Hannover Re - The somewhat different reinsurer. Claude Chèvre Member of the Executive Board

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1 Hannover Re - The somewhat different reinsurer Claude Chèvre Member of the Executive Board UniCredit/Kepler, 1th German Investment Conference Munich, 26 September 212

2 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Agenda Facts and figures 212: a good start Our strategy 1. Our mission: Growing Hannover Re profitably 2. We have ambitious profit and growth targets 3. We manage risks actively 4. We are a preferred business partner 5. We strive for a stable investment income Outlook

3 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Favourable results of Hannover Re's business 1H/212 strong results largely unaffected by one-off effects Favourable R/Iconditions Benign major losses Volatile capital markets Premium increase in non-life reinsurance (+15.1%) Accelerated growth in life and health reinsurance (+12.4%) Net major losses of EUR m. below budget Net investment income up by 5.4%; RoI at 3.8% Results of inflation swaps and ModCo derivatives largely neutral at 1H/212 but volatile quarterly Increase in assets under own management to EUR 3.3 bn. mainly resulting from positive cash flow 1H/212 results GWP +14.% NPE +13.1% Net income EUR 45 m. EPS EUR 3.36 RoE 15.5% Shareholders' equity +1.1% BVPS EUR

4 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Dedicated to a clear strategy 2. We have ambitious profit and growth targets 3. We manage risks actively 1. Growing Hannover Re profitably 4. We are a preferred business partner 5. We strive for a stable investment income 2

5 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Our mission is to grow Hannover Re profitably Within the last years we strengthened our position continuously Premium ranking 211 in m. USD Rank Group Country GWP NPW 1 Munich Re D 33,719 32,274 2 Swiss Re CH 28,664 22,868 3 Hannover Re D 15,664 13,921 4 Berkshire Hathaway Inc. USA 15, 15, 5 Lloyd's 2) GB 13,621 1,15 6 SCOR F 9,845 8,891 7 RGA Re USA 7,74 7,736 8 China Re RC 6,179 5,94 9 PartnerRe BDA 4,621 4,474 1 Korean Re ROK 4,551 3,43 11 Everest Re BDA 4,286 4,19 12 Transatlantic Re USA 4,35 3,86 13 MAPFRE RE E 3,47 2, London Re CDN 3,117 3,57 15 Assicurazioni Generali I 2,674 2,674 1) Source: A.M. Best (September 212) 1) Net premium earned 2) Reinsurance only 3

6 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We have grown our non-life business profitably 5-year CAGR +7.7% Gross written premium 6,339 5,747 5,19 4,988 37% 39% 6,826 in m. EUR Cornerstones of our non-life approach Central underwriting combined with local talent is the key to our success Secures U/W discipline Lean, efficient infrastructure 44% Selective growth 45% 44% We only grow our market share in "hard" markets % 61% 56% We have no premium-growth targets, only for earnings 55% 56% Distribution through brokers 1. No appetite for acquisitions e Our cycle management gets us all the business we want 4

7 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We have strengthened our position in life/health 5-year CAGR +12.3% Gross written premium in m. EUR Cornerstones of our life/health approach ,529 5,9 5,27 We focus on biometric risk and financing 1 key markets = 87% of our business; 5 main clients = 8% of our portfolio ,83 3,134 37% 39% Sophisticated state-of-the-art Client 44% Relationship 45% Management (CRM) 44% Ability to differentiate between value-creating and value-destroying clients % 61% 56% We create long-term win-win situations (don't play zero-sum games) 55% 56% We do consider acquisitions But only if strategic fit/complement e No strategic prices 5

8 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We developed our business and improved diversification Gross written premium in m. EUR 12, , ,32 26% 44% 25% ,135 6% 3,67 11% 89% 75% 74% 56% 94% Non-life reinsurance Life and health reinsurance 6

