Hannover Rueck SE

Investor Presentation • May 1, 2022

Hannover Re: the somewhat different reinsurer

May 2022

Agenda

1 Hannover Re Group	2
Property & Casualty reinsurance 2	33
Life & Health reinsurance 3	47
4 Investment management	61
5 Capital management	68
6 Interim results Q1/2022	80
7 Outlook	89
Appendix	91

Key facts about Hannover Re

Growth and international expansion mainly organically driven M&A activity not accompanied by high integration cost and complexity

Limited appetite for larger M&A results in lean and efficient structures

Overview of main/material transactions (and main parts of acquisitions) without e.g. minority shareholdings All lines of business except those stated separately italic = (at least in part) sold

Group structure supports our business model

1) Majority shareholder HDI V.a.G.

Executive Board of Hannover Rück SE

Chief Executive Officer Chief Financial Officer Property & Casualty R/I Life & Health R/I

Jean-Jacques Henchoz

Compliance, Controlling, Innovation Management, Human Resources Management, Internal Auditing, Risk Management, Corporate Development, Corporate Communications

Clemens Jungsthöfel

Finance and Accounting, Information Technology, Investment and Collateral Management, Facility Management

Dr. Michael Pickel

APAC & Middle East, Germany, Switzerland, Austria, Italy, Latin America, Iberian Peninsula and Agricultural Risks, Group Legal Services, Run Off Solutions

Sven Althoff

North America, Aviation and Marine, Credit, Surety and Political Risks, UK, Ireland and London Market, Facultative R/I, Coordination of Property & Casualty Business Group, Quotations

Silke Sehm

Continental Europe and Africa, Catastrophe XL (Cat XL), Structured R/I and ILS, Retrocessions

Claude Chèvre

Australia/

Dr. Klaus Miller

Africa, Asia, New Zealand, Latin America, Western and Southern Europe, Longevity Solutions North America, United Kingdom/ Ireland, Northern, Eastern and Central Europe

We are among the top reinsurers in the world

Premium ranking 2020 in m. USD

We are among the top reinsurers in the world
Premium ranking 2020 in m. USD
Rank Group	Country	GWP	NPW
1 Munich Re	D E	45,846	43,096
2 Swiss Re	C H	36,579	34,293
Hannover Re1 ) 3	D E	30,421	26,232
4 SCOR	F R	20,106	17,910
5 Berkshire Hathaway Inc.	US	19,195	19,195
6 China Re	C N	16,665	15,453
Lloyd's2 ) 7	UK	16,511	12,213
8 Canada Life Re	C A	14,552	14,497
9 RGA	US	12,583	11,694
10 Korean Re	K R	7,777	5,432
11 Everest Re	B M	7,282	6,768
12 PartnerRe	B M	6,876	6,301
General Insurance Corporation of India3 ) 13	IN	6,481	5,773
14 RenaissanceRe	B M	5,806	4,096
15 AXA XL	US	5,326	4,201

For further information please see A. M. Best "Market Segment Report" September 2021 (© A.M. Best Europe - Information Services Ltd. - used by permission)

1) Net premium written data not reported; net premium earned substituted

2) Reinsurance only

3) Fiscal year-end 31 March 2021

| 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 |

Reinsurance has the character of a specialty market With a share of 7% of the overall insurance market

Market size primary insurance vs. reinsurance

2020 or latest. Global reinsurance premium: gross written premium of the Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (September 2021) Source: © A.M. Best Europe - Information Services Ltd. - used by permission, own research

Growing Property and Casualty reinsurance market Hannover Re outperforms the market

Market: Sum of Non-life GWP of Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (Sept 2021)

Top 10 in 2020: Munich Re, Swiss Re, Hannover Re, Lloyd's, Berkshire Hathaway, SCOR, Everest Re, Korean Re, China Re, General Insurance Corporation of India

Source: © A.M. Best Europe - Information Services Ltd. - used by permission

1) Includes one-off Berkshire Hathaway AIG transaction

Life and Health reinsurance in a global perspective Concentrated market due to high entry barriers

Market: Sum of Life GWP of Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (Sept 2021) Top 7 in 2020: Munich Re, Swiss Re, Canada Life Re, RGA, SCOR, China Re, Hannover Re Source: © A.M. Best Europe - Information Services Ltd. - used by permission

Reinsurance industry returns in recent years highlight the need for further improvements in reinsurance pricing

Development of return on equity and Guy Carpenter Global Property Cat RoL Index

Return on equity GC Global Property Cat RoL Index

Source: Artemis GC RoL Index

-15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 37% 41% 45% 49% 53% 57% 61% 65% 69% 73% 77% 81% 85% 89% 93% 97% 101% 105% 109% 113% 117% 121% 125% 129% 133% 137% 141% 145% 149% 153% 157% 161% 165% 169% 173% 177% 181% 185% 189% 193% 197% 201% 205% 209% 213% 217% 221% 225% 229% 233% 237%

Return on equity based on company data (Top 10 of the Global Reinsurance Index (GloRe) with more than 50% reinsurance business 2005 - 2021), own calculation

150

200

250

300

350

Reinsurance is and will be an attractive product Drivers for reinsurance demand

Global trends

• Value concentration
• Protection gap
• Demographic change

New products/markets

• Emerging markets
• Digitalisation/Cyber
• Emerging risks

Capital requirement

• Regulatory changes
• Risk-based capital models
• Ratings, local GAAP, IFRS

Volatile earnings

• Expectations of shareholders, regulators and rating agencies

Drivers Impact on insurance Value proposition R/I

• Increasing demand for insurance of non-diversifying risks
• New risks lead to higher volatility and need for additional know-how
• High cost of capital/need for capital management

• Strong capital base
• Diversification
• Expertise in risk management
• Support and expertise in product development and pricing
• Optimising capital requirements

Demand for

reinsurance

• Reducing cost of capital
• Managing earnings volatility
• Support in distributing products in new markets

