Hannover Re: the somewhat different reinsurer

Hannover Re: the somewhat different reinsurer January 2016

Content 01 17 Overview 18 25 Hannover Re Group 26 38 Property & Casualty reinsurance 39 46 Life & Health reinsurance 47 55 Investment management 56 59 Risk management 60 66 Capital management 67 76 Interim results Q1-3/2015 77 81 Outlook I VI Appendix

Key facts about Hannover Re Today 18 Feb 2004 Second Public Offering Majority shareholder: 50.2% held by Talanx AG* More than 100 subsidiaries, branches and representative offices on all 5 continents 30 Nov 1994 Initial Public Offering Total staff of roughly 2,500 employees 1990 Life & Health reinsurance as a strategic growth segment More than 5,000 insurance clients in about 150 countries 1966 Foundation by HDI as a subsidiary Property & Casualty reinsurance * Majority shareholder HDI V.a.G. 1

Unique group structure supports our business model Majority owner, but operational and financial independence Talanx AG* Free float 50.2% 49.8% 64.8% 8 German primary insurers >100 subsidiaries, branch/rep. offices in ~20 countries German business International business * Majority shareholder HDI V.a.G. 2

Executive Board of Hannover Rück SE Ulrich Wallin Chairman Business Opportunity Management, Compliance, Controlling, Human Resources Management, Internal Auditing, Risk Management, Corporate Development, Corporate Communications Claude Chèvre Dr. Klaus Miller Roland Vogel Dr. Michael Pickel Sven Althoff Jürgen Gräber Life & Health Reinsurance: Africa, Asia, Australia/New Zealand, Latin America, Western and Southern Europe, Longevity Solutions Life & Health Reinsurance: United Kingdom/ Ireland, North America, Northern, Eastern and Central Europe Finance and Accounting, Information Technology, Investment and Collateral Management, Facility Management Group Legal Services, Run-Off Solutions, Target Markets in Property & Casualty Reinsurance: North America, Continental Europe From left: Claude Chèvre, Dr. Klaus Miller, Ulrich Wallin, Roland Vogel, Dr. Michael Pickel, Sven Althoff, Jürgen Gräber Specialty Lines Worldwide: Marine, Aviation, Credit, Surety and Political Risks, United Kingdom, Ireland, London Market and Direct Business, Facultative Reinsurance Global Reinsurance: Worldwide Treaty Reinsurance, Cat XL, Structured Reinsurance and Insurance-Linked Securities, Coordination of Property & Casualty Business Group, Quotations, Retrocessions 3

We are among the top reinsurers in the world Premium ranking 2014 in m. USD Rank Group Country GWP NPW 1 Munich Re DE 39,035 37,761 2 Swiss Re CH 33,276 31,640 3 Hannover Re DE 17,457 15,100 4 Berkshire Hathaway Inc. US 14,919 14,919 5 SCOR FR 13,756 12,324 6 Lloyd's 2) UK 13,199 10,416 7 RGA US 9,118 n.a. 8 China Re CN 8,373 7,857 9 PartnerRe BM 5,932 5,720 10 Everest Re BM 5,749 5,257 11 Korean Re KR 5,461 3,582 12 Great West Lifeco CA 3,916 3,809 13 Transatlantic Holdings US 3,600 3,410 14 General Insurance Corporation of India IN 2,428 2,216 15 MAPFRE RE ES 2,255 2,011 For further information please see A.M. Best Best s Review (September 2015) 1) Net premium earned 2) Reinsurance only n.a. = not available at time of publication 1) 1) 4

Property & Casualty reinsurance in a global perspective Hannover Re outperforms the market Market size and concentration 2014 in bn. EUR 2010 2014 Δ CAGR Other 40% Top 10 40 % Top 10 62 76 14 5.3% Top 11-50 38 37-1 -0.5% Top 11-50 20% Other 59 75 16 6.1% R/I market 159 188 29 4.3% Hannover Re 6.3 7.9 1.6 5.7% Source: Own research (global market size based on estimate of total ceded premiums by primary insurers) Top 10: Munich Re, Swiss Re, Lloyd s, Hannover Re, Berkshire, SCOR, China Re, PartnerRe, Everest Re, KoreanRe Concentration on the Top 10 proceeds, Top 11-50 stagnating 5

Life & Health reinsurance in a global perspective Development of Hannover Re in line with the market Market size and concentration 2014 Top 11-50 3 % in bn. EUR 2010 2014 Δ CAGR Top 6-50 25% Top 5 75% % Top 5 31 42 10 7.4% Top 6-10 9 12 3 7.6% Top 11-50 5 3-2 -11.5% R/I market 45 57 12 5.9% Top 10 97 % Hannover Re 5.1 6.5 1.4 6.1% Source: Own research Top 10: Munich Re, Swiss Re, RGA, Hannover Re, SCOR, Berkshire (incl. GenRe), Great West Lifeco, China Re, Korean Re, PartnerRe Concentration on the Top 5/Top 10 continues, Top 11-50 contracting 6

Continued growth of both business groups 2014: +2.9%; 5-year CAGR +6.9% Gross written premium in m. EUR 13,774 13,963 14,362 10,275 45% 11,429 45% 12,096 44% 44% 44% 45% 55% 55% 56% 56% 56% 55% 2009 2010 2011 2012 2013 2014 Property & Casualty reinsurance Life & Health reinsurance 7

Well balanced international portfolio Gross written premium (Group) in m. EUR Africa Australia Latin America Asia Other European countries Germany United Kingdom 9,317 9,289 8,259 8,121 10,275 11,429 12,096 13,774 13,963 14,362 3% 3% 4% 2% 6% 4% 6% 14% 15% 14% 16% 17% 9% 17% 43% 28% 1) 2) North America 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1) Japan 1% 2) CEE and Russia 1% 8

Hannover Re is one of the most profitable reinsurers 2010 2011 2012 2013 2014 2010-2014 Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank avg. RoE Rank Hannover Re 18.2% 1 12.8% 1 15.4% 3 15.0% 3 14.7% 3 15.2% 1 Peer 9, Bermuda, Property & Casualty Peer 5, Bermuda, Property & Casualty Peer 1, Switzerland, Composite Peer 2, Germany, Composite Peer 8, US, Life & Health Peer 7, France, Composite Peer 4, US, Property & Casualty Peer 6, Bermuda, Composite Peer 3, US, Property & Casualty 18.1% 2 (2.4%) 8 15.9% 2 18.0% 2 13.7% 4 12.6% 2 9.9% 7 (1.3%) 7 12.9% 6 18.4% 1 16.6% 1 11.3% 3 3.6% 10 9.6% 3 13.4% 5 13.7% 4 10.5% 7 10.2% 4 10.7% 5 3.1% 6 12.6% 7 12.5% 5 11.3% 5 10.0% 5 12.9% 3 10.1% 2 9.9% 8 6.5% 10 10.6% 6 10.0% 6 10.1% 6 7.5% 4 9.1% 9 11.2% 6 9.6% 8 9.5% 7 7.1% 8 4.9% 5 15.2% 4 9.4% 9 9.4% 9 9.2% 8 11.5% 4 (7.6%) 10 16.9% 1 9.7% 8 15.3% 2 9.2% 9 5.8% 9 (5.0%) 9 6.5% 10 10.3% 7 1.9% 10 3.9% 10 List shows the Top 10 of the Global Reinsurance Index (GloRe) with more than 50% reinsurance business Data based on company data, own calculation 9

20% 16% 12% 8% 4% 0% 315 295 275 255 235 215 195 175 Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Reinsurance market conditions will improve...... when the RoE is sufficiently low Development of return on equity and Guy Carpenter Global Property Cat RoL Index 17.3% 14.4% 12.2% 10.4% 13.2% 11.9% 10.9% 11.8% 4.0% 2.2% 0.4% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1H/2015 Return on equity GC Global Property Cat RoL Index Source: Guy Carpenter Return on equity based on company data (Top 10 of the Global Reinsurance Index (GloRe) with more than 50% reinsurance business), own calculation 10

We maintained our competitive advantage on admin. expenses Administrative expense ratio* 3.2% 2.8% 2.6% 2.8% 3.0% 2010 2011 2012 2013 2014 Own calculation * Administrative expenses + other technical expenses (in % of net premium earned) 11

