on Line (RoL) 7

10 Slight increase of volume as expected Jan renewed book increased by 2% Traditional treaty R/I EUR 4,72 m. 97% - Change of Hannover Re shares: -2pp EUR 4,867 m. - Other changes (price & volume): +4pp EUR 4,932 m. EUR 4,954 m. % % 2% 6% 2% 5% 67% 6% 68% 68% Jan Jan Jan s 29 2 before Jan 2 33% 33% 34% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed s after Jan 2 s Expected book after ALL s 8

11 Moderate opportunistic growth Traditional treaty R/I - proportional EUR 2,859 m. 94% EUR 3,5 m. % - Change of Hannover Re shares: -2pp - Other changes (price & volume): +7pp EUR 3,28 m. EUR 3,42 m. 3% 3% 4% 6% 5% 7% 65% 74% 74% Jan Jan Jan s 29 2 before Jan 2 29% 29% 29% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed s after Jan 2 s Expected book after ALL s 9

12 Cycle management at work Reduced share in volatile cat business in a competitive environment Traditional treaty R/I - non-proportional - Change of Hannover Re shares: -pp EUR,853 m. EUR,87 m. - Other changes (price -3pp & volume +3pp): +/-pp EUR,84 m. EUR,82 m. 2% % 99% % 6% -% 6% 6% 55% 6% 6% Jan Jan Jan s 29 2 before Jan 2 39% 39% 4% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed s after Jan 2 s Expected book after ALL s

13 Satisfactory in the world's largest market Target market North America In all, a stable portfolio development Property: Proportional: Per-risk: Casualty: Standard casualty: Special casualty: Workers' comp.: limited rate reductions but still a sufficient rate level commissions stable to minor deterioration terms and conditions remained mostly unchanged rates for loss-free contracts down by 5% on average (RoL) rates for loss-affected contracts up by % - 2% (RoL) a mixed picture competitive but stable terms and conditions under pressure we further reduced our premiums signings have increased in a slowly improving environment Professional indemnity: stable to slightly reduced premium Canada increased our high market share

14 Flat development Target market North America - non-proportional Comparison of Rate on Line (RoL) % % 5% 8% 6% % 4% -5% 2% -% % Net change (improvement - deterioration) Improvement Unchanged Deterioration 2

15 Stable development over the last 3 years More than 5% to be renewed later Target market North America EUR 99 m. - Change of Hannover Re shares: -pp EUR 899 m. EUR 9 m. EUR 9 m. 2% - Other changes (price & volume): +pp % % % 5% 6% % 45% 4% 46% 46% Jan Jan Jan 55% 55% 55% s s s 29 2 before Jan 2 Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed after Jan 2 Expected book after ALL s 3

16 A leading position in our domestic market Target market Germany Insurance premiums increased slightly Reinsurance market remains mostly unchanged We kept our leading market positioning on a slightly reduced premium level Pricing remained stable with rate increases in loss-affected areas We reduced volume in industrial liability business Motor: downwards trend reversed Primary rates increased slightly by approx. 5% Non-proportional rates increased on average 5% Proportional commissions down by %p 4

17 Cycle barometer signals improvement Target market Germany Proportional ) % Non-proportional 2) % 5% 5% % % -5% -5% -% % % % 8% 8% 6% 6% 4% 4% 2% 2% % % Net change (improvement - deterioration) Improvement Unchanged Deterioration ) Comparison of commission 2) Comparison of rate on line 5

18 Positive rates development in motor business......but overall flat premium due to profit-oriented and selective underwriting Target market Germany - Change of Hannover Re shares: +/-pp EUR 9 m. EUR 93 m. - Other changes (price & volume): +3pp EUR 99 m. EUR 99 m. % % 3% % % 6% 3% % 94% % % Jan Jan Jan 29 2 before Jan 2 Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed after Jan 2 Expected book after ALL s 6

19 Leadership position retained Marine (incl. energy) Energy Hardening primary market (+2%) R/I market has seen even more significant increases (+25%) Slightly increased our market share Marine Primary market is stable to softening Stable reinsurance s Maintained market share 7

20 Deepwater Horizon had a positive impact on conditions Marine (incl. energy) - non-proportional Comparison of Rate on Line (RoL) % % 5% 8% 6% % 4% -5% 2% -% % Net change (improvement - deterioration) Improvement Unchanged Deterioration 8

21 Jan premium increased by 2% Marine (incl. energy) EUR 29 m. 2% EUR 25 m. % 9% - Change of Hannover Re shares: +/-pp - Other changes (price & volume): +3pp 3% 8% EUR 23 m. EUR 238 m. 2% 6% 62% 53% 74% 74% Jan Jan Jan s 29 2 before Jan 2 38% 38% 42% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed s after Jan 2 s Expected book after ALL s 9

22 All in all pleasing results Aviation A softer insurance market but still better than expected Softer to stable reinsurance market More capacity available in the market Our overall good positioning still in place Aviation non-proportional rates decreased by % to % for airlines Rates stable for general aviation and space XL treaties 2

23 Rate on Line (RoL) above 2 level for years 4 2 Hannover Re aviation RoL index in %

24 Jan premium increased by 4% Aviation EUR 283 m. 92% EUR 37 m. % 2% - Change of Hannover Re shares: +pp - Other changes (price & volume): +7pp 8% 3% EUR 334 m. 9% EUR 345 m. 2% 62% 6% 7% 7% Jan Jan Jan s 29 2 before Jan 2 38% 38% 4% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed s after Jan 2 s Expected book after ALL s 22

