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Annual Report 2014

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    Facultative business –
    North America

    Facultative reinsurance refers to the coverage of significant individual risks outside of obligatory reinsurance. In particular, insurers tend to reinsure complex risks of large undertakings with sizeable operating facilities spanning several countries or extensive production processes on an individual risk basis so as to spread the risk exposure worldwide. Our clients, for example, reinsure insurance risks associated with financial groups, real estate companies, undertakings in the food industry, rail operators, municipalities, semiconductor and IT manufacturers, carmakers or airline companies on a facultative basis.

    A key element of the risk analysis focuses on the existing assets, usually in the form of property. These may be endangered by human or technical failure or by natural events; insurers reinsure them on an individual risk basis in order to spread the risk exposure globally. Extensive in-depth know-how, especially in the natural sciences and risk modelling, is needed in order to provide facultative reinsurance. Hannover Re has vigorously expanded its facultative business and can offer customers a more comprehensive service combined with growing reinsurance capacity.

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    Agricultural crop and
    livestock insurance

    Demand is constantly growing for foodstuffs and agricultural commodities, while the arable land around the world is limited. This encourages investment in agriculture, which coverage requirements are rising in light of the expected increase in extreme weather events due to climatic change. In this context, agricultural crop and livestock insurance is taking on added significance, not only in industrial nations but also in emerging markets where governments are increasingly supporting farmers with premium subsidies. We therefore expect demand in this business segment to continue growing.

    The principal lines of business in crop farming are Multi-Peril Crop Insurance (MPCI) or covers for single perils such as hail. Extended coverage is available for forestry and greenhouses. In the case of bloodstock and livestock, insurance can be taken out for the mortality, disease and transit risks in addition to general natural perils. In the aquaculture sector risks such as algal bloom can also be covered. Furthermore, our involvement in index-based insurance products opens up a variety of new business opportunities when it comes to insuring agricultural risks.

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    Making natural disasters insurable

    The increasing accumulation of values in high-risk areas, growing affluence, greater insurance densities and climate changes are leading to a rise in insured losses from natural perils all around the world. In order to ensure that such losses and damage can continue to be insured in the future, our scientists, actuaries and underwriters work hand-in-hand on the risk-appropriate assessment of natural hazards.

    Our long-standing experience and excellent risk management enable us to strike a fair balance between risk acceptance and premium – to the benefit of our clients, the impacted regions and our company. In this way, coverage can continue to be provided going forward for losses caused by hurricanes, typhoons, earthquakes and other natural disasters.

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    Lifestyle concepts

    The South African life insurance market remains an abundant source of innovative, consumer-centric benefit and process developments. At Hannover Re, we enjoy being at the forefront of such evolution through our long-term partnerships, which have seen us implement a number of lifestyle-orientated initiatives tailored to today’s health-conscious and technology-savvy policyholders. These have included a first-to-market fully automated, non-intermediated underwriting process; partnerships in the health and wellness rewards space, providing health-improvement incentives to policyholders via premium discounts and rewards; and more recently, enabling social impact through life insurance purchases. These projects share the theme of catering to the millennial policyholders – digital natives who are health conscious and vested in addressing society’s challenges. At Hannover Re, we actively seek to address evolving policyholder requirements, which serve to drive our cedant-specific solutions.

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    Sport and entertainment

    Sport has grown into an important economic factor, as evidenced by the rising number of investors buying up football clubs from the richest leagues. Yet business success is dependent not only on sporting success but also on good risk management, especially when it comes to major events faced with the possibility of cancellation or relocation due to terrorist attacks, severe weather, boycotts, political unrest etc.

    Hannover Re offers insurance solutions designed to minimise the uncertainties associated with risks, for example, in connection with the accident-related absence of sporting figures or the loss of income or profits due to weather events or other natural disasters.

    Top-flight football clubs increasingly have a vested interest in protecting their balance sheets by taking out coverage for their human capital so as to be compensated for the equivalent value if one of their players is incapacitated due to accident or illness.

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    Financial solutions in China

    Our products serve as efficient and flexible tools of business financing and solvency management for life insurers. In addition to more traditional cash financing, we offer our customers solutions designed to ease the strain of reserving and provide solvency relief. They are based on reinsurance transactions with an appropriate transfer of underwriting risks in accordance with the regulatory requirements applicable locally and elsewhere. We have an extensive network and considerable international experience when it comes to rapidly implementing efficient financial solutions models. In the context of China’s adoption of a new solvency regime (C-ROSS), the capital requirements placed on life insurers will change and demand for innovative financial solutions models is set to grow. This is a challenge that we believe we are well equipped to meet.