Accelerated value creation since 2009 10-year CAGR: +12.1% Increase of book value and accumulated paid dividends in EUR 86.59 23.98 17.98 20.98 13.58 15.88 7.58 7.58 21.57 24.03 9.18 27.77 11.48 23.47 11.48 30.80 37.39 41.22 50.02 48.83 62.61 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Book value per share Paid dividends (cumulative since 1994) As at 31 December 12

Shareholders' equity increased by 28.2% Driven by strong earnings and growing valuation reserves Policyholders' surplus in m. EUR Change in shareholders' equity in m. EUR 10,239 8,947 8,768 1,986 6,987 1,869 609 7,338 1,732 636 2,233 2,238 682 642 702 5,888 986 362 636 403 7,551 7,551 4,509 4,971 6,032 5,888 2010 2011 2012 2013 2014 Shareholders' equity Non-controlling interests Hybrid Shareholders' equity 31.12.2013 Net income Dividends paid Change in unrealised gains/ losses Currency translation and other Shareholders' equity 31.12.2014 13

A superior and highly profitable reinsurer... Hannover Re's business case Top rating (S&P: AA-) ensures attractive new business Strong market positioning one of the leading reinsurers worldwide Generates noticeably higher profitability on 5-year average in comparison with our peer competitors Lean structures which lead to the lowest administrative expense ratio compared to our peer group De-risking and diversification measures taken to lower earnings volatility aiming to consistently produce attractive dividends Effective cycle management, selective and disciplined underwriting in Property & Casualty reinsurance Increasing profitability of our countercyclical Life & Health business... with a somewhat different approach 14

Our strategy: long-term success in a competitive business Our overriding target: profit and value creation Profitable growth Premium growth on a long-term basis above market average Minimum return on equity of at least 900 bps above risk free Achieve a profit in excess of the cost of capital (IVC, based on our ECM*) Profit and value creation Capital management Cost leadership Capital management in the light of distributable excess capital to achieve attractive RoE A sufficient equity buffer enables us to act on available and profitable business at all times Lower management expenses Competitive advantage compared to peers Deliver a profit that is above average for the sector Providing our clients with competitive terms Shareholder value Share price to outperform weighted Global Reinsurance Index (ISIN: DE 000 SLA 1GR 2) over a 3-year rolling period Consistently paying a dividend that is attractive to our shareholders * Economic Capital Model 15

Performance promise to our customers and shareholders Our value proposition to our customers Capital protection and capital management Earnings protection in all lines of business Supporting underwriting of new business opportunities Supporting product development and pricing Strong balance sheet and strong rating Long-term consistent approach of our underwriting policy Long-term relationship with clients Our profit targets to our shareholders Return on equity 900 bps above risk free * Return on investment 3.0% Earnings per share growth 6.5% Value creation per share 7.5% * After tax; 5-year rolling average of 10-year German government-bond rate ( risk-free ) 16

Our mission: identify risks and assess them correctly Sustainability at Hannover Re Governance and dialogue Regular reporting on our sustainability performance We seek an active and continuous dialogue with stakeholders Sustainability Product responsibility Employees Environment and society Our investment policy strives to generate a commensurate RoI, while take ESG criteria into account (e.g. UN Global Compact) Our product offerings are geared to the market and clients needs, with a focus on new economic, social and ecological risks We pay special attention to the professional and personal growth of our employees and seek to offer best possible framework conditions We focus on reducing on CO2 emissions associated with our business activities Our social involvement concentrated on the areas of research, learning, art and voluntary social engagement of our staff 2011 Implementation of a sustainability strategy 2012 Implementation of an Environmental Mgmt. System Certification according to DIN EN ISO 14001 2013 Annual reporting according to Global Reporting Initiative Prime rating according to oekom research 2014 Hannover Re becomes member in the FTSE4Good index series 17

Present on all continents Europe America Spain Madrid Ireland Dublin United Kingdom London France Paris Germany Hannover Italy Milan Sweden Stockholm Asia Canada Toronto Bahrain Manama USA Charlotte Chicago Denver New York Orlando Bermuda Hamilton Mexico Mexico City Colombia Bogotá Brazil Rio de Janeiro Africa South Africa Johannesburg Australia Australia Sydney South Korea Seoul Japan Tokyo Taiwan Taipei China Hong Kong Shanghai India Mumbai Malaysia Kuala Lumpur Property & Casualty reinsurance Life & Health reinsurance Property & Casualty and Life & Health reinsurance 18

HR share outperforms indices over a 3-year rolling period Performance vs. indices Performance comparison (incl. reinvested dividends) 240% 220% 200% 180% 160% 140% +106% +93% +48% 120% 100% 80% 60% Hannover Re Global Reinsurance Index HDAX 19

How do we calculate our return targets? Our pricing is based 900 bps above risk free Risk capital X Factor Net income / (1 - tax) EBIT bps risk free Equity 6,900 X (900 + 150) 724 / (1-0.24) 953 Minorities 700 X (900 + 150) 74 / (1-0.24) 97 Hybrid 1,700 X 470 / (1-0.0) 80 Valuation adj. 800 Total 10,100 798 1,130 MRC (EBIT / risk capital) 11.2% Risk free - 1.6% Minimum Return on Capital (MRC) spread 9.6% As at September 2014; risk capital, net income and EBIT: figures in m. EUR 20

How do we calculate the capital margin...... for our underwriters and our investment decisions? Capital margin Risk MRC capital X / NPE = above risk-free + (pre-tax) Admin. and other = expenses* Total margin above risk-free (pre-tax) P&C 52.5% reinsurance 5,315 X 9.9% / 6,900 = 7.6% + 3.9% = 11.5% L&H reinsurance 24.0% 2,430 X 8.7% / 5,500 = 3.8% + 4.2% = 8.0% AuM Investment management 23.5% 2,380 X 9.9% / 35,200 = 0.67% + 0.11% = 0.78% As at September 2014; risk capital and net premium earned: figures in m. EUR * E.g. expenses for the company as a whole 21

Reduced earnings volatility since 2009 Record EPS in 2014 Operating profit (EBIT) in m. EUR 820 928 1,142 1,178 841 1,394 1,229 1,466 92 148 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Earnings per share (EPS) in EUR 4.27 5.98 6.08 6.21 5.02 7.04 7.43 8.17 0.41 (1.05) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 22

Dividend payment of EUR 3.00 + EUR 1.25 special dividend Initiation of capital management activities Dividend per share in EUR Payout ratio: [ - ] [37%] [38%] [ - ] [35%] [37%] [42%] [42%] [40%] [52%] 4.25 1.25 3.00 3.00 1.60 2.30 0.50 2.10 2.30 2.10 0.40 2.60 3.00 1.80 0,00 0,00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dividend per share Special dividend per share 23

Yearly Total Shareholder Return (TSR) of 13.0% Value creation since IPO in m. EUR 2014 2015 +1,192% Market capitalisation as of date 9,041 12,741 - Market capitalisation at IPO (Nov 1994) 1,084 1,084 + Dividend payments 3,162 3,162 * - Capital increases (1996, 1997, 2001, 2003) 811 811 Value creation since IPO 10,308 14,008 * Dividend payment for 2015 not yet included 24

Strategic RoE target well exceeded Strong 5-year track record, new target of 900 bps above risk free as at 2015 Return on Equity: yearly Return on Equity: average 18.2% 15.4% 15.0% 14.7% 12.8% 12.5% 12.1% 11.5% 11.3% 10.7% 15.2% 11.7% 13.8% 13.9% 12.3% 12.8% 2010 2011 2012 2013 2014 Actual Minimum target 750 bps above risk free* Minimum target 900 bps above risk free* 5-year Ø 2010 2014 10-year Ø 2005 2014 15-year Ø 2000 2014 * After tax; 5-year rolling average of 10-year government-bond rate 25

We are somewhat different Property & Casualty reinsurance Central U/W Our strategic contribution from P&C Distribution Cycle mgmt. Reserving Central underwriting with local talent is key to our success Secures consistent underwriting decisions Effective cycle management and focus on profitability Selective growth: increase market share in hard markets only No pressure to grow due to low administrative expense ratio Above-average profitability due to stringent underwriting approach with focus on bottom line Conservative reserve policy led to build-up of reserve redundancies over the last years Further strengthening of the confidence level of our P&C reserves may be limited due to IFRS accounting constraints Positive effect on C/R Distribution channels Flexible cost base due to relatively higher share of business written via brokers (~2/3) We are a preferred business partner 26

