Hannover Rueck SE

Investor Presentation • Oct 1, 2021

Hannover Re: the somewhat different reinsurer

October 2021

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

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

Dr. Klaus Miller

Africa, Asia, Australia/ New Zealand, Latin America, Western and Southern Europe, Longevity Solutions

North America, United Kingdom/ Ireland, Northern, Eastern and Central Europe

6 Hannover Re: the somewhat different reinsurer

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 | 8 |

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

| 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |

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

Return on equity based on company data (Top 10 of the Global Reinsurance Index (GloRe) with more than 50% reinsurance business 2005 - 2020), own calculation

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 3 years 10-year CAGR: +8.0%

Gross written premium in m. EUR

Well-balanced international portfolio growth

Strong earnings track record 2020: favourable result in a year dominated by the Covid-19 pandemic

Earnings per share (EPS) in EUR

15 Hannover Re: the somewhat different reinsurer

2020 dividend reflects continuing strong performance Overall payout ratio in line with prior years

RoE of 8.2% is highly satisfactory against the backdrop of the Covid-19 impact

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

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

	2016		2017		2018		2019		2020		2016 - 2020
Company	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	avg. RoE	Rank
Hannover Re	13.7%	1	10.9%	2	12.2%	1	13.3%	1	8.2%	2	11.7%	1
Peer 6, US, Life & Health	10.6%	4	21.9%	1	7.9%	3	8.7%	6	3.2%	8	10.5%	2
Peer 5, Bermuda, Property & Casualty	12.7%	2	5.7%	5	1.3%	9	11.9%	3	5.5%	5	7.4%	3
Peer 10, Korea, Composite	7.8%	8	6.2%	4	4.7%	6	8.1%	7	6.1%	4	6.6%	4
Peer 9, China, Composite	7.2%	9	7.2%	3	4.9%	5	7.3%	8	6.3%	3	6.6%	5
Peer 7, Bermuda, Property & Casualty	10.0%	5	-5.3%	10	4.2%	7	12.9%	2	10.8%	1	6.5%	6
Peer 1, Germany, Composite	8.3%	7	1.3%	7	8.5%	2	9.6%	5	4.0%	6	6.3%	7
Peer 8, France, Composite	9.3%	6	4.4%	6	5.4%	4	6.9%	9	3.7%	7	5.9%	8
Peer 4, US, Property & Casualty	5.9%	10	1.1%	8	0.5%	10	10.4%	4	1.2%	9	3.8%	9
Peer 2, Switzerland, Composite	10.6%	3	1.0%	9	1.4%	8	2.5%	10	-3.1%	10	2.5%	10
Average	9.6%		5.4%		5.1%		9.2%		4.6%		6.8%

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

Continuous increase of value creation 10-year CAGR: +11.0%

Book value and accumulated paid dividends in EUR

Book value per share Paid dividends (cumulative since 1994)

| 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |

Shareholders' equity up by 4.4% Dividend payment comfortably covered by 2020 net income

Low expense ratio is an important competitive advantage

Administrative expense ratio

1) Peers: Munich Re, Swiss Re, SCOR; own calculation

2) Source: A.M. Best "Market Segment Report" 2016 - 2020, (© A.M. Best Europe - Information Services Ltd. - used by permission); Peers: Munich Re, SCOR, Swiss Re

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

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

3) Average annual growth at constant f/x rates 4) Average annual growth; based on normalised EBIT 2020

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.

Sustainability at Hannover Re Sustainability Strategy 2021 - 2023 – Selected targets and goals

• Expansion of NatCat aggregates in emerging and developing countries to close the protection gap
• Extended participation in initiatives to mitigate adverse effects from climate change and NatCat
• Increase of 60% in the facultative premium volume for renewable energies
• Expansion of premium volume in developing and emerging countries in L&H

• Expansion of longevity business in L&H ESG in

• Reduction of CO² -load in our asset portfolio by 10%

• . • Expansion of investments that support sustainable transformation
• Signing the UN Principles for Responsible Investment (PRI)

• Ongoing screening of investments portfolio according to ESG criteria

• Integrating ESG criteria into the underwriting policy for the facultative reinsurance department

• No new business in thermal coal and related infrastructure in the facultative division
• Complete withdrawal from all thermal coal and related infrastructure risks in the entire P&C reinsurance business by 2038

Present on all continents

| 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |

HR share outperforms indices over a 3-year rolling period Performance vs. indices

Performance comparison (incl. reinvested dividends)

30 Hannover Re: the somewhat different reinsurer

Yearly Total Shareholder Return (TSR) of 12.0%

Value creation since IPO

in m. EUR	2019	2020
Market capitalisation as of date	20,779	15,714
- Market capitalisation at IPO (Nov 1994)	1,084	1,084
+ Dividend payments (cumulative)	6,237	6,780
- Capital increases (1996, 1997, 2001, 2003)	811	811
Value creation since IPO	25,121	20,599