Favourable premium growth accelerates in last 4 years 10-year CAGR: +8.7%

Gross written premium in m. EUR

Well-balanced international portfolio growth

Strong earnings track record

2021: strong results despite high large losses and Covid-19 impact in L&H

Operating profit (EBIT) in m. EUR

Earnings per share (EPS) in EUR

Stronger emphasis on continuity of ordinary dividend distribution Continued use of special dividend for efficient and flexible capital management

Dividend per share in EUR Dividend strategy changed in 2021 Ordinary DPS ≥ prior year

+ Special dividend if capitalisation exceeds capital requirements for future growth and profit targets are achieved

• Continuity of ordinary dividend now
• Payout ratio target discontinued

Special dividend per share Total payout ratio

Ordinary dividend per share Payout ratio ordinary dividend per share Total payout ratio

RoE of 10.8% well above target for 2021 5Y-average RoE of 11.1% is highly satisfactory despite exceptional loss burden

5-year Ø 2017 – 2021

10-year Ø 2012 – 2021

1) After tax; target: 900 bps above 5-year rolling average of 10-year German government bond rate ("risk free")

2017 2018 2019 2020 2021

Spread over minimum target

1)

Actual Minimum target Average shareholders' equity

15-year Ø 2007 – 2021

Hannover Re is one of the most profitable reinsurers No. 1 position on 5-year average RoE - significantly above peer average

	2017		2018		2019		2020		2021		2017 - 2021
Company	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	avg. RoE	Rank
Hannover Re	10.9%	2	12.2%	1	13.3%	1	8.2%	2	10.8%	3	11.1%	1
Peer 6, US, Life & Health	21.9%	1	7.9%	3	8.7%	6	3.2%	8	4.5%	9	9.2%	2
Peer 5, Bermuda, Property & Casualty	5.7%	5	1.3%	9	11.9%	3	5.5%	5	13.9%	1	7.6%	3
Peer 1, Germany, Composite	1.3%	7	8.5%	2	9.6%	5	4.0%	6	9.7%	4	6.6%	4
Peer 9, China, Composite	7.2%	3	4.9%	5	7.3%	8	6.3%	3	6.8%	7	6.5%	5
Peer 10, Korea, Composite	6.2%	4	4.7%	6	8.1%	7	6.1%	4	7.1%	6	6.4%	6
Peer 8, France, Composite	4.4%	6	5.4%	4	6.9%	9	3.7%	7	7.3%	5	5.6%	7
Peer 4, US, Property & Casualty	1.1%	8	0.5%	10	10.4%	4	1.2%	9	11.5%	2	4.9%	8
Peer 7, Bermuda, Property & Casualty	-5.3%	10	4.2%	7	12.9%	2	10.8%	1	-1.0%	10	4.3%	9
Peer 2, Switzerland, Composite	1.0%	9	1.4%	8	2.5%	10	-3.1%	10	5.7%	8	1.5%	10
Average	5.4%		5.1%		9.2%		4.6%		7.6%		6.4%

List shows the Top 10 of the Global Reinsurance Index (GloRe) RoE based on company data, own calculation

Continuous increase of value creation 10-year CAGR: +10.6%

Book value and accumulated paid dividends in EUR

Book value per share Paid dividends (cumulative since 1994)

Shareholders' equity up by 8.1% Policyholders' surplus increased by 46% since 2017

Low expense ratio is an important competitive advantage

Administrative expense ratio

Expense ratio (P&C reinsurance) 5-year average

Purpose & Values The "why" and the "how" articulate our distinctive corporate culture

Our competitive strengths lie in our corporate culture and operating model and lead to higher profitability with lower volatility

Striving for sustainable outperformance Group strategy 2021 - 2023

Target Matrix Strategy cycle 2021 - 2023

Business group	Key figures	Strategic targets
Group	Return on equity1 )	900 bps above risk-free
	Solvency ratio2 )	≥ 200%
Property & Casualty reinsurance	Gross premium growth3 )	≥ 5%
	EBIT growth4 )	≥ 5%
	Combined ratio	≤ 96%
	xRoCA5 )	≥ 2%
Life & Health reinsurance	Gross premium growth3 )	≥ 3%
	EBIT growth4 )	≥ 5%
	Value of New Business (VNB)6 )	≥ EUR 250 m.
	xRoCA5 )	≥ 2%

1) After tax; risk-free: 5-year average return of 10-year German government bonds 2) According to our internal capital model and Solvency II requirements

3) Average annual growth at constant f/x rates 4) Average annual growth

5) Excess return (one-year economic profit in excess of the cost of capital) on allocated economic capital 6) Based on Solvency II principles; pre-tax reporting

Sustainability at Hannover Re How we evolved

Sustainability at Hannover Re Sustainability Strategy 2021 - 2023 – Overview

• In summer 2020, we teamed up to develop our new Sustainability Strategy 2021 - 2023
• The sustainability strategy serves our purpose and values
• It is closely related to the Group strategy and encompasses its sound foundations
• Corporate Social Responsibility bridges the sound foundations of our Group strategy and the four defined action fields
• The action fields encompass the identified material plus additional topics
• All topics were translated in specific goals and target indicators

Sustainability at Hannover Re Sustainability Strategy 2021 - 2023 – Action fields encompass our material topics

How we organise our core business serves as vital leverage for our contribution to the sustainable development of our world. • In sustainable protection, we bring together all our activities that support the transformation to a sustainable world and offer sustainable solutions. • With ESG in underwriting and asset management, we aim to minimize our negative impact. Transparency encompasses voluntary commitments and fundamental issues with implications for all other action fields. • Climate change and human rights are interdisciplinary topics, operationalised in the other action fields. • Dialogue is our commitment to interact with our stakeholders. • Good governance aims for ethical governance and good corporate citizenship. Action fields Transparency Core business Employees Commitment • Environmental management and social engagement are not defined as material topics. • Nevertheless, they are important elements of our strategy. Motivated and well-trained employees are a crucial factor in the success of our company. • Attractiveness an employer: We want to be the "employer of first choice" for existing and potential future employees alike. • We support learning and development and employee health and wellness. • We embrace and support diversity and equal opportunities. We take responsibility for the environment and the social landscape in which we operate.