Strategy contribution of the P&C business group Be among world's most profitable R/I & steer volatility in line with our profit targets Our value proposition to our customers Tailor-made solutions Comprehensive range of products which can be tailored to our customers needs Solution driven Constant monitoring of markets to identify trends and classes of business that show specific potential for the future Flexible organisation Utilisation of all distribution channels, i.e. direct as well as via intermediaries Fair and available Short lines of communication towards customers enabling speedy delivery of solutions Our profit contribution xroca* 2% EBIT margin 10% Combined ratio 96% * xroca= excess Return on Capital Allocated 27

Our Property & Casualty reinsurance business divisions Target markets North America* Continental Europe* GWP split 2014 Specialty lines worldwide Marine Aviation Global R/I 35% Target markets 33% Credit, surety and political risks UK, Ireland, London market and direct Facultative R/I Global R/I Worldwide Treaty R/I* Cat XL Structured R/I and ILS Specialty lines worldwide 32% * All lines of business except those stated separately 28

Roughly 2/3 of our business is written via brokers Breakdown of treaties by volume Breakdown of business written Nonproportional 36% Direct business 36% Proportional 64% Broker business 64% GWP 2014: EUR 7,903 m. (2013: EUR 7,818 m.) 29

Property & Casualty reinsurance: selective growth GWP split by line of business in m. EUR GWP split by regions 2014 Cat XL Structured R/I and ILS 7,717 7,818 7,903 5% 5% 4% 10% 8% 12% Latin America 7% Africa 4% Australia 2% North America 25% Worldwide Treaty R/I* 18% 19% 19% Marine Aviation UK, Ireland, London market and direct Credit, surety and pol. risks Facultative R/I Continental Europe* North America* 4% 5% 8% 8% 10% 18% 15% 4% 5% 7% 7% 11% 19% 15% 3% 5% 5% 7% 12% 18% 15% Asia 16% Other Europ. countries 20% Germany 13% United Kingdom 13% * All lines of business except those stated separately 2012 2013 2014 30

Moderate premium growth due to strict U/W discipline EBIT up by 12.2% and EBIT margin well above target Gross written premium in m. EUR EBIT/EBIT margin in m. EUR 6,339 6,826 CAGR: 5.7% 7,717 7,818 7,903 16.3% 10.1% 15.9% 15.5% 1.091 1,061 17.0% 1,191 880 599 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 EBIT EBIT margin 31

Effective cycle management at work US casualty total inforce premium development in m. USD 1,029 1,047 947 852 631 728 584 552 559 580 584 634 627 670 436 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Inforce premium as at 1 January U/Y perspective 32

Selective growth Premium growth driven by profitability Different lines with different cycles 140% GWP Profitability US Casualty + Motor Germany + Marine + 120% 100% + X Aviation +/- Credit and surety + US Cat +/- Latin America + 80% 2010 2011 2012 2013 2014 33

At an MtCR of ~96% we earn 900 bps above risk free NPE + Economic revaluation - Capital margin = MtCR Net premium earned Discount effect on P&C net loss reserves (% of NPE) Capital margin above risk free (pre-tax) + - = Maximum tolerable Combined Ratio 2015: 100% + 3.8% - 7.6% = 96.3% 2014: 100% + 3.0% - 7.1% = 95.9% 2013: 100% + 3.6% - 7.5% = 96.1% 2012: 100% + 4.4% - 6.4% = 98.0% As at March 2015 34

MtCR varies substantially by line of business 2015 Net premium earned (100%) North America* + Economic revaluation - Capital margin = MtCR 7.8% 8.6% 99.2% Continental Europe* 2.7% 8.2% 94.4% Marine 2.9% 11.6% 91.3% Aviation 5.8% 6.5% 99.3% Credit, surety and political risks 4.9% 8.0% 96.9% UK, Ireland, London market and direct 6.3% 7.5% 98.7% Facultative R/I 4.2% 7.3% 96.9% Worldwide Treaty R/I* 1.6% 7.0% 94.7% Cat XL 2.6% 20.4% 82.2% Structured R/I and ILS 0.8% 1.9% 98.9% Total Property & Casualty R/I 3.8% 7.6% 96.3% As at March 2015 * All lines of Property & Casualty reinsurance except those stated separately 35

Overall portfolio outperforms the MtCR Aviation impacted by high claims burden Combined Ratio 2014 vs. MtCR Target markets Specialty lines worldwide North America* Continental Europe* Marine Aviation Credit, surety and political risks UK, Ireland, London market and direct Facultative R/I 91.8% 93.1% 67.2% 112.1% 92.2% 110.3% 103.9% Global R/I Worldwide Treaty R/I* Cat XL Structured R/I and ILS 39.3% 98.5% 94.1% Total 94.7% Combined Ratio MtCR 0% 20% 40% 60% 80% 100% 120% 140% 160% MtCR = Maximum tolerable Combined Ratio * All lines of Property & Casualty reinsurance except those stated separately 36

Improving reserve adequacy compared to peer group Conservative reserving policy leads to build-up of reserve redundancies Reserve adequacy as a percentage of total reserves 10.0% 9.0% 8.5% 9.1% 9.4% 8.2% 4.8% 4.5% 7.4% 6.0% 5.4% 3.7% 8.6% 6.0% 3.8% 7.5% 4.8% 8.1% 6.1% 5.5% 5.0% 3.9% 2.5% 3.8% 2008 2009 2010 2011 2012 2013 Hannover Re Peer 1 Peer 2 Peer 3 Source: Bank of America Merrill Lynch Global Research; European peers 37

Internal reserve studies 2009-2014 reviewed by Towers Watson show increasing redundancies* For the HR Group, over the last 6 years on average 2.6% of the net earned loss ratio for P&C business is due to net reserve redundancy increases in m. EUR Year Redundancy Increase redundancy Effect on loss ratio P&C premium (net earned) 2009 867 276 5.3% 5,230 2010 956 89 1.6% 5,394 2011 1,117 162 2.7% 5,961 2012 1,308 190 2.8% 6,854 2013 1,517 209 3.1% 6,866 2014 1,546 29 0.4% 7,011 2009-2014 total 2009-2014 average 955 37,316 159 2.6% 6,219 * Redundancy of loss and loss adjustment expense reserve for its non-life insurance business against held IFRS reserves, before tax and minority participations. Towers Watson reviewed these estimates - more details shown in slide V (appendix) No change in reserving policy in 2014 38

We are somewhat different Life & Health reinsurance Responsive We are committed to responsiveness and time to market Rapid decision-making processes In-depth knowledge of local markets Our strategic Flexible We are a highly flexible business partner Tailor-made services and solutions Ability to anticipate market and client demands contribution from L&H Efficient We foster an efficient organisational set-up 900 experts in 19 countries Highly empowered staff Undogmatic We have an undogmatic approach Entrepreneurial spirit Appetite to innovate industry solutions We offer small company flexibility with a large company balance sheet 39

Strategy contribution of the L&H business group We have ambitious profit and growth targets Our value proposition to our customers Financial solutions Tailored reinsurance structures for efficient capital or liquidity management Risk solutions Competitive terms, capacity and reinsurance solutions for all types of technical risks Reinsurance services Improvement of sales and underwriting processes Our profit contribution VNB EUR 180 m. EBIT margins Financial solutions/longevity 2% Mortality/Morbidity 6% xroca* 3% * xroca= excess Return on Capital Allocated 40

We expand our presence by a strong focus Our current set of solutions Traditional life & health reinsurance Financing Longevity Regulatory & accounting optimisation 3 2 4 5 Our focus 1 High growth markets 1 2 Companies in transition 3 Alternative distribution channels 4 Underserved consumers 5 Hard-to-quantify risks Reinsurance universe Positive economic value expected 41