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

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

Reserving

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

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

Cycle management

Effective cycle management and focus on profitability

• Selective growth: increase market share in "hard" markets only
• No pressure to grow due to low administrative expense ratio
• Above-average profitability due to stringent underwriting approach with focus on bottom line

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
• Develop and expand our joint venture HDI Global Specialty
• 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: diversified growth 5-year CAGR: +12.4%

GWP split by reporting categories in m. EUR Agricultural Risks Aviation and Marine Facultative R/I Credit, Surety and Political Risks Structured R/I and ILS APAC Americas EMEA 1) 1) 6% 14,781 11,976 10,711 9,205 22% 9 % 9% 27% 14% 6% 7% 5% 20% 8% 26% 3% 7% 6% 24% 5% 20% 11% 3% 6% 24% 4% 6% 26% 21% 11% 3% 25% 5% 24% 4% 22% 13% 21% 26% 5% 4% 16,744 4% 5% 1)

Gross written premium split by regions

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

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |

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

Breakdown of treaties by volume

Breakdown of business written

Margin-oriented U/W approach leads to profitable growth 2020: underwriting result impacted by reserving for Covid-19 loss estimates

Target Combined Ratio varies substantially by line of business Targets for FY 2021

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%	6.7%		95.4%
Americas1)		4.8%	10.0%		94.8%
APAC1)		3.8%	6.7%		97.0%
Structured Reinsurance and ILS		0.4%	1.7%		98.7%
Credit, Surety and Political Risks		2.1%	7.6%		94.5%
Facultative Reinsurance		3.9%	7.4%		96.5%
Aviation and Marine		3.1%	8.1%		95.0%
Agricultural Risks		1.8%	8.9%		92.9%
Total Property & Casualty R/I		2.7%	6.7%		96.0%

As at April 2021

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

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |

Stable redundancy despite challenging environment Reserve study review by Willis Towers Watson confirms reserving level Year end 1 ) Redundancy 2 ) Increase redundancy Effect on loss ratio P&C premium (net earned)

		Stable redundancy despite challenging environment Reserve study review by Willis Towers Watson confirms reserving level
in m. EUR
Year end 1 )	Redundancy 2 )	Increase redundancy	Effect on loss ratio	P&C premium (net earned)
2010	956	8 9	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	2 9	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	8 0	0.6%	14,205
2010 - 2020 total		671		95,137
2010 - 2020 average		6 1	0.7%	8,649

Average impact on loss ratio: 0.7% in the past 11 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	2019	2020
	100-year loss	(1,155)	(1,107)
Hurricane US/Carribean	250-year loss	(1,595)	(1,594)
	100-year loss	(603)	(554)
Earthquake US West Coast	250-year loss	(1,258)	(1,184)
	100-year loss	(376)	(377)
Winter storm Europe	250-year loss	(602)	(631)
	100-year loss	(341)	(347)
Earthquake Japan	250-year loss	(733)	(747)
	100-year loss	(212)	(223)
Earthquake Chile	250-year loss	(778)	(777)

in m. EUR	Limit 2020	Threshold 2020	Actual utilisation (July 2020)
All natural catastrophe risks1)
200-year aggregate annual loss	2,299	2,069	1,702

67% of traditional treaty reinsurance up for renewal at 1 January 2021 Equates to 49% of the total P&C inforce premium

Estimated premium income U/Y by reporting lines

33% of traditional treaty reinsurance comes up for renewal later in a favourable market environment

Estimated premium income U/Y by reporting lines

Price increases across all lines and regions, with most dynamic development in US, UK and Specialty lines

	Traditional treaty reinsurance
Reporting lines	Premium 1/1/2020	Premium 1/1/2021	Premium changes	Price changes
EMEA1)	3,506	3,878	+10.6%	+3.0%
Americas1)	1,566	1,806	+15.3%	+8.3%
APAC1)	1,364	1,420	+4.1%	+6.1%
Credit, Surety and Political Risks	533	561	+5.3%	+9.9%
Aviation and Marine	347	375	+8.2%	+11.1%
Agricultural Risks	437	374	-14.5%	+3.4%
Total 1 January renewals	7,753	8,414	+8.5%	+5.5%

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); EMEA incl. CIS

Proportional business benefited from improved primary insurance markets Split by proportional and non-proportional business