Net zero targets Comprehensive goal setting in core business and own business operations

• 1) Corporates, covered bonds and equities; compared to base year 2019
• 29 Hannover Re: the somewhat different reinsurer

Present on all continents

30 Hannover Re: the somewhat different reinsurer

HR share price performance over a 3-year rolling period

Performance comparison (incl. reinvested dividends)

31 Hannover Re: the somewhat different reinsurer

Yearly Total Shareholder Return (TSR) of 13.0%

Value creation since IPO

in m. EUR	2020	2021
Market capitalisation as of date	15,714	20,158
- Market capitalisation at IPO (Nov 1994)	1,084	1,084
+ Dividend payments (cumulative)	6,780	7,473
- Capital increases (1996, 1997, 2001, 2003)	811	811
Value creation since IPO	20,599	25,736

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results Q1/2022	80
7	Outlook	89
	Appendix	91

We are somewhat different

Distribution

Distribution channels

• Flexible cost base due to relatively higher share of business written via brokers (~2/3)

Property & Casualty reinsurance

Cycle management

Effective cycle management

share in "hard" markets only

• Above-average profitability due

• No pressure to grow due to

to stringent underwriting

line

• Selective growth: increase market

low administrative expense ratio

approach with focus on bottom

and focus on profitability

Reserving

Conservative reserve policy led to build-up of reserve redundancies since 2009

• Reduction of P&C earnings volatility
• Protection against inflation risk

Central U/W

Central underwriting with local talent is key to our success

• Secures consistent underwriting decisions

Property & Casualty: Strategy

Preferred business partner

Further expand our bottom line through existing and new client relationships

• Customer Excellence (holistic customer management approach) for clients
• Foster our leadership position in specialty markets
• Expand our corporate client basis to enlarge our portfolio of captive clients
• Build on the strength of E+S Rück as "The Reinsurer for Germany", based on its unique cooperation model

Earnings growth

Grow profitably in the APAC region whilst maintaining our strong underwriting culture

• Deliver on current APAC initiative
• Include Specialty lines and foster growth of Advanced Solutions business in the region by decentralized underwriting approach
• Ensure strong Hannover Re underwriting culture is maintained in the APAC offices
• Increase collaboration between the APAC offices whilst maintaining strong links to Hannover

Innovation catalyst

Continue to build out our position as innovation partner for our clients and position accordingly towards the outside world

• Embed the offering of tailor-made solutions (including AS & ILS)
• Embed digital business accelerator for P&C (including insurtech partnerships and partnerships with global technology firms)
• Foster our capabilities in data analytics and become a preferred partner for ceding companies or other service providers to benefit from new sources/pools of data like telematics
• Develop Cyber reinsurance (including exposure management)
• Increase our activities in the parametric reinsurance field
• Increase private-public partnerships to address the Protection Gap
• Increase the external awareness (incl. investors & applicants) of innovation at HR

Effective capital management

Use internal and external retrocession to optimise the internal model and rating agency capital requirements as well as capital fungibility within the Hannover Re Group and reduce volatility of earnings

• Explore the use of Advanced Solutions type retrocessions
• Establish a (composite) framework for effective internal retrocessions

Property & Casualty reinsurance: strong and diversified growth 5-year CAGR: +15.9%

Gross written premium split by regions

1) All lines of Property & Casualty reinsurance except those stated separately 2020 restated pursuant to IAS 8

Around 2/3 of our business is written via brokers ~1/3 of our business is non-proportional

Breakdown of business written (in % and m. EUR)

GWP by segment

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 |

Margin-oriented U/W approach leads to profitable growth 2021: strong premium growth – large losses exceed budget by 150 m.

Target Combined Ratio varies substantially by line of business Targets for FY 2022

NPE	+	Economic revaluation -	Capital margin	=	Target Combined Ratio
Net premium earned (100%)		Discount effect on P&C net loss reserves (% of NPE)	Capital margin above risk free (pre-tax)		Target Combined Ratio
EMEA1)		2,0 %	6,9%		95.2%
Americas1)		4,9 %	10,6%		94.3%
APAC1)		3,8 %	6,3%		97.5%
Structured Reinsurance and ILS		0,4 %	1,7%		98.7%
Credit, Surety and Political Risks		2,3 %	8,3%		93.9%
Facultative Reinsurance		4,1 %	6,7%		97.4%
Aviation and Marine		3,4 %	8,1%		95.3%
Agricultural Risks		1,9 %	8,8%		93.1%
Total Property & Casualty R/I		2,8 %	6,8%		96.0%

As at March 2022

1) All lines of business except those stated separately; EMEA incl. CIS

Reserve redundancies increased by EUR 167 m. in 2021 Level of additional IBNR is 50% of total reserves

in m. EUR

Year end 1)	Redundancy 2)	Increase redundancy	Effect on loss ratio	P&C premium (net earned)
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
2015	1,887	341	4.2%	8,100
2016	1,865	-22	-0.3%	7,985
2017	1,813	-52	-0.6%	9,159
2018	1,694	-118	-1.1%	10,804
2019	1,457	-238	-1.9%	12,798
2020	1,536	80	0.6%	14,205
2021	1,703	167	1.0%	16,624
2010 - 2021 total		838		111,761
2010 - 2021 average		70	0.7%	9,313

Average impact on loss ratio: 0.7% in the past 12 years (not f/x-adjusted)

1) Figures unadjusted for changes in foreign exchange rate, i.e. based on actual exchange rates at respective year end

2) Redundancy of loss and loss adjustment expense reserve for its non-life insurance business against held IFRS reserves, before tax and minority participations