We are a decentralised, solution-oriented organisation...... with client-oriented offices Madrid Dublin London Paris Hannover Milan Stockholm Manama Toronto Charlotte Denver New York Orlando Hamilton Mexico City Seoul Tokyo Taipei Hong Kong Shanghai Mumbai Johannesburg Sydney Kuala Lumpur Automated U/W systems R&D technology Financial solutions Risk assessment Health (re-) insurance Biometric research Longevity solutions Expert networks 42

We have well defined reporting categories Financial solutions Profitability is less likely to be affected by the underlying biometric risks Transactions which include components to provide alternative means of accessing capital Risk solutions Profitability depends largely on the underlying biometric risks Mortality The risk of paying more death benefits than expected Morbidity The risk of experiencing a higher claims burden from traditional health, critical illness, long-term care, and disability covers Longevity The risk of paying annuities and pensions longer than expected 43

Life & Health reinsurance: a well diversified portfolio GWP split by reporting categories in m. EUR GWP split by regions 2014 Morbidity 6,058 13% 6,459 Latin Africa 6,145 America 3% 14% 18% 4% Australia North 12% America 30% Mortality 47% 46% 46% Asia 14% Longevity Financial solutions 15% 15% 16% 25% 25% 20% 2012 2013 2014 Other Europ. countries 11% Germany 4% United Kingdom 22% 44

We have a successful track record Gross written premium in m. EUR EBIT/EBIT margin in m. EUR CAGR: 6.1% 6,058 6,145 6,459 5,090 5,270 6.1% 4.5% 5.1% 4.9% 2.8% 284 279 264 218 151 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 EBIT EBIT margin 45

We have a successful MCEV development Value of New Business in m. EUR Value in Force in m. EUR 448 2,568 Target: EUR 180 m. 2,131 1,941 2,040 314 309 1,633 241 149 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Market Consistent Embedded Value in m. EUR Intrinsic Value Creation (IVC), xroca in m. EUR 4,275 3,675 3,066 3,134 2,568 2010 2011 2012 2013 2014 15.5% 244 20 0.9% (31) (1.3%) 8.4% 7.5% 227 176 2010 2011 2012 2013 2014 IVC xroca 46

Continued positive cash flow AuM increased by 13.7% helped by lower yields and strengthening of USD Operating cash flow in m. EUR Assets under own management (AuM) in m. EUR 36,228 2,523 2,637 31,874 31,875 1,681 267 523 705 493 799 2,225 550 1,931 554 25,411 28,341 649 628 450 336 822 473 608 737 612 415 718 363 296 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 47

Investment result fulfils the expectation Increase in total investments helped by lower yields and strengthening of USD Total investments in m. EUR Investment income in m. EUR 52,146 46,625 46,219 38,047 12,636 41,683 13,342 14,751 14,343 15,918 1,259 316 1,656 1,384 355 1,412 339 357 1,472 376 25,411 28,341 31,874 31,875 36,228 943 1,046 1,300 1,054 1,096 2010 2011 2012 2013 2014 Funds withheld and contract deposits Assets under own management 2010 2011 2012 2013 2014 Income and expenses on funds withheld and contract deposits Net income from assets under own management 48

Increase in Governments and HY-bonds at expense of covereds Moderate re-entry into listed equity Tactical asset allocation 1) Investment category 2011 2012 2013 2014 30 Sep 15 Fixed-income securities 90% 92% 90% 90% 87% - Governments 19% 19% 19% 21% 25% - Semi-governments 23% 23% 20% 19% 17% - Corporates 31% 33% 36% 36% 34% Investment grade 29% 30% 33% 33% 30% Non-investment grade 3) 3% 3% 3% 3% 4% - Pfandbriefe, Covered Bonds, ABS 16% 17% 15% 14% 11% Equities 2% 2% 2% 2% 3% - Listed <1% <1% <1% < 1% 1% - Private Equity 2% 2% 2% 2% 2% Real estate/real estate funds 2% 2% 4% 4% 4% Others 3) <1% 1% 1% 1% 1% Short-term investments & cash 5% 3% 4% 4% 5% Total balance sheet values in bn. EUR 28.3 31.9 31.9 36.2 37.7 1) Economic view based on market values without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR 864,4 m. (EUR 716.3 m.) as at 30 September 2015 2) Of which Pfandbriefe and Covered Bonds = 79.9% 3) Reallocation of High Yield Funds from Others to Corporates Non-investment grade retrospective from 2011 onwards 2) 49

Fixed-income book well balanced More than 80% rated A or better Governments Semigovernments Corporates Pfandbriefe, Covered Bonds, ABS Short-term investments, cash AAA 72.0% 60.2% 1.7% 65.7% - 41.9% AA 14.3% 35.1% 15.5% 14.4% - 18.8% A 8.0% 3.0% 41.6% 7.5% - 19.8% BBB 4.9% 1.3% 33.8% 7.7% - 15.6% <BBB 0.9% 0.5% 7.4% 4.8% - 3.8% Total 100.0% 100.0% 100.0% 100.0% - 100.0% Germany 12.1% 42.5% 4.4% 25.9% 16.4% 16.9% UK 7.7% 3.4% 8.2% 9.3% 5.6% 7.2% France 3.0% 3.3% 6.6% 6.7% 1.2% 4.7% GIIPS 1.6% 1.0% 4.3% 11.4% 0.0% 3.6% Rest of Europe 6.3% 20.9% 16.9% 21.6% 5.9% 14.7% USA 53.5% 7.3% 37.6% 5.2% 20.2% 31.5% Australia 3.2% 7.7% 7.7% 10.4% 8.5% 6.8% Asia 8.2% 2.3% 4.7% 0.0% 33.2% 6.1% Rest of World 4.5% 11.6% 9.7% 9.5% 9.1% 8.6% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total b/s values in m. EUR 9,429 6,323 12,389 4,215 1,729 34,085 Total As at 30 September 2015 50

Currency allocation matches liability profile of balance sheet Active asset/liability management ensures durational match to a large extent Currency split of investments GBP 8.6% AUD 5.0% CAD 2.5% 6.6 Others 5.6% 5.1 2.0 4.0 Modified duration of portfolio 5.2 EUR 32.1% Modified duration of fixedincome mainly congruent with liabilities GBP s higher modified duration predominantly due to life business Modified duration 2014 4.6 3.9 2013 4.4 2012 4.5 USD 46.2% 2011 4.2 Modified duration as at 30 September 2015: 4.5 51

Active management of credit risk High level of diversification; Portion of banks stays stable Corporate allocation in m. EUR Total bank exposure* EUR 3,305 m. 10,583 11,453 13,245 27% 12,955 26% 13% 10% Others GBP 5% 19% <BBB BBB 1 % 17% Others Tier II 12% 25% Rest of World Asia/ Australia 8,949 31% 69% 27% 73% 26% 74% 73% 50% USD 51% 21% 83% Senior Rest of 18% Europe 3% GIIPS 74% 27% EUR 9% FR 25% AA 9% UK AAA 3% DE By currency By rating By seniority By country A US 2011 2012 2013 2014 30 Sep 15 Non-Banks Banks * Economic view based on market value as at 30 September 2015 52

Unchanged small exposure in Southern Europe and Ireland* Merely 0.6% of total assets under own management Asset allocation in m. EUR Spain 119 Portugal 27 Ireland 0 0.6% Italy 65 Greece 0 Total assets under own management EUR 211 m. Economic view based on market value as at 30 September 2015 * Investments in governments and semi-governments 53

Stress tests on assets under own management Unchanged focus on yields and spreads while relevance of equities rises Portfolio Scenario Change in market value in m. EUR Change in shareholders' equity before tax in m. EUR Equity (listed and private equity) -10% -122-122 -20% -244-244 Yield curves +50 bps -757-657 +100 bps -1,480-1,283 Credit spreads +50% -848-804 Real estate -10% -148-89 +10% 148 34 As at 30 September 2015 54

Market sensitivity of inflation hedges Inflation-linked bonds held as inflation hedges with volume of EUR 1,433 m. (thereof EUR 348 m.; 1,085 m. EUR of USD) Average time to maturity 5.4 years (thereof 6.0 years EUR; 5.3 years USD) Average hedged inflation level of 1.46 % EUR and 2.14 % USD p.a. OCI effect of the inflation component YTD EUR -34.8 m. (thereof EUR -1.8 m.; -33.1 m. EUR of USD) Sensitivity to inflation risk: in m. EUR Change in market value of the inflation component through OCI Inflation expectation*: +100 bps +79 Inflation expectation*: -100 bps -75 Inflation expectation*: +400 bps +339 * CPI - Consumer Price Index (US inflation index) HICP - Harmonised Indices of Consumer Prices (EU inflation index; actually traded is the sub-index HICP ex tobacco) 55

