In accordance with the purchase agreement of 3 February 2014 Hannover Rück SE assumed 15% of the shares in Hannover Re Euro RE Holdings GmbH, Hannover, previously held through E+S Rückversicherung AG. The effects of the change in the amount of holding were recognised in the consolidated financial statement as an equity transaction pursuant to IFRS 10. Since it involves an internal transaction within the Group between companies under common control, this purchase transaction does not give rise to goodwill nor does it have any implications for Group net income.

Effective 17 October 2014 Hannover Rück Beteiligung Verwaltungs-GmbH, Hannover, all shares of which are held by Hannover Rück SE, acquired 838 shares in E+S Rückversicherung AG for a purchase price of EUR 20.1 million from a third party outside the Group. By way of an increase in its shareholding of 1.1% with no change of control status Hannover Rück Beteiligung Verwaltungs-GmbH holds 64.79% of the shares in E+S Rückversicherung AG upon closing of the transaction. In connection with the acquisition of the shares Hannover Rück SE contributed an amount of EUR 20.1 million to the additional paid-in capital of Hannover Rück Beteiligung Verwaltungs-GmbH.