9 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We seek to be one of the most profitable reinsurer Our minimum target is 75 bps above risk free Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank avg. RoE Rank Hannover Re 23.1% 1 (4.1%) % % % % 1 Peer 6, Bermuda, non-life Peer 8, US, life and health Peer 3, France, composite Peer 4, Bermuda, composite Peer 1, Germany, composite Peer 7, Bermuda, non-life Peer 5, US, non-life Peer 2, Switzerland, composite Peer 9, US, non-life 22.% 2 7.3% 2 9.3% % 2.2% 7 1.7% 2 1.3% 9 6.5% % % 3 1.7% 2 1.6% % 6 8.9% 1 1.2% 6 1.1% 6 7.5% 4 1.1% % 3 1.1% % % 4 (7.6%) 1 9.7% % 5 6.5% % 5 1.7% 5 3.1% 6 9.4% % 4 (.4%) % 3 9.9% 7 (1.3%) 8 7.7% 7 1.8% 8 4.8% 5 9.9% 7 7.1% 8 4.9% 5 7.5% % 7 (3.3%) 8 2.3% 1 3.6% 1 9.6% 3 5.1% 9 3.6% 1 (31.8%) 1 2.7% 9 5.8% 9 (4.4%) 9 (4.8%) 1 List shows the Top 1 of the Global Reinsurance Index (GloRe) with more than 5% reinsurance business Data based on company data, own calculation 7

10 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Accelerated increase in book value per share Book value per share, paid dividends in EUR 5 1y CAGR: 1.% 5y CAGR: 12.6% Book value per share Paid dividends (cumulative since 1994) US GAAP, as from 24 IFRS As at 31 December 8

11 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Selective growth in non-life reinsurance Premium growth driven by profitability Different lines with different cycles 2% 18% 16% 14% 12% 1% 8% 6% 4% GWP Profitability 212 Latin America + Credit & Surety + Aviation +/- Motor Germany +/- US Casualty - Marine +/- US Cat +/- 2% %

12 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Hannover Re remains the absolute cost leader Our overhead ratio is less than half of the industry average Administrative expense ratio 1) 7.4% Lean, efficient infrastructure with no non-life underwriting authority in USA High exposure to broker biz in non-life to be able to execute strict cycle management No unbundled services Lead positions only in carefully selected areas 3.1% 3.2% 3.1% 3.2% 2.8% 2.6% No attempt to offer everything to everyone, but rather concentrate on market segments in which we have a particular expertise Be competitive e Peer average 211 Own calculation 1) Administrative expenses + other technical expenses (in % of net premium earned) 2) Munich Re, SCOR, Swiss Re, Transatlantic Re, PartnerRe, Everest Re 2) Have a better choice of business and better access to niches Be profitable 1

13 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We manage risks actively Our capital model is the cornerstone of Hannover Re We manage our risk exposure to achieve a positive net income with a probability of 9% We ensure that the probability of an economic as well as IFRS capital loss does not exceed.3% We ensure that our reserving level is conservative Use of retrocession Conservative reserving Stringent U/W discipline 11

14 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Exposure management supported by capital management Risk budget allocated to NatCat* as % of economic capital 3% 25% 2% Internal capital model sets the tone Stringent allocation of capital to NatCat exposed business is key to reduce volatility of earnings Well established retrocession strategy and efficient NatCat management led to lower net major losses in % 1% * on a stand-alone basis, i.e. before diversification with other risks 12

15 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Diversification reduces capital requirements by a third Capitalisation ratio 16% Risk capital for the 99.97% VaR (according to economic capital model) in m. EUR 9. 8, , ,48 2,563 32% diversification 5. 2, ,48 5,485 Effective capital requirement 1. Non-life reinsurance Life and health reinsurance As at December 211 The risk categories have been adapted to the Solvency II requirements Calculation according to economic valuation principles Assets Credit Operational HR Group required capital HR Group available economic capital 13

16 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Diversification reduces capital requirements by 5% Non-life business group Risk capital for the 99.5% VaR (according to economic capital model) in m. EUR , ,644 5% diversification ,645 Effective capital requirement North America Germany Marine Aviation Credit, surety & pol. risks Structured R/I & ILS UK, London market & direct Global treaty Gobal cat. XL Global facultative Total non-life R/I As at December 211 Calculation according to economic valuation principles 14