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Several levels of protection provide more NatCat capacity...... and thus creates additional earnings at a defined risk appetite Agg. XL ~ EUR 117 m. Div. cat swaps max. ~ EUR 118 m. ~ EUR 2.4 bn. Eurus III ~ EUR 100 m. Whole Account ~ EUR 250 m. K-Cession securitisation ~ EUR 345 m. + expected premium Group EBIT EUR 1.5 bn. Policyholders' surplus (shareholders' equity, non-controlling interest, hybrid capital) 2014: EUR 10.2 bn. As at February 2015 56

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Ensuring the quality of our portfolio Our quotation process in Property & Casualty reinsurance Step 1: Step 2: Step 3: Calculation of the loss expectancy Cost estimation Calculation of the cost of capital Historical loss and exposure analysis Future inflation Changes in the quality of underlying risks Changes in the quantity of underlying risks Commissions Broker fees Internal administration Level of capital allocation determined by volatility of the business covered and contribution to diversification Expected return on equity Capital structure Discounting of future cash flows 57

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Equity Substitutes We pioneered securitisations (transfer of risks into capital markets) In 1994 Hannover Re pioneered the first securitisation of natural catastrophe risks (Kover) followed by further transactions (K2 to K6) In 1998 Hannover Re started with the first-ever transfer of acquisition costs from life reinsurance business to the capital market, referred to as "L" deals (L1 to L7) On-going transactions in m. Extreme mortality cover (Q4/14) ~ USD 160 6) K-Cession (Q1/15) USD 400 3) Eurus III (Q3/12) EUR 100 1) 1) Transfer of natural perils (P&C) 2) Portfolio-linked swap (P&C) 3) Portfolio-linked securitisation (P&C) 4) Aggregate XL cover (P&C) 5) Credit-linked floating rate note 6) Indexed-linked swap (L&H) Expired transactions in m. Kover (Q1/94) USD 85 1) K2 (Q4/96) USD 150 2) L1 (Q1/98) DEM 100 L2 (Q2/99) DEM 250 L3 (Q4/99) EUR 50 L4 (Q4/00) EUR 200 K3 (Q2/02) USD 230 3) L5 (Q4/02) EUR 300 C1 (Q1/05) USD 225 3) L6 (Q1/06) EUR 100 K5 (Q1/06) USD 540 3) Eurus I (Q3/06) USD 150 3) Kepler (Q1/07) USD 200 4) Merlin (Q1/07) EUR 95 5) L7 (Q1/09) EUR 100 K6 (Q1/09) USD 335 3) Eurus II (Q3/09) EUR 150 1) 58

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix The risk is manageable Stress tests, after retrocessions for natural catastrophes Effect on forecast net income after tax in m. EUR 2013 2014 Windstorm Europe Windstorm US Windstorm Japan Earthquake Japan Earthquake California Earthquake Australia 100-year loss (227.8) (251.0) 250-year loss (415.2) (440.0) 100-year loss (393.1) (541.7) 250-year loss (630.6) (778.1) 100-year loss (241.1) (172.2) 250-year loss (292.0) (250.1) 100-year loss (263.4) (254.3) 250-year loss (490.8) (520.8) 100-year loss (271.9) (303.5) 250-year loss (461.1) (503.1) 100-year loss (166.5) (172.7) 250-year loss (369.1) (449.7) in m. EUR Limit 2014 Threshold 2014 All natural catastrophe risks* Actual utilisation (July 2014) 200-year aggregate annual loss 1,480 1,332 1,147 * Loss relative to the underwriting result 59

Our capital structure consists not only of equity Use of hybrids, securitisations etc. lowers cost of capital and levers RoE Equity capital is by far the most expensive Therefore, we make optimal use of equity substitutes, e.g. hybrid capital Type Nominal amount Issue date First call date Maturity Coupon rate Undated subordinated bond Format: PerpNC10,8 ISIN: XS1109836038 Dated subordinated bond Format: 30,6NC10,6 ISIN: XS0856556807 Dated subordinated bond Format: 30NC10 ISIN: XS0541620901 EUR 500 m. 2014-09-15 2025-06-26 Perpetual EUR 500 m. 2012-11-20 2023-06-30 2043-06-30 EUR 500 m. 2010-09-14 2020-09-14 2040-09-14 Until first call date: 3.375% p.a. and thereafter 3.25% p.a. above 3 months EURIBOR Until first call date: 5.00% p.a. and thereafter 4.30% p.a. above 3 months EURIBOR First 10 years: 5.75% p.a. and thereafter 4.235% p.a. above 3 months EURIBOR Conventional reinsurance/retrocession on an opportunistic basis (i.e. use of other reinsurers' capital) Securitisations, capital market transactions Competitive advantage through low cost of capital (WACC) 60

Financial strength ratings Group S&P A.M. Best General Reinsurance Corp. AA+ 1) A++ Hannover Re AA- A+ Munich Re AA- A+ Swiss Re AA- A+ SCOR AA- A 2) Everest Re A+ A+ Lloyd's A+ A 2) Transatlantic Re A+ A 2) XL Re A+ 2) A PartnerRe A+ 3) A 1) As at 4 January 2016 1) Under review with negative implications 2) Positive outlook 3) Negative outlook 61

An above-average rating has numerous benefits...... although we might not (yet) get paid for it 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 62

Hannover Re Group has comfortable capital position Capital adequacy ratio: 160% Risk capital for the 99.97% VaR (according to economic capital model) in m. EUR Property & Casualty 5,023 Life & Health 3,327 Market 5,142 Counterparty default 756 Operational 595 HR Group required capital before tax 9,157 5,687 14,844 Deferred taxes 1,370 38% diversification Effective capital requirement HR Group required capital after tax 7,787 HR Group available economic capital 12,444 As at December 2014 63

Hannover Re is well diversified within each risk category and has a well balanced asset and liability portfolio Risk capital for the 99.5% VaR (according to economic capital model) in m. EUR Underwriting risk property and casualty Premium (incl. catastrophe) Reserve Underwriting risk property and casualty 3,101 2,079 885 22% 1,907 3,986 Underwriting risk life and health Mortality Longevity Morbidity and disability Lapse Underwriting risk life and health 1,907 1,448 1,121 351 1,750 48% 736 3,657 Market risk Credit and spread Interest rate Foreign exchange Equity Real estate Market risk 3,522 2,639 852 931 37% 2,109 804 404 5,631 As at December 2014 Capital requirement Diversification 0 1,000 1000 2,000 3,000 4,000 5,000 6,000 64

Hannover Re is well capitalised Available capital significantly exceeds required capital 2010 2011 2012 2013 2014 Solvency margin 1) 69.5% 68.3% 72.9% 71.7% 82.4% Capital Adequacy Ratio 99.97% VaR 154.9% 159.7% 170.0% 161.6% 159.8% 2) 2) Capital Adequacy Ratio 99.5% VaR 336.1% 302.5% 335.2% 330.2% 285.9% Debt/equity ratio 3) 36.5% 30.9% 33.3% 34.3% 24.1% Interest coverage 4) 13.8x 8.5x 13.3x 9.7x 15.3x 5) Reserve/premium ratio 275.1% 292.7% 268.4% 270.6% 295.7% 1) (Shareholders equity + non-controlling interests + hybrid)/net premium earned 2) According to our internal model 3) Debt/(Stockholders' equity + non-controlling interests) 4) EBIT/Interest on hybrid capital 5) Net reserves/net premium earned (group) 65

