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Management report
of the Hannover Re Group

For the reinsurance industry the 2011 financial year was most notable for extraordinarily heavy strains from natural disasters. Only in 2005 were the insured catastrophe losses even higher. For Hannover Re, too, the year under review was the second most expensive in its history with net major loss expenditure of EUR 981 million. As a further factor, the capital market environment again proved challenging in 2011. With this in mind, it is highly gratifying to have generated Group net income of EUR 606 million.

Not only that, the value of the company and financial strength of Hannover Re were also boosted: shareholders’ equity and the book value per share rose by 10 percent. Particularly thanks to the increased shareholders’ equity, it is possible to pay a dividend in excess of the strategic dividend target. The Supervisory Board and Executive Board will therefore propose to the Annual General Meeting that a dividend of EUR 2.10 per share should be distributed.


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