Willis Towers Watson reviewed these estimates - more details shown in appendix

The risk is manageable Stress tests for natural catastrophes after retrocessions

Effect on forecast net income in m. EUR		2020	2021
Hurricane US/Carribean	100-year loss	(1,107)	(1,452)
	250-year loss	(1,594)	(1,959)
	100-year loss	(554)	(839)
Earthquake US West Coast	250-year loss	(1,184)	(1,615)
	100-year loss	(377)	(667)
Winter storm Europe	250-year loss	(631)	(1,009)
	100-year loss	(347)	(758)
Earthquake Japan	250-year loss	(747)	(1,203)
	100-year loss	(223)	(493)
Earthquake Chile	250-year loss	(777)	(1,277)

Previous years confirm our reliable planning of NatCat budget

• On average, Hannover Re stays within NatCat budget

• Lower volatility of NatCat budget utilisation by Hannover Re compared to peers

All numbers as % of net premium earned and as reported; 2021 and 2020 numbers include Covid-19 impact; Peers: Munich Re, Swiss Re, SCOR 1) Standard deviation

62% of traditional treaty reinsurance up for renewal at 1 January 2022 Equates to 43% of the total P&C inforce premium

Estimated premium income U/Y by reporting lines

43 Hannover Re: the somewhat different reinsurer

38% of traditional treaty reinsurance comes up for renewal later in a favourable market environment

Estimated premium income U/Y by regions

Risk-adjusted price increase of 4.1% supported growth in most regions and lines of business

	Traditional treaty reinsurance
Reporting lines	Premium 1/1/2021	Premium 1/1/2022	Premium changes	Price changes
EMEA1)	3,380	3,712	+9.8%	+5.3%
Americas1)	1,940	2,075	+7.0%	+5.0%
APAC1)	1,286	1,392	+8.2%	+1.4%
Credit, Surety and Political risks	599	666	+11.2%	+1.3%
Aviation and Marine	232	234	+0.8%	+5.2%
Agricultural Risks	371	381	+2.6%	+2.0%
Total 1 January renewals	7,808	8,460	+8.3%	+4.1%

Satisfactory renewal in both treaty types

6.1% risk-adjusted rate increase in non-proportional business

		Proportional		Non-proportional
Reporting lines	Premium 1/1/2022	Premium changes	Price changes	Premium 1/1/2022	Premium changes	Price changes
EMEA1)	2,750	+7.9%	+5.1%	961	+15.8%	+6.1%
Americas1)	912	+0.9%	+4.3%	1,163	+12.3%	+5.6%
APAC1)	1,280	+7.0%	+1.3%	112	+25.1%	+3.1%
Credit, Surety and Political risks	555	+10.9%	-0.1%	111	+12.5%	+8.8%
Aviation and Marine	9 2	-5.6%	+2.1%	142	+5.4%	+7.5%
Agricultural Risks	340	+3.1%	+0.4%	4 1	-1.5%	+14.6%
Total 1 January renewals	5,929	+6.3%	+3.4%	2,530	+13.5%	+6.1%

Premium estimates in m. EUR 1) All lines of business except those stated separately (excl. Structured R/I and ILS as well as Facultative R/I)

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results Q1/2022	80
7	Outlook	89
	Appendix	91

We are somewhat different

Undogmatic

We have an undogmatic approach

• Strong entrepreneurial spirit
• Appetite to innovate industry solutions

Life & Health reinsurance

Efficient

We foster an efficient organisational set-up

• 1,100 experts in 26 offices on all continents

• Highly empowered and qualified staff

Flexible

We are a highly flexible business partner

• Tailor-made services and solutions
• Ability to anticipate market and client demands

Responsive

markets

We are committed to time to

• Rapid decision-making processes

market & responsiveness

• In-depth knowledge of local

48 Hannover Re: the somewhat different reinsurer

Life & Health: Strategy

Preferred business partner

Support our clients in optimising consumer experience and risk segmentation

• Deepen data analytics expertise in combination with artificial intelligence
• Widen data analytics service offering, including third-party data
• Expand partnerships: consumer experience & digitalisation of sales channels
• Enhance lifestyle & wellness product propositions

Innovation catalyst

Provide our clients with tailored risk-transfer solutions beyond our core expertise

• Select appropriate partners to address investment, biometric & expense risk

Outperform the competition in the fastest growing L&H markets

Effective capital management

Identify and actively manage value-destroying risks in our portfolio

• Expand our offering in …
  • Asia
  • Longevity
  • Financial Solutions

• Expand inforce management capabilities and activities

• Derive appropriate pricing from lessons learned for new business

Life & Health reinsurance: diversified growth in line with strategic target 5-year CAGR: +3.6%

18 % 13 % 13 % 18 % 13% 13% 13% 16% 16% 18% 18% 16% 16% 17% 45% 42% 42% 38% 38% 24% 27% 29% 30% 29% 7,080 7,200 7,816 8,026 8,538 2017 2018 2019 2020 2021 Morbidity Mortality Longevity Financial solutions Gesamt

GWP split by reporting categories in m. EUR Gross written premium split by regions

2020 restated pursuant to IAS 8

Favourable premium growth 2021: result impacted by Covid-19 losses – strong earnings in Financial Solutions

Gross written premium in m. EUR EBIT/EBIT margin in m. EUR

Value of New Business well above target

Mainly driven by Financial Solutions and Longevity business

1) Based on MCEV principles and post-tax reporting (in 2015 cost of capital already increased from 4.5% to 6% in line with Solvency II) 2) Based on Solvency II principles and pre-tax reporting

Writing attractive traditional life & health business

Whilst positioning ourselves for sustainable growth with a clear strategic focus

Risk Solutions Provide terms and capacity for all types of technical risks

Financial Solutions Achieve financial objectives for our clients

Reinsurance Services Meet the individual needs of our clients

Our strategic focus

• 1 High growth markets
• 2 Companies in transition
• 3 Alternative distribution channels
• 4 Underserved consumers
• 5 Hard-to-quantify risks