Solvency II: Hannover Re is prepared to comply Internal capital model approved by BaFin Solvency II Pillar I Quantitative requirements Capital requirements (SCR/MCR*) Own funds (solvency balance sheet) Standard model and internal model Pillar II Qualitative requirements Internal controls, risk management and key functions Internal risk assessment Supervisory review procedure Hannover Re Pillar III Disclosure requirements to the regulator and the public with the goal of market transparency and market discipline Hannover Re has received approval for its partial internal capital model. Internal and external risk quantification is therefore largely consistent. * SCR = Solvency Capital Requirement; MCR = Minimum Capital Requirement Hannover Re has long had in place an internal control system, the necessary key functions and extensive risk management. Additional requirements arising out of Solvency II have been implemented progressively in recent years. We support our clients in their preparations for Solvency II through the flexible design of our products and by sharing experiences. 66

Strong nine-month result Group net income increased by 13% Group Gross written premium: EUR 12,946 m. (+20.9%) Net premium earned: EUR 10,830 m. (+20.8%) EBIT: EUR 1,190 m. Group net income: EUR 786 m. RoE: 13.7% Book value per share: EUR 64.15 Shareholders' equity: EUR 7,736 m. Property & Casualty R/I EBIT: EUR 936 m. Life & Health R/I EBIT: EUR 246 m. Remarkable GWP growth of 10.0% (f/x adjusted), fuelled by both business groups EBIT increased by 9.1%, mainly driven by favourable U/W result in P&C and increased investment returns RoE remains well above our minimum target Shareholders equity up by 2.5%, mainly driven by strong earnings Investments NII: EUR 1,225 m. RoI from AuM: 3.4% Strong profitability (EBIT margin of 15.7%) driven by favourable U/W result (C/R of 95.5%) Net major losses of EUR 436 m. well above last year s number but within budget (7.3% of NPE) Pleasing f/x-adjusted growth of 9.8% despite continued selective U/W approach Improved operating profit (+5.3%) Technical result from one single large claim from our US mortality business and French Branch below expectation Attractive f/x-adjusted growth of 10.1% mainly from Longevity, Emerging Markets and Australia RoI well above full-year target of 3.0% Increased ordinary investment income supported by one-off effect in L&H and strong USD as well as higher income from real estate Assets under own management increased by 4.1% 67

Pleasing operating result fuelled by both business groups Remarkable increase in premiums and earnings Group figures in m. EUR Q3/2014 Q3/2015 Q1-3/2014 Q1-3/2015 Gross written premium 3,640 4,359 10,704 12,946 Net premium earned 3,127 3,811 8,966 10,830 Net underwriting result (26) (33) (12) (73) - Incl. funds withheld 84 63 273 220 Net investment income 414 426 1,121 1,225 - From assets under own mgmt. 303 330 836 932 - From funds withheld 110 95 285 293 Other income and expenses 20 8 (19) 38 Operating profit/loss (EBIT) 407 401 1,091 1,190 YTD GWP f/x-adjusted growth +10.0% NPE f/x-adjusted growth +10.0% Other income and expenses, y-o-y improvement mainly due to positive currency effects EPS growth of 13.0% exceeds target of 6.5% Interest on hybrid capital (22) (18) (70) (66) Net income before taxes 385 383 1,020 1,124 Taxes (105) (114) (260) (298) Net income 281 269 760 826 - Non-controlling interests 30 15 65 40 Group net income 251 254 695 786 Retention 85.7% 87.3% 87.0% 87.9% EBIT margin (EBIT/Net premium earned) 13.0% 10.5% 12.2% 11.0% Tax ratio 27.1% 29.7% 25.5% 26.5% Earnings per share (in EUR) 2.08 2.11 5.77 6.52 68

Favourable underwriting result in a competitive environment Attractive top line growth despite continued selective underwriting approach Property & Casualty R/I in m. EUR Q3/2014 Q3/2015 Q1-3/2014 Q1-3/2015 Gross written premium 1,982 2,347 6,060 7,319 Net premium earned 1,734 2,071 5,104 5,965 YTD GWP f/x-adjusted growth +9.8%; mainly from US, Asia, Speciality lines and Agro business NPE f/x-adjusted growth +6.7% Net underwriting result incl. funds withheld Combined ratio incl. interest on funds withheld 73 87 241 268 95.8% 95.8% 95.3% 95.5% Major losses of EUR 436 m. (7.3% of NPE) below budget of EUR 519 m. for Q1-3/2015 Expected run-off reserves without extraordinary effects Net investment income from assets under own management 243 242 632 657 Other income and expenses 10 25 (26) 12 Operating profit/loss (EBIT) 326 353 847 936 Tax ratio 25.9% 30.0% 27.5% 26.4% Increased ordinary investment income despite low yield environment Other income & expenses improved due to positive currency effects Favourable EBIT margin of 15.7% (Q1-3/2014: 16.6%), well above target Net income increased by 16.1% Group net income 213 233 561 651 Earnings per share (in EUR) 1.77 1.93 4.65 5.40 69

Major losses below budget for Q1-3/2015 Remaining large loss budget (EUR 254 m.) provides comfortable cushion for Q4/15 Natural and man-made catastrophe losses 1) 2,373 1,730 in m. EUR 1,070 121 107 410 285 672 458 291 240 863 662 981 662 724 578 478 559 568 426 436 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1-3/2015 Natural and man-made catastrophe losses in % of Property & Casualty premium 2) 34% 2% 8% 13% 5% 14% 25% 9% 9% 7% 8% 20% 2% 6% 11% 5% 12% 16% 7% 8% 6% 7% Expected large losses (net) in m. EUR 314 377 360 428 450 500 530 560 625 670 690 Gross Net Expected large losses (net) 1) Up to 2011 claims over EUR 5 m. gross, from 2012 onwards claims over EUR 10 m. gross 2) 2005-2006 adjusted to new segmentation 70

High level of man-made large losses Benign large loss experience in Q1-3/2015 from NatCat Catastrophe losses* in m. EUR Date Gross Net Storm, Northern Europe 08-11 Jan 10.5 7.4 Winter storm, USA 1-22 Feb 17.7 12.8 Cyclone "Marcia", Australia 20 Feb 12.1 8.2 Storm "Niklas", Germany, Switzerland, Austria 31 Mar - 1 Apr 37.3 28.5 Storm, Australia 19-25 Apr 21.8 13.7 Storm/floods, USA 24 May - 14 Jun 10.3 7.0 Storm "Siegfried", Germany 5-6 Jul 20.4 14.2 Storm "Erika", Caribbean 25-31 Aug 11.1 11.1 Earthquake, Chile 16 Sep 43.6 43.6 9 Natural catastrophes 184.8 146.5 5 Aviation claims 68.8 49.4 4 Marine claims 134.9 77.1 5 Property claims 67.6 67.6 Tianjin port explosions, China 112.4 95.9 24 Major losses 568.5 436.4 * Natural catastrophes and other major losses in excess of EUR 10 m. gross 71

Attractive premium growth and improved earnings Net income increased by 6.9% Life & Health R/I in m. EUR Q3/2014 Q3/2015 Q1-3/2014 Q1-3/2015 Gross written premium 1,658 2,012 4,645 5,627 Net premium earned 1,392 1,739 3,861 4,864 YTD GWP f/x-adjusted growth +10.1%, mainly from Longevity, Emerging Markets, especially China as well as Australia NPE f/x-adjusted growth +14.3% Net underwriting result incl. funds withheld 11 (24) 32 (48) Technical result from US mortality and French Branch below expectation Net investment income from assets under own management 58 87 192 266 Other income and expenses 11 (17) 10 28 Improved NII supported by one-off in Q1/2015; EUR -18.9 m. effect from ModCo derivatives Other income improved due to f/x effects Operating profit/loss (EBIT) 79 46 234 246 EBIT margin 5.7% 2.7 % 6.1% 5.1 % Tax ratio 33.9% 28.4 % 23.9% 26.9 % EBIT margins: Financial solutions/longevity: 9.4% (target 2%) Mortality/Morbidity 2.9% (target 6%) Group net income 51 32 166 178 Earnings per share (in EUR) 0.42 0.27 1.38 1.47 72

