In November 2013 the responsible bodies of Hannover Rück SE and its subsidiary E+S Rückversicherung AG decided to reorganise the business relationship between the two companies with effect from 1 January 2014. The exchange of business under the joint underwriting arrangements is to be discontinued at the beginning of 2014. In non-life reinsurance business, however, a retrocession from Hannover Rück SE to E+S Rückversicherung AG will be maintained. The exclusive responsibility borne by E+S Rückversicherung AG for German business and by Hannover Rück SE for international business remains in place.

In view of the interrelations between the parent company and the Group companies and the former’s large share of business within the Group, we would refer here to our remarks contained in the section entitled “Outlook for the full 2014 financial year” which also reflect in particular the expectations for Hannover Rück SE. For 2014, as in recent years, we are again targeting a payout ratio for the dividend in the range of 35% to 40% of Group net income.


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