Reinsurance universe Positive economic value expected

Our clients are served in the markets by our network of offices and by our solution-orientated expert networks

Complete offerings Risk and financial solutions & services

Risk Solutions Competitive terms and appropriate capacity for technical risks		Financial Solutions Structured agreements to achieve certain financial objectives	Reinsurance Services Comprehensive range geared towards individual needs
Mortality	Longevity	New Business Financing	Products	Processes
Health	Morbidity Disability	Reserve & Solvency Relief	Biometrics	Risk Assessment
Long Term Care	Critical Illness	Embedded Value Transaction	Underwriting Systems
Profitability depends largely on the underlying biometric risks		Profitability is less likely to be affected by the underlying biometric risks	Only in combination with risk solutions and/ or financial solutions

Example risk solution: mortality & longevity

Risks

Mortality

Risk of paying more death benefits than expected

Longevity

Status of health

Monthly annuity

Annuity increase

Risk of paying annuities longer than expected

Longevity: enhanced annuities1)

Illustration: 50k single premium; male 65; 3% interest

Trigger

Longevity: risk transfer

1) Allows people in ill health to receive a higher regular income in recognition of the fact that they, on average, have a shorter life expectancy than a healthy person

Example risk solution: morbidity - critical illness

Risk of experiencing a higher claims burden from traditional health, critical illness, long-term care, and disability covers

Morbidity Product: Critical illness insurance

Helps consumers to protect their life quality in case of a life-threatening disease

Payment

• Income protection/medical insurance Payment of claim incurred

• Critical Illness Payment of lump sum insured

• Hannover Re's contribution

  • Coverage of > than 160 diseases
  • Design, pricing & claims assessment
  • Advice & training in underwriting risks
  • Track record as innovator in the market

Example: services offered with risk and/or financial solutions

| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 | 7 |

Primary differences between L&H and P&C business Simplified illustration

59 Hannover Re: the somewhat different reinsurer

Takeaways for the Life & Health Business Group

Business All lines of life, health & annuities

Service An important component 4

5

Premium Not the only meaningful benchmark EBIT

2

Relationship Long term due to very long run-off

Financial solutions business Key driver of earnings

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results Q1/2022	80
7	Outlook	89
	Appendix	91

Strong operating cash flow driven by profitable premium growth AuM stable despite negative valuation effect of rising interest rates

42,197 47,629 49,002 56,213 56,245 2018 2019 2020 2021 Q1/2022 Operating cash flow in m. EUR ^{627 709 935} 1,686 1,269 390 821 736 994 692 ^{941 919} 1,513 515 39 429 747 2,225 2,509 3,018 4,940 1,269 2018 2019 2020 2021 2022 Q1 Q2 Q3 Q4 Gesamt Assets under own management (AuM) in m. EUR

Figures in m. EUR; 2021 restated pursuant to IAS 8

Good net investment income in a volatile market environment Assets under own management stable at EUR 56 bn.

Funds withheld and contract deposits

Net income from assets under own management

Ordinary income with increased return from government bonds Stable asset allocation, more defensive credit-risk taking

1)

Investment category	2018	2019	2020	2021	Q1/2022
Fixed-income securities	87%	87%	85%	86%	85%
- Governments	35%	35%	34%	34%	34%
- Semi-governments	16%	15%	15%	14%	14%
- Corporates	29%	31%	30%	32%	31%
Investment grade	25%	26%	25%	28%	27%
Non-investment grade	4%	4%	4%	4%	4%
- Pfandbriefe, Covered bonds, ABS	7%	7%	6%	6%	2) 6%
Equities	2%	3%	3%	4%	4%
- Listed equity	<1 %	<1%	1%	1%	<1%
- Private equity	2%	2%	3%	3%	3%
Real Assets	6%	5%	5%	5%	6%
Others	1%	2%	3%	2%	2%
Short-term investments & cash	4%	3%	3%	3%	3%
Total market values in bn. EUR	42.7	48.2	49.8	56.2	56.2

Asset allocation Ordinary income split

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 1,405.5 m. (EUR 1,588.2 m.) as at 31 March 2022

2) Of which Pfandbriefe and Covered Bonds = 62.6%

3) Before real estate-specific costs. Economic view based on market values as at 31 March 2022

High-quality fixed-income book well balanced

High-quality fixed-income book well balanced Geographical allocation mainly in accordance with our broad business diversification
	Governments	Semi governments	Corporates	Pfandbriefe, Covered bonds, ABS	Short-term investments, cash	Total
AAA	74%	54%	1 %	62%	-	44%
A A	11%	23%	10%	13%	-	13%
A	10%	8 %	35%	12%	-	19%
BBB	4 %	1 %	44%	11%	-	18%
<BBB	2 %	13%	10%	2 %	-	7 %
Total	100%	100%	100%	100%	-	100%
Germany	15%	28%	3 %	19%	17%	13%
UK	7 %	2 %	7 %	6 %	7 %	6 %
France	3 %	1 %	7 %	9 %	3 %	4 %
GIIPS	0 %	1 %	5 %	3 %	0 %	2 %
Rest of Europe	3 %	17%	14%	24%	4 %	11%
USA	51%	12%	33%	18%	18%	35%
Australia	6 %	5 %	6 %	10%	15%	6 %
Asia	12%	15%	12%	1 %	24%	12%
Rest of World	4 %	18%	14%	10%	13%	10%
Total	100%	100%	100%	100%	100%	100%
Total b/s values in m. EUR	19,175	7,823	16,951	3,650	1,716	49,315

IFRS figures as at 31 March 2022

Currency allocation matches modelled liability profile Strict duration-neutral strategy continued

Currency split of investments

• Modified duration of fixed-income mainly congruent with liability- and capital-driven targets
• GBP's higher modified duration predominantly due to life business