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    Investments

    Investments are a core component of our business model. On the one hand we seek to match our reinsurance commitments with our investments in terms of maturity and currency, but at the same time we also want to generate attractive returns. A consistently fascinating challenge in our work is the preparation of forward-looking risk / return analyses in order to identify both the immediately apparent and the less obvious implications of market events and hence act accordingly.

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    Regular premium
    annuity treaty

    Retirement related liabilities substantially increased during the last years due to improved life expectancy and current low interest rates. For corporations offering occupational pensions and pension funds this is problematic as the uncertainty about future liabilities makes mergers and acquisitions difficult. In addition, corporations are frequently pressurised from shareholders to focus on their core business. Therefore, they are looking for a way to reduce their longevity risk. Hannover Re offers a solution that conserves the company’s liquidity position while providing planning reliability about future liabilities: the regular premium annuity treaty. Hannover Re considers the diversification for its portfolio to be beneficial and is therefore able to offer competitive conditions to its clients for longevity transactions.

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Highlights 2014

  • Group net income

    boosted by 10.1% to EUR 985.6 million

    [EUR 895.5 million]

  • Increased dividend proposed
    for 2014:


    EUR 3.00

    per share plus special dividend
    of EUR 1.25 per share

  • Book value per share:


    EUR 62.61

    [EUR 48.83]

  • Return on equity:

     

    14.7%

    [15.0%]

  • Combined ratio:


    94.7%

    [94.9%]

  • Currency-adjusted growth
    in gross premium:

     

    +2.8%

  • Major loss expenditure of
     

    EUR 425.7 million substantially lower
    than budgeted

 

Key Figures

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  • Home
  • Figures
    • 10 year overview
  • Foreword
  • Executive Board
  • Share
    • Capital market
    • Share performance
    • Dividend
    • Annual General Meeting
    • Investor relations activities
    • Shareholding structure
    • Analyst expectations
    • Share data
  • Strategy
    • Strategic principles
    • Strategy in practice
  • Management report
    • Foundations of the Group
      • Business model
      • Management system
        • Value-based management
        • Operational management system
      • Research and development
    • Report on economic position
      • Macroeconomic climate and industry-specific environment
        • Macroeconomic climate
        • Industry-specific environment
      • Business development
        • Property & Casualty reinsurance
        • Life & Health reinsurance
        • Investments
        • Total result
      • Overall assessment of the business position
      • Results of operations
        • Property & Casualty reinsurance
        • Life & Health reinsurance
        • Investments
      • Financial position and net assets
        • Investment policy
        • Investments
        • Analysis of the capital structure
        • Management of policyholders’ surplus
        • Group shareholders’ equity
        • Financing and Group debt
        • Analysis of the consolidated cash flow statement
        • Financial strength ratings
        • Information pursuant to § 315
      • Information on Hannover Rück SE
        • Results of operations
        • Development of the individual lines of business
        • Assets and financial position
        • Risks and opportunities
        • Other information
        • Outlook
    • Other success factors
      • Our staff
        • Key personnel ratios
        • Support the advancement of women
        • Blended learning processes
        • Personnel development measures
        • Thanks to our staff
      • Sustainability at Hannover Re
        • Our sustainability strategy
        • Governance and dialogue
        • Product responsibility
        • Successful employees
        • Environmental protection
    • Opportunity and risk report
      • Risk report
        • Strategy implementation
        • Major external factors
        • Risk capital
        • Risk management
        • Risk management system
        • Internal control system
        • Internal risk assessment
        • Risk landscape
        • Underwriting risks in property and casualty reinsurance
        • Underwriting risks in life and health reinsurance
        • Market risks
        • Counterparty default risks
        • Operational risks
        • Other risks
      • Opportunity report
        • Overall assessment by the Executive Board
    • Enterprise management
      • Declaration on Corporate Governance
        • Corporate Governance
        • Declaration of Conformity
        • Further enterprise management principles
        • Working practice of the Executive Board and Supervisory Board
        • Compliance
        • Risk monitoring and steering
      • Remuneration report
        • Remuneration Executive Board
        • Remuneration Supervisory Board
        • Loans to members of the management boards and contingent liabilities
        • Directors’ dealings
        • Remuneration of staff and senior executives
    • Outlook
      • Forecast
        • Economic development
        • Property & Casualty reinsurance
        • Life & Health reinsurance
        • Investments
        • Outlook 2015
  • Accounts
    • Consolidated balance sheet
    • Statement of income
    • Statement of comprehensive income
    • Statement of changes in shareholders’ equity
    • Cash flow statement
    • Notes
    • Auditor´s report
    • Responsibility statement
  • Supervisory Board
    • Report by the Supervisory Board
    • Supervisory Board Members
  • Sites
    • Global presence
    • Strategic business groups

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1. Adjusted pursuant to IAS 8 (cf. Section 3.1 of the notes)
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