Return on Investments clearly above target Pleasing rise in ordinary income boosts net investment income in m. EUR Q3/2014 Q3/2015 Q1-3/2014 Q1-3/2015 RoI Ordinary investment income* 303 318 797 921 3.3% Realised gains/losses 49 58 137 124 0.4% Impairments/appreciations & depreciations Change in fair value of financial instruments (through P&L) (6) (9) (16) (24) -0.1% (19) (8) (9) (9) 0.0% Investment expenses (24) (28) (74) (80) -0.3% NII from assets under own mgmt. 304 330 836 932 3.4% NII from funds withheld 110 95 285 293 Total net investment income 414 426 1,121 1,225 Unrealised gains/losses of investments 31 Dec 14 30 Sep 15 On Balance-sheet 1,724 1,336 thereof Fixed income AFS 1,246 828 Off Balance-sheet 558 505 thereof Fixed income HTM, L&R 497 430 Total 2,282 1,841 YTD Significant rise in ordinary income due to higher results from fixedincome securities, real estate and one-off effect from L&H business as well as f/x effects Realised gains driven by preparation for change of balance sheet currency at our Irish subsidiary effective 1.1.2016 as well as slight adjustments to asset allocation Increase in regular depreciations due to higher real estate volume Change in fair value of financial instruments impacted by ModCo derivatives (EUR -18.9 m) Valuation reserves lower than yearend levels due to higher credit spreads and realizations * Incl. results from associated companies 73

Target Matrix 2015 Most targets achieved Business group Key figures Strategic targets for 2015 Q1-3/2015 Group Return on investment 1) 3.0% 3.5% Return on equity 2) 10.2% 13.7% Earnings per share growth (y-o-y) 6.5% 13.0% Value creation per share 3) 7.5% n.a. Property & Casualty R/I Gross premium growth 4) 3% - 5% 9.8% Combined ratio 96% 5) 95.5% EBIT margin 6) 10% 15.7% xroca 7) 2% n.a. Life & Health R/I Gross premium growth 8) 5% - 7% 10.1% Value of New Business (VNB) EUR 180 m. n.a. EBIT margin 6) Financial solutions/longevity 2% 9.4% EBIT margin 6) Mortality/Morbidity 6% 2.9% xroca 7) 3% n.a. 1) Excl. inflation swaps and ModCo 2) After tax; target: 900 bps above 5-year rolling average of 10-year German government-bond rate ("risk free") 3) Growth of book value + paid dividend 4) At unchanged f/x-rates; multi-year average 5) Incl. expected net major losses of EUR 690 m. 6) EBIT/net premium earned 7) Excess return on the allocated economic capital 8) At unchanged f/x-rates; multi-year average; organic growth only 74

Our strategic business groups at a glance Q1-3/2015 vs. Q1-3/2014 Property & Casualty R/I Life & Health R/I Total in m. EUR Q1-3/2014 Q1-3/2015 Δ Q1-3/2014 Q1-3/2015 Δ Q1-3/2014 Q1-3/2015 Δ Gross written premium 6,060 7,319 +20.8% 4,645 5,627 +21.1% 10,704 12,946 +20.9% Net premium earned 5,104 5,965 +16.9% 3,861 4,864 +26.0% 8,966 10,830 +20.8% Net underwriting result 225 251 +11.6% (237) (325) +36.7% (12) (73) - Net underwritung result incl. funds withheld 241 268 +11.2% 32 (48) - 273 220-19.5% Net investment income 648 673 +3.9% 462 543 +17.6% 1,121 1,225 +9.2% From assets under own management 632 657 +3.9% 192 266 +38.8% 836 932 +11.5% From funds withheld 15 16 +5.2% 270 277 +2.5% 285 293 +2.7% Other income and expenses (26) 12-10 28 +189.2% (19) 38 - Operating profit/loss (EBIT) 847 936 +10.6% 234 246 +5.3% 1,091 1,190 +9.1% Interest on hybrid capital (0) (0) - (0) 0 - (70) (66) -5.7% Net income before taxes 847 936 +10.6% 234 246 +5.3% 1,020 1,124 +10.1% Taxes (233) (247) +6.2% (56) (66) +18.4% (260) (298) +14.4% Net income 614 689 +12.2% 178 180 +1.2% 760 826 +8.7% Non-controlling interest 53 38-28.5% 12 2-81.1% 65 40-38.0% Group net income 561 651 +16.1% 166 178 +6.9% 695 786 +13.0% Retention 89.6% 88.8% 83.7% 86.8% 87.0% 87.9% Combined ratio (incl. interest on funds withheld) 95.3% 95.5% 99.2% 101.0% 97.0% 98.0% EBIT margin (EBIT / Net premium earned) 16.6% 15.7% 6.1% 5.1% 12.2% 11.0% Tax ratio 27.5% 26.4% 23.9% 26.9% 25.5% 26.5% Earnings per share (in EUR) 4.65 5.40 1.38 1.47 5.77 6.52 75

Our strategic business groups at a glance Q3 stand-alone Property & Casualty R/I Life & Health R/I Total in m. EUR Q3/2014 Q3/2015 Δ Q3/2014 Q3/2015 Δ Q3/2014 Q3/2015 Δ Gross written premium 1,982 2,347 +18.4% 1,658 2,012 +21.4% 3,640 4,359 +19.8% Net premium earned 1,734 2,071 +19.4% 1,392 1,739 +24.9% 3,127 3,811 +21.9% Net underwriting result 67 80 +20.2% (94) (113) +21.2% (26) (33) +25.0% Net underwritung result incl. funds withheld 73 87 +18.7% 11 (24) - 84 63-25.5% Net investment income 249 248-0.5% 162 176 +8.6% 414 426 +2.9% From assets under own management 243 242-0.5% 58 87 +50.1% 303 330 +8.9% From funds withheld 6 6 +2.0% 104 89-14.4% 110 95-13.5% Other income and expenses 10 25 +143.1% 11 (17) - 20 8-60.1% Operating profit/loss (EBIT) 326 353 +8.2% 79 46-41.6% 407 401-1.5% Interest on hybrid capital (0) 0-0 (0) - (22) (18) -16.8% Net income before taxes 326 353 +8.2% 79 46-41.6% 385 383-0.7% Taxes (84) (106) +25.3% (27) (13) -51.2% (105) (114) +8.7% Net income 241 247 +2.3% 52 33-36.6% 281 269-4.1% Non-controlling interest 28 14-49.9% 1 1-33.2% 30 15-49.1% Group net income 213 233 +9.3% 51 32-36.7% 251 254 +1.2% Retention 86.6% 87.3% 84.7% 87.2% 85.7% 87.3% Combined ratio (incl. interest on funds withheld) 95.8% 95.8% 99.2% 101.4% 97.3% 98.4% EBIT margin (EBIT / Net premium earned) 18.8% 17.0% 5.7% 2.7% 13.0% 10.5% Tax ratio 25.9% 30.0% 33.9% 28.4% 27.1% 29.7% Earnings per share (in EUR) 1.77 1.93 0.42 0.27 2.08 2.11 76

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Guidance for 2015 Hannover Re Group Gross written premium 5% - 10% premium growth at unchanged f/x-rates Return on investment 1) 2) ~ 3.0% Group net income 1) ~ EUR 950 m. Dividend payout ratio 3) 35% - 40% (The ratio may increase in light of capital management considerations) 1) Subject to no major distortions in capital markets and/or major losses in 2015 not exceeding the large loss budget of EUR 690 m. 2) Excluding effects from derivatives (ModCo/inflation swaps) 3) Relative to Group net income according to IFRS 77

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Property & Casualty R/I overall profitable Financial year 2015e Target markets Specialty lines worldwide Global R/I Lines of business Volume 1) Profitability 2) North America 3) + Continental Europe 3) - Marine ++ Aviation Credit, surety and political risks + UK, Ireland, London market and direct + Facultative R/I +/- Worldwide Treaty R/I 3) +/- Cat XL + Structured R/I and ILS + - 1) In EUR; premium growth supported by strengthening of foreign currencies 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 3) All lines of business except those stated separately 78

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Increasing earnings expected for Life & Health R/I Financial year 2015e Financial solutions Reporting categories Volume 1) Profitability 2) Financial solutions ++ Longevity +/- Risk solutions Mortality + Morbidity +/- 1) In EUR; premium growth supported by strengthening of foreign currencies 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 79