Modified duration

Q1/2022	5.6
2021	5.8
2020	5.8
2019	5.7
2018	4.8

Stress tests on assets under own management Ongoing focus on credit exposures

Portfolio	Scenario	Change in market value in m. EUR	Change in OCI before tax in m. EUR
	-10%	-221	-221
Equity (listed and private equity)	-20%	-443	-443
	+50 bps	-1,395	-1,354
Fixed-income securities	+100 bps	-2,715	-2,635
Credit spreads	+50%	-879	-875

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results Q1/2022	80
7	Outlook	89
	Appendix	91

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 form of capital. Therefore, we make optimal use of equity substitutes:
  • Conventional reinsurance/retrocession on an opportunistic basis (i. e. use of other reinsurers' capital)
  • Alternative capital market transactions
  • Hybrid capital

Nominal amount	Issue date	Issue ratings S&P / A.M. Best	First call date	Maturity	Coupon rate
EUR 750 m.	2021-03-22	A / -	2031-12-30	2042-06-30	Until 2032-06-30: 1.375% p. a. and thereafter 2.33% p. a. above 3 months EURIBOR
EUR 500 m.	2020-07-08	A / -	2030-07-08	2040-10-08	Until 2030-10-08: 1.75% p. a. and thereafter 3.00% p. a. above 3 months EURIBOR
EUR 750 m.	2019-10-09	A / -	2029-07-09	2039-10-09	Until 2029-10-09: 1.125% p. a. and thereafter 2.38% p. a. above 3 months EURIBOR
EUR 750 m.	2018-04-18	AA- / -	2028-01-18	2028-04-18	Annually on every April 18: 1.125% p. a.
EUR 500 m.	2014-09-15	A / a+	2025-06-26	Perpetual	Until first call date: 3.375% p. a. and thereafter 3.25% p. a. above 3 months EURIBOR
EUR 500 m.	2012-11-20	A / aa-	2023-06-30	2043-06-30	Until first call date: 5.00% p. a. and thereafter 4.30% p. a. above 3 months EURIBOR

Competitive advantage through low cost of capital (WACC)

Senior bond not recognised as regulatory capital

Leverage ratios support HR's excellent ratings S&P's view on Hannover Re

EBITDA fixed charge coverage (x)1)

Source: Standard & Poor's rating report of Hannover Re as of 7 July 2021

1) Fixed charge coverage: EBITDA divided by sum of interest expenses and interest on operating lease (S&P definition)

2) Financial leverage: calculated as debt & hybrid capital, pension and operating lease commitments as of economic capital available (S&P definition)

Net risk appetite geared to the desired level with one of the largest retrocession programme in the market

As at March 2022

We pioneered in transferring risks into capital markets via securitisations Equity Substitutes

3) Aggregate XL cover (P&C) 4) Credit-linked floating rate note

5) EMS = Extreme Mortality Swap

72 Hannover Re: the somewhat different reinsurer

Financial strength ratings

Group	S&P	A.M. Best
General Reinsurance Corp.	AA+	A++
Hannover Re	AA-	A+
Munich Re	AA-	A +
XL Bermuda	AA-	A +
SCOR	AA-1)	A +
Swiss Re	AA-1)	A +
Transatlantic Re	+2) A	A +
Everest Re	A +	A +
PartnerRe	A +	A +
Lloyd's	A +	A

As at 2 May 2022

1) Negative outlook

2) Credit watch with positive implications

Benefits of an above-average rating

Our cost of financing in the capital markets is lower

• Hybrid bonds trade at tighter spreads
• Better conditions for LoCs and credit lines

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

Capital adequacy ratio remains well above targets Increase in SCR driven by business growth and higher asset volumes

Development of the Solvency II ratio

Eligible Own Funds Solvency Capital Requirements (SCR)

1) Excluding minority shareholdings of EUR 680 m.

2) Minimum Target Ratio Limit 180%

• Increase in eligible own funds due to issuance of new hybrid bond (EUR 750 m.) as well as positive economic impacts and strong operating result
• SCR increased mainly as a result of business growth and higher asset volumes as well as stronger f/x rates compared to EUR
• Increase in excess capital supports further business growth

Strong capital generation in line with overall business growth Increase in solvency ratio supported by issuance of new hybrid bond

Solvency II movement analysis

250% 200% 150% 100% 50%	235%	3.0%	-11.6% SCR growth driven by new business	8.8% EOF growth driven by better than-expected performance of private equity, inflation-linked securities and real estate investments.	5.9%	1.8%	243%
0%	Year-end 2020	1) Model changes	2) Operating impact	3) Market variances	4) Taxes	5) Capital management	Year-end 2021
Eligible own funds	14,558	71	856	1,511	-335	123	16,784
Solvency capital requirements	6,190	-50	694	385	-316	0	6,904

Figures in m. EUR.

1) Model changes (pre-tax) in terms of Eligible Own Funds (EOF) relate to the calculation of technical provisions, mainly L&H. Changes in terms of Solvency Capital Requirements (SCR) relate to the regulatory approved internal capital model.

2) Operating earnings and assumption changes (pre-tax). EOF increase includes the L&H new business value of 326 m. EUR.

3) Changes (pre-tax) due to movements in foreign exchange rates, interest rates, credit spreads, inflation (mainly investments) and other financial market indicators.

4) Tax payments and changes in deferred taxes.