17 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Mutual beneficial relationships with our customers Loyal and long-term oriented, consistent approach to CRM Preferred business partner USA: Flaspöhler surveys 21 / 211 Strategic approach to enhance our clients' commercial success through the services we provide We add value to both contracting parties with our broad scope of standard or tailored solutions Among the top three according to brokers and clients Germany: Imug Survey Germany 21 96% of our customers have a positive or very positive impression of Hannover Re. CRM Strategy Account executives concept Training for clients Client feedback Austria and Switzerland: Imug Survey and 97 points by clients from Switzerland and Austria (on an ascending scale from - 1) Credit, Surety and Political Risks: Hagstotz survey 211 Overall customer satisfaction at "very high level" 15

18 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Our rating makes us a strong partner Standard & Poor's A.M. Best Insurance Day AA- "Very strong" Outlook: stable (19 June 212) A+ "Superior" Outlook: stable (5 September 212) Reinsurer of the year 212 (5 September 212) Being a highly-rated counterpart is a major ingredient of the recipe 16

19 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Numerous benefits......of an above-average rating coupled with our CRM approach 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/I We get very high allocations when we quote for business >9% vs. some 5% for a Bermuda start-up We create lower capital charges for our cedents "AA" range S&P capital charge on reinsurance recoverables =.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 17

20 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook We aim for stable investment income Main facts of our approach Our risk taking is weighted towards reinsurance rather than investment risks The structure of our investments is guided by the requirements of our technical liabilities We have a prudent investment philosophy Our portfolio is guided by basic principles of broad diversification across a wide variety of asset classes and issuers We strive for risk-free interest rates plus the cost of capital 18

21 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Constant positive operating cash flow supports asset growth Assets under own management increased by 5% in 5 years Operating cash flow in m. EUR Assets under own management in m. EUR 3. 2, ,411 28,341 3, , , , , , , H/212 Q1 Q2 Q3 Q4 19

22 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Net investment income has grown by 9% (CAGR4y) 6 Net investment income in m. EUR Ordinary investment income grew significantly since 29 despite deteriorating yields; supported by increase in assets Target yield of 3.5% outperformed despite high cash flow being invested at lower rates H/28 1H/29 1H/21 1H/211 1H/212 Net investment income excl. funds withheld Funds withheld 2

23 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Solid and relatively high quality fixed income portfolio......in the light of unstable capital market environment No material exposure in Southern Europe and Ireland Fixed-income book diversified per rating, country, region and issuer Fixed-income book by rating Fixed-income book by country BBB 13% <BBB 3% AAA 32% Australia 8% Asia 5% Rest of world 7% Germany 2% A 22% AA 31% USA 24% Rest of Europe 16% UK 9% France 7% GIIPS 4% Total fixed-income book: EUR 27.3 bn. Values as at 3 June

24 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Due to asset-liability matching 3.6% exposure in GIIPS Major part in corporates and covereds Total investment in GIPPS in % Semi-/Govermentals in GIIPS in m. EUR Governments 13 Semi- Govermentals <1 Portugal 17 Ireland 27 Covereds 51 Corporates 35 Spain 89 Greece Italy 17 EUR 1.1 bn. EUR 151 m. Economic view based on market value as at 3 June

25 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Continuously reduced share of bank exposure Unchanged focus on conservative title selection Corporate sector allocation in m. EUR 9,936 by currencies 2,982 8,6 17% Others 31% 6% GBP 6,288 32% 33% USD 5,11 39% 44% 69% 44% EUR 61% 56% 68% 3 Jun Jun 12 Non Banks Banks Economic view based on market value as at 3 June

26 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Guidance for 212 Hannover Re Group Gross written premium (GWP) 1).~ +5% - +7% Non-life reinsurance 1)......~ +5% - +7% Life and health reinsurance 1)2)....~ +5% - +7% Return on investment 3) ~ 3.5% Dividend pay-out ratio 4).. 35% - 4% 1) At unchanged f/x rates 2) Organic growth 3) Subject to no major distortions in capital markets; excluding effects from inflation swaps 4) Related to group net income according to IFRS 24

27 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook Our Investor Relations team Hannover Rückversicherung AG Karl-Wiechert-Allee Hannover, Germany Karl Steinle Julia Hartmann General Manager IR Manager Corporate Communications Corporate Communications Louise Camilleri-Wolter Deputy IR Manager Corporate Communications

28 Facts & figures Growing HR 2. Ambitious targets 3. Manage risks 4. Preferred partner 5. Stable investment income Outlook 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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