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Rationale for the 2015 profit guidance Long-term success in a competitive business We expect a further increase in profits from our Life & Health business group We expect a largely unchanged technical profit from our Property & Casualty business Continued high-quality portfolio due to selective underwriting and concentration on renewal business Due to IFRS accounting constraints it will be difficult to further increase the confidence level of our loss reserves, which may result in a positive effect on our C/R Improved terms and conditions of our retrocessions should have a positive effect on our net margin We expect to achieve a largely stable absolute NII on the back of an increased investment volume (from a further positive cash flow) despite a deteriorating RoI We expect to maintain our competitive advantage of low administrative expenses Subject to no major distortions in capital markets and/or major losses in 2015 not exceeding approx. EUR 690 m. We are confident of achieving the guidance 80

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. Q1-3/2015 Outlook Appendix Guidance for 2016 New large loss budget: EUR 825 m. driven by currencies and model changes Hannover Re Group Gross written premium stable to small reduction at unchanged f/x rates Return on investment 1)2) ~ 2.9% Group net income 1) ~ EUR 950 m. Dividend payout ratio 3) 35% - 40% (The ratio may increase in light of capital management considerations) 1) Subject to no major distortions in capital markets and/or major losses in 2016 not exceeding the large loss budget 2) Excluding effects from ModCo derivatives 3) Related to group net income according to IFRS 81

Financial calendar 3 February 2016 1 January P&C Treaty Renewals 10 May 2016 Annual General Meeting Interim Report 1/2016 20 October 2016 Investors Day 2016 10 March 2016 Annual Results Press and Analysts Conference 4 August 2016 Interim Report 2/2016 10 November 2016 Interim Report 3/2016 Subject to changes www.hannover-re.com/288212/calendar I

Basic information on the Hannover Re share Basic information International Securities Identification Number (ISIN) DE 000 840 221 5 Ticker symbols - Bloomberg HNR 1 - Thomson Reuters HNRGn - ADR HVRRY Exchange listings - Germany Xetra, Frankfurt, Munich, Stuttgart, Hamburg, Berlin, Düsseldorf, Hannover (official trading: Xetra, Frankfurt and Hannover) - USA Market segment Index inclusion American Depositary Receipts (Level 1 ADR programme; 2 ADR = 1 share) Prime Standard MDAX First listed 30 November 1994 Number of issued shares* 120,597,134 Common shares* EUR 120,597,134 Share class As at 31 December 2014 No-par-value registered shares II

List of abbreviations A ABS Asset-Backed Securities ADR American Depositary Receipts AFS Available-For-Sale AG Aktiengesellschaft (public company) AuM Assets under Management B BAT Block Assumption Transactions biz business bn. billion bps basis points b/s balance sheet C CAGR Compound Annual Growth Rate Cat catastrophe C/R Combined Ratio D E EBIT Earnings Before Interest and Taxes ECM Economic Capital Model EPS Earnings per share ESG Environmental, Social, Governance F G GIIPS Greece, Ireland, Italy, Portugal, Spain GWP Gross Written Premium H HR Hannover Re HTM Held-To-Maturity I IFRS International Financial Reporting Standards ILS Insurance-Linked Securities IPO Initial Public Offering ISIN International Securities Identification Number IVC Intrinsic Value Creation J, K L L&R Loans & Receivables LoC Letter of Credit LPT Loss Portfolio Transfer M m. million MCEV MCR mgmt. ModCo MtCR N n.a. NC NII NPE O OCI P P&L p.a. Perp prop. Q R R/I RoE RoI S S&P SCR SE T U U/Y U/W V V.a.G. VaR VNB W WACC X XL xroca Y YTD y-o-y Z Market Consistent Embedded Value Minimum Capital Requirements management Modified Coinsurance Maximum tolerable Combined Ratio not available non-callable Net Investment Income Net Premium Earned Other Comprehensive Income profit and loss per annum perpetual proportional Reinsurance Return on Equity Return on Investment Standard & Poor's Solvency Capital Requirements Societas Europaea (European Company) underwriting year Underwriting Versicherungsverein auf Gegenseitigkeit (mutual insurance company) Value at Risk Value of New Business Weighted Average Cost of Capital excess of Loss excess Return on Capital Allocated Year To Date year-on-year III

Our Investor Relations team Karl Steinle General Manager Corporate Communications Tel: +49 511 5604-1500 karl.steinle@hannover-re.com Julia Hartmann Senior IR Manager Corporate Communications Tel: +49 511 5604-1529 julia.hartmann@hannover-re.com Axel Bock IR Manager Corporate Communications Tel: +49 511 5604-1736 axel.bock@hannover-re.com Hannover Rück SE Karl-Wiechert-Allee 50 30625 Hannover Germany www.hannover-re.com IV

Details on reserve review by Towers Watson The scope of Towers Watson s work was to review certain parts of the held loss and loss adjustment expense reserve, net of outwards reinsurance, from Hannover Rück SE s consolidated financial statements in accordance with IFRS as at each 31 December from 2009 to 2013, and the implicit redundancy margin, for the non-life business of Hannover Rück SE. Towers Watson concludes that the reviewed loss and loss adjustment expense reserve, net of reinsurance, less the redundancy margin is reasonable in that it falls within Towers Watson s range of reasonable estimates. Life reinsurance and health reinsurance business are excluded from the scope of this review. Towers Watson s review of non-life reserves as at 31 December 2013 covered 99.1% / 99.1% of the gross / net held non-life reserves of 18.8 billion and 17.7 billion respectively. Together with life reserves of gross 2.8 billion and net 2.6 billion, the total balance sheet reserves amount to 21.7 billion gross and 20.3 billion net. The results shown in this presentation are based on a series of assumptions as to the future. It should be recognised that actual future claim experience is likely to deviate, perhaps materially, from Towers Watson s estimates. This is because the ultimate liability for claims will be affected by future external events; for example, the likelihood of claimants bringing suit, the size of judicial awards, changes in standards of liability, and the attitudes of claimants towards the settlement of their claims. The results shown in Towers Watson s reports are not intended to represent an opinion of market value and should not be interpreted in that manner. The reports do not purport to encompass all of the many factors that may bear upon a market value. Towers Watson s analysis was carried out based on data as at evaluation dates for each 31 December from 2009 to 2013. Towers Watson s analysis may not reflect development or information that became available after the valuation dates and Towers Watson s results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates. As is typical for reinsurance companies, the claims reporting can be delayed due to late notifications by some cedants. This increases the uncertainty in the estimates. Hannover Rück SE has asbestos, environmental and other health hazard (APH) exposures which are subject to greater uncertainty than other general liability exposures. Towers Watson s analysis of the APH exposures assumes that the reporting and handling of APH claims is consistent with industry benchmarks. However, there is wide variation in estimates based on these benchmarks. Thus, although Hannover Rück SE s held reserves show some redundancy compared to the indications, the actual losses could prove to be significantly different to both the held and indicated amounts. Towers Watson has not anticipated any extraordinary changes to the legal, social, inflationary or economic environment, or to the interpretation of policy language, that might affect the cost, frequency, or future reporting of claims. In addition, Towers Watson s estimates make no provision for potential future claims arising from causes not substantially recognised in the historical data (such as new types of mass torts or latent injuries, terrorist acts), except in so far as claims of these types are included incidentally in the reported claims and are implicitly developed. In accordance with its scope Towers Watson s estimates are on the basis that all of Hannover Rück SE s reinsurance protection will be valid and collectable. Further liability may exist for any reinsurance that proves to be irrecoverable. Towers Watson s estimates are in Euros based on the exchange rates provided by Hannover Rück SE as at each 31 December evaluation date. However, a substantial proportion of the liabilities is denominated in foreign currencies. To the extent that the assets backing the reserves are not held in matching currencies, future changes in exchange rates may lead to significant exchange gains or losses. Towers Watson has not attempted to determine the quality of Hannover Rück SE s current asset portfolio, nor has Towers Watson reviewed the adequacy of the balance sheet provisions except as otherwise disclosed herein. In its review, Towers Watson has relied on audited and unaudited data and financial information supplied by Hannover Rück SE and its subsidiaries, including information provided orally. Towers Watson relied on the accuracy and completeness of this information without independent verification. Except for any agreed responsibilities Towers Watson may have to Hannover Rück SE, Towers Watson does not assume any responsibility and will not accept any liability to any person for any damages suffered by such person arising out of this commentary or references to Towers Watson in this document. V

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 Rück SE. All rights reserved. Hannover Re is the registered service mark of Hannover Rück SE. VI