5) Incl. dividend payments and changes in foreseeable dividends and the issuance of a hybrid bond of 750 m. EUR.

| 1 | 2 | 3 | 4 | 5 Capital management | 6 | 7 |

High-quality capital base with 82% Tier 1 Unutilised Tier 2 provides additional flexibility

Reconciliation of IFRS Shareholders' equity vs. Solvency II own funds in m. EUR

1) Foreseeable dividends and distributions incl. non-controlling interests 2) Net deferred tax assets

Efficient capital deployment supported by significant diversification Increase in own funds and capital requirements in line with business growth

Solvency Capital Requirements in m. EUR

As at 31 December 2021 (2020)

Solvency capital requirements based on the internal model

Capital allocation based on Tail Value-at-Risk taking account of the dependencies between risk categories

Hannover Re is well diversified within each risk category and has a well balanced risk profile

Risk capital for the 99.5% VaR (according to economic capital model) in m. EUR

As at 31 December 2021

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results Q1/2022	80
7	Outlook	89
	Appendix	91

Strong premium growth of ~20%; return on equity above target Very solid results despite negative impacts in P&C and L&H

Strong growth in a continued improving pricing environment Underwriting result affected by large losses and reserving related to war in Ukraine

Property & Casualty R/I in m. EUR	Q1/2021	Q1/2022	Δ
Gross written premium	5,693	7,149	+25.6%
Net premium earned	3,863	4,782	+23.8%
Net underwriting result incl. funds withheld	147	26	-82.2%
Combined ratio incl. interest on funds withheld	96.2%	99.5%	-
Net investment income from assets under own management	265	301	+13.6%
Other income and expenses	(100)	(44)	-56.5%
Operating profit/loss (EBIT)	312	284	-9.1%
Tax ratio	12.1%	31.4%	-
Group net income	261	177	-32.4%
Earnings per share (in EUR)	2.17	1.46	-32.4%

YTD

• GWP f/x-adjusted +19.5%, diversified growth from traditional and Structured Reinsurance business
• NPE f/x-adjusted +18.0%
• Net large losses of EUR 336 m. (7.0 % of NPE) above budget of EUR 284 m. for Q1/2022
• Precautionary reserving for potential losses related to the war in Ukraine (~3% of NPE)
• Increase in net investment income principally due to strong ordinary investment income
• Other income and expenses mainly driven by negative currency effects

2021 restated pursuant to IAS 8

Large losses exceed budget of EUR 284 m. for Q1/2022

Natural and man-made catastrophe losses in m. EUR

Natural catastrophes and other major losses in excess of EUR 10m. gross

83 Hannover Re: the somewhat different reinsurer

Nat-cat losses above budget, man-made losses within expectation European storms and Australian floods absorbed entire large-loss budget

Catastrophe losses in m. EUR	Date	Gross	Net
Storm "Ylenia/Zeynep", Europe	16 - 19 Feb	140.7	124.2
Rain and flood, Australia	21 Feb - 7 Mar	223.2	185.6
2 Natural catastrophes		363.9	309.8
1 Marine loss		15.7	13.9
1 Property losses		12.1	12.1
2 Man-made losses		27.8	26.0
4 Major losses		391.7	335.8

Natural catastrophes and other major losses in excess of EUR 10m. gross Large loss budget 2022: EUR 1,400 m., thereof EUR 250 m. man-made and EUR 1,150 m. NatCat

Combined ratios reflect large losses and precautionary reserving in property and marine related to war in Ukraine

Q1/2022: Combined Ratio vs. target combined ratios

1) All lines of Property & Casualty reinsurance except those stated separately; EMEA incl. CIS

Favourable underlying profitability

Results impacted by Covid-19 pandemic - strong earnings in Financial Solutions

Life & Health R/I in m. EUR	Q1/2021	Q1/2022	Δ
Gross written premium	2,116	2,185	+3.2%
Net premium earned	1,830	1,928	+5.4%
Net underwriting result incl. funds withheld	(122)	(128)	+5.2%
Net investment income from assets under own management	45	128	+183.8%
Other income and expenses	169	113	-32.8%
Operating profit/loss (EBIT)	92	113	+22.9%
EBIT margin	5.0%	5.9%	-
Tax ratio	37.2%	9.4%	-
Group net income	57	101	+77.6%
Earnings per share (in EUR)	0.47	0.84	+77.6%

YTD

• GWP f/x-adjusted -1.2%, growth in Mortality and Longevity offset by reduced premium volume in Morbidity
• NPE f/x-adjusted growth +0.8%
• Technical result impacted by Covid-19 losses of EUR 123 m. (thereof US: EUR 76 m.)
• Ordinary investment income increased primarily due to higher contribution from fixed income
• Fair value of financial instruments includes positive valuation effect of EUR 46 m. from extreme mortality cover and negative impact from valuation of reinsurance-related derivatives (EUR -45m)
• Other income and expenses mainly driven by strong contribution from deposit accounted treaties of EUR 111 m. (Q1/2021: EUR 90 m.)

2021 restated pursuant to IAS 8

Strong return on investment of 3.1%

Positive effects from increased reinvestment yields and inflation-linked bonds

in m. EUR	Q1/2021	Q1/2022	RoI
Ordinary investment income1)	322	424	3.0%
Realised gains/losses	90	42	0.3%
Impairments/appreciation & depreciation	(21)	(15)	-0.1%
Change in fair value of financial instruments (through P&L)	(50)	22	0.2%
Investment expenses	(31)	(43)	-0.3%
NII from assets under own management	311	429	3.1%
NII from funds withheld	131	55
Total net investment income	441	484

Unrealised gains/losses on investments	31 Dec 21	31 Mar 22
On-balance sheet	2,310	(72)
thereof Fixed income AFS	1,299	(1,092)
Off-balance sheet	629	576
thereof Fixed income HTM, L&R	148	71
Total	2,939	504

1) Incl. results from associated companies 2021 restated pursuant to IAS 8

YTD

• Increasing ordinary income from inflation-linked bonds, higher reinvestment yield, higher return from real estate investments as well as higher asset volume
• Realised gains primarily from credit and equity shifts and reallocations due to strategic and regular portfolio adjustments
• Stable depreciation on direct real estate investments; overall impairments at moderate levels
• Change in fair value of financial instruments through P&L impacted by valuation of reinsurance-related derivatives, offset by valuation effect from extreme mortality cover
• Decrease in valuation reserves due to higher minimal-risk yield curves; credit spreads on corporates with rather small changes overall; positive contribution from inflation-linked bonds