25 A hard market softening Credit, surety and political risks Insurance market credit: moderately falling rates coming from a very high level; surety heterogeneous developments; political risks relatively stable R/I market - credit much softer conditions due to increasing competition; surety relatively stable; political risk flat to a moderate upward trend Premium volume decreased by % due to selective underwriting Premium still on a 5% higher level than before financial crisis Healthy portfolio spread Exposures reduced 23

26 Financial market effects diminishing Credit, surety & political risks Proportional ) % Non-proportional 2) % 5% 5% % % -5% -5% -% % % % 8% 8% 6% 6% 4% 4% 2% 2% % % Net change (improvement - deterioration) Improvement Unchanged Deterioration ) Comparison of commission 2) Comparison of rate on line 24

27 Selective underwriting causes premium reduction......but still above 29 level Credit, surety & political risks EUR 576 m. % 3% EUR 55 m. 88% - Change of Hannover Re shares: -9pp - Other changes (price & volume): +2pp -7% 2% EUR 529 m. EUR 529 m. 92% 92% 75% 72% 67% 67% Jan Jan Jan s 29 2 before Jan 2 25% 25% 25% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed s after Jan 2 s Expected book after ALL s 25

28 Pleasing Jan outcome UK, London market & direct - non-proportional Comparison of Rate on Line (RoL) % % 5% 8% 6% % 4% -5% 2% -% % Net change (improvement - deterioration) Improvement Unchanged Deterioration 26

29 4% premium growth as at Jan UK, London market & direct EUR 473 m. 94% EUR 54 m. % 7% - Change of Hannover Re shares: -3pp - Other changes (price & volume): +3pp % 8% EUR 558 m. EUR 565 m. % 2% 78% 7% 89% 89% Jan s 29 2 before Jan 2 22% 22% 23% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed Jan s after Jan 2 Jan s Expected book after ALL s 27

30 Global treaty: overall satisfactory growth Diverse development depending on region Western Europe: CEE: Latin America: Australasia: flat rates led to portfolio reductions softening R/I market but still profitable; rates down by ~%; high demand of our excellent security, among top 3 R/I stable conditions in all a soft R/I market with some price adjustments in Australia and New Zealand Asia & Middle East: very competitive market but still very profitable premium growth of ~25%; increased market share 28

31 Overall satisfactory Global treaty Proportional ) % Non-proportional 2) % 5% 5% % % -5% -5% -% % % % 8% 8% 6% 6% 4% 4% 2% 2% % % Net change (improvement - deterioration) Improvement Unchanged Deterioration ) Comparison of commission 2) Comparison of rate on line 29

32 Premium growth due to our excellent rating Strong demand for Hannover Re in emerging markets Global treaty EUR,8 m. 95% - Change of Hannover Re shares: -pp - Other changes (price & volume): +5pp EUR,97 m. EUR,97 m. EUR,76 m. % 2% 2% 5% 7% 4% 56% 49% 58% 58% Jan Jan Jan s 29 2 before Jan 2 44% 44% 44% Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed s after Jan 2 s Expected book after ALL s 3

33 Further softening market except loss-affected areas Global catastrophe XL Rates slightly decreased with exceptions in loss-affected areas Prices for property catastrophe protections decrease to flat Loss-affected areas have seen an increase of up to 5% Nationwide programmes in USA down by -7% to -4% after exposure adjustment; Regional programmes -% to +5% depending on loss experience Europe mostly stable due to moderate loss activity in 29: UK despite further price reductions attractive decreasing from all-time high level France up to -5% less pricing in average Germany lower by 5% Australia: flat for loss-free, approx. +5% for loss-affected programmes China, Hong Kong, Taiwan: we reduced our capacity (-5% to -2%) 3

34 In all, not as positive as it should be Global catastrophe XL Comparison of Rate on Line (RoL) % % 5% 8% 6% % 4% -5% 2% -% % Net change (improvement - deterioration) Improvement Unchanged Deterioration 32

35 Softer rates are still higher than 26 5 Hannover Re US property catastrophe RoL development in % 2,9, 9 8,3 7,6 6,8 6,7 8,9 8,8 9,9 9, 6 5,7 5,

36 Cycle management at work - again Global catastrophe XL EUR 295 m. 3% EUR 287 m. % 3% - Change of Hannover Re shares: -pp - Other changes (price & volume): -5pp -6% % EUR 264 m. 92% EUR 26 m. 9% 54% 5% 46% 46% Jan Jan Jan s 46% 46% 44% s s 29 2 before Jan 2 Cancelled/ restructured Renewed Price & New business/ volume changes restructured on renewed after Jan 2 Expected book after ALL s 34

37 Development of lines of business (C/Y) Growth in most lines and satisfying profitability expected Non-life reinsurance 2e Divisions Lines of business Volume ) Profitability 2) Target markets Specialty lines Global R/I North America 3) +/- Germany 3) +/- Marine (incl. energy) + Aviation + Credit, surety & political risks + Structured R/I & ILS +/- UK, London market & direct + Global treaty 3) +/- Global cat. XL + Global facultative + ) 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 35

38 Guidance for 2 Hannover Re Group Gross written premium (GWP) )... ~ +5% Net premium earned (NPE) ) ~ +5% Non-life reinsurance (NPE) ).. ~ +% - +3% Life and health reinsurance (NPE) ) ~ +% - +2% Return on investment 2) ~ 3.5% Net income 2)... ~ EUR 65 m. Dividend pay-out ratio 3)... 35% - 4% ) At unchanged f/x rates 2) Subject to no major distortions in capital markets and/or large losses in 2 not exceeding EUR 53 m. 3) Related to group net income according to IFRS 36 Ausblick auf das laufende Geschäftsjahr

39 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.

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