Our business groups at a glance Q1/2022 vs. Q1/2021

		Property & Casualty R/I		Life & Health R/I	Total
in m. EUR	Q1/2021	Q1/2022	Q1/2021	Q1/2022	Q1/2021	Q1/2022
Gross written premium	5,693	7,149	2,116	2,185	7,809	9,333
Net premium earned	3,863	4,782	1,830	1,928	5,693	6,710
Net underwriting result	144	22	(249)	(178)	(105)	(157)
Net underwriting result incl. funds withheld	147	26	(122)	(128)	25	(102)
Net investment income	269	306	172	178	441	484
From assets under own management	265	301	45	128	311	429
From funds withheld	4	5	127	50	131	55
Other income and expenses	(100)	(44)	169	113	68	69
Operating profit/loss (EBIT)	312	284	92	113	404	396
Financing costs	(1)	(1)	(0)	(0)	(19)	(21)
Net income before taxes	312	283	92	113	385	375
Taxes	(38)	(89)	(34)	(11)	(66)	(93)
Net income	274	194	57	102	319	282
Non-controlling interest	13	18	1	1	13	19
Group net income	261	177	57	101	306	264
Retention	92.6%	93.1%	88.6%	88.6%	91.5%	92.0%
Combined ratio (incl. interest on funds withheld)	96.2%	99.5%	-	-	-	-
EBIT margin (EBIT / Net premium earned)	8.1%	5.9%	5.0%	5.9%	7.1%	5.9%
Tax ratio	12.1%	31.4%	37.2%	9.4%	17.1%	24.7%
Earnings per share (in EUR)	2.17	1.46	0.47	0.84	2.54	2.19

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results Q1/2022	80
7	Outlook	89
	Appendix	91

Guidance for 2022

Hannover Re Group

•	Gross written premium1)	≥ 5%
•	2) Return on investment	≥ 2.3%
•	Group net income 2)	EUR 1.4 - 1.5 bn.
•	Ordinary dividend	≥ prior year

• Special dividend if capitalisation exceeds capital requirements for future growth and profit targets are achieved

1) At unchanged f/x rates

2) Subject to no major distortions in capital markets and/or major losses in 2022 not exceeding the large loss budget of EUR 1.4 bn. and no unexpected material Covid-19 impact in L&H

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results Q1/2022	80
7	Outlook	89
	Appendix	91

Financial calendar and our Investor Relations contacts

4 August 2022 Half-yearly report as at 30 June 2022

6 October 2022 Investors' Day 2022

3 November 2022 Quarterly Statement as at 30 September 2022

8 February 2023

1 January P&C Treaty Renewals Rebekka Brust

9 March 2023 Annual Press Conference and Analysts' Conference

Karl Steinle General Manager

Phone: +49 511 5604 - 1500 karl.steinle@hannover-re.com

Axel Bock Senior Investor Relations Manager

Phone: +49 511 5604 - 1736 axel.bock@hannover-re.com

Deputy Investor Relations Manager

Phone: +49 511 5604 - 1530 rebekka.brust@hannover-re.com

Hannover Rück SE | Karl-Wiechert-Allee 50 | 30625 Hannover, Germany | www.hannover-re.com

Basic information on the Hannover Re share

Basic information

International Securities Identification Number (ISIN)	DE 000 840 221 5
Ticker symbols
-Bloomberg	HNR1
-Thomson Reuters	HNRGn
-ADR	HVRRY
Exchange listings
-Germany	Xetra, Frankfurt, Munich, Stuttgart, Hamburg, Berlin, Düsseldorf, Hannover (official trading: Xetra, Frankfurt and Hannover)
-USA	American Depositary Receipts (Level 1 ADR programme; 2 ADR = 1 share)
Market segment	Prime Standard
Index inclusion	MDAX
First listed	30 November 1994
Number of issued shares1)	120,597,134
Common shares1)	EUR 120,597,134
Share class	No-par-value registered shares

Details on reserve review by WTW

• The scope of WTW's work was to review certain parts of the held loss and loss adjustment expense reserve, net of outwards reinsurance, from Hannover Re Group's consolidated IFRS financial statements as at each 31 December 2021, and the implicit redundancy margin, for the non-life business of Hannover Re Group. WTW concludes that the reviewed loss and loss adjustment expense reserve, net of reinsurance, less the redundancy margin is reasonable in that it falls within WTW's range of reasonable estimates.
• Life reinsurance and health reinsurance business are excluded from the scope of this review.
• WTW's review of non-life reserves as at 31 December 2021 covered 98.6% / 99.7% of the gross and net held non-life reserves of €35.1 billion and €32.6 billion respectively. Together with life reserves of gross €5.7 billion and net €5.5 billion, the total balance sheet reserves amount to €40.8 billion gross and €38.1 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 WTW'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 WTW'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.
• WTW's analysis is carried out based on data as at evaluation dates for each 31 December review; WTW has undertaken annual reviews since year-end 2009 onwards. WTW's analysis may not reflect developments or information that became available after the valuation dates and WTW's results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates. Specifically, consequences of the Russia-Ukraine conflict are not reflected in our analyses and projections as at 31 December 2021.
• As is typical for reinsurance companies, claims reporting can be delayed due to late notifications by some cedents. 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. WTW'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 Re Group'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.
• WTW 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, WTW'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 WTW's estimates are on the basis that all of Hannover Re Group's reinsurance protection will be valid and collectable. Further liability may exist for any reinsurance that proves to be irrecoverable.
• WTW's estimates are in Euros based on the exchange rates provided by Hannover Re Group 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.
• WTW has not attempted to determine the quality of Hannover Re Group's current asset portfolio, nor has WTW reviewed the adequacy of the balance sheet provisions except as otherwise disclosed herein.
• In its review, WTW has relied on audited and unaudited data and financial information supplied by Hannover Rück SE and its subsidiaries, including information provided orally. WTW relied on the accuracy and completeness of this information without independent verification.
• Except for any agreed responsibilities WTW may have to Hannover Re Group, WTW 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 WTW in this document.

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.