		Proportional			Non-proportional
Reporting lines	Premium 1/1/2021	Premium changes	Price changes	Premium 1/1/2021	Premium changes	Price changes
EMEA1)	3,072	+12.1%	+2.0%	806	+5.3%	+6.4%
Americas1)	874	+19.6%	+6.5%	932	+11.6%	+9.9%
APAC1)	1,338	+3.5%	+6.3%	8 2	+16.1%	+2.9%
Credit, Surety and Political Risks	456	+2.2%	+9.0%	105	+20.8%	+14.7%
Aviation and Marine	245	+7.4%	+8.9%	130	+9.8%	+15.2%
Agricultural Risks	344	-15.5%	+2.9%	2 9	-1.9%	+9.8%
Total 1 January renewals	6,329	+8.3%	+4.4%	2,085	+9.3%	+8.8%

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); EMEA incl. CIS

Positive renewal trends lead to continued premium growth Risk-adjusted price increase of 9.0% in non-proportional business

2 Jan - 1 Apr 2021

1) Excluding specialty business mentioned separately

Americas1)

• Double-digit increase in premium in North America
• Strong (double-digit) primary rate movement continues in targeted segments (Excess & Surplus lines, large accounts, engineered risks)
• Reinsurers' margin on proportional business has improved as underlying rate trends outweigh loss cost and commission developments
• Stable to improved conditions in the Caribbean

Japan

• Successful renewal in line with our expectations. Portfolio has been renewed with a singledigit growth rate
• We were able to continue and partially increase our participation on business that has seen 3 successive rounds of rate increases

Aviation & Marine

• Aviation: Positive price momentum continued with risk-adjusted price increases averaging around 25% and in line with 1/1 renewals
• Marine: Single-digit price increases on loss-free and higher on loss-affected business. Cyber and Communicable Disease exclusionary language incorporated successfully

Agricultural Risks

Underwriting year figures at unchanged f/x rates (31 December 2020) • Renewals still underway; premium growth expected from new accounts

Improving market conditions increased P&C premium by 14.7% Overall risk-adjusted price increase of 3.2%; non-proportional 6.4%

2,150 116 199 2,466 Inforce book up for renewal New/ cancelled/ restructured Price & volume changes on renewed Inforce book after renewals +14.7% 2 Apr - 1 Jul 2021 in m. EUR Change in shares: -0.6% Change in price: +3.2% Change in volume: +6.7%

Americas1)

• Continued increase in premium in North America
• Continued positive momentum on insurance pricing
• Organic growth in primary portfolios contributes to ongoing portfolio improvements
• Sustained underwriting discipline in the reinsurance market
• Latin America: past SRCC2) losses lead to improvement in original rates, terms and conditions for this exposure

Australia

• Market remained disciplined with continued rate increases where necessary
• A slight trend towards increasing retention and streamlining reinsurance panel

Asia

• Significant premium growth under our APAC growth initiative
• Signs of hardening on the property market are becoming clearer

Credit & Surety

• Moderate increase in premium volume due to organic growth and new business
• Stable to slightly improved pricing

Underwriting year figures at unchanged f/x rates (31 December 2020) 1) Excluding specialty business mentioned separately

2) Strike, Riots, Civil Commotion

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

We are somewhat different

Undogmatic

We have an undogmatic approach

• Strong entrepreneurial spirit
• Appetite to innovate industry solutions

Efficient

We foster an efficient organisational set-up

• 950 experts in 26 offices on all continents
• Highly empowered and qualified staff

Life & Health reinsurance

Responsive

We are committed to time to market & responsiveness

• Rapid decision-making processes
• In-depth knowledge of local markets

Flexible

We are a highly flexible business partner

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

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

• Expand our offering in Asia, Longevity and Financial Solutions

Effective capital management

Identify and actively manage value-destroying risks in our portfolio

• Expand inforce management capabilities and activities
• Derive appropriate pricing from lessons learned for new business

Life & Health reinsurance: portfolio structure largely unchanged 5-year CAGR: +0.7%

Improving profitability in Life & Health reinsurance 2020: Favourable underlying result impacted by Covid-19 losses

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
Morbidity Health 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

Products	Innovative, e.g. products with little or no underwriting
Processes	Lean, e.g. distribution directly to individuals, without advisers
Biometrics	Cover of death, disease or disability risks at an appropriate cost
Risk assessment	Support for proper medical & claims assessment
U/W systems	hr Quirc, hr ReFlex or hr Ascent

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

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	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

Very strong operating cash flow driven by profitable premium growth AuM +7.8%, cash flow and f/x effects more than offset lower asset valuation

40,057 42,197 47,629 49,002 52,848 2017 2018 2019 2020 1H/2021 Operating cash flow in m. EUR 389 627 709 935 1,686 519 390 821 736 994 561 692 941 919 225 515 39 641 2017 2018 2019 2020 2021 Q1 Q2 Q3 Q4 1,694 2,225 2,509 Assets under own management (AuM) in m. EUR 3,231 2,680

Good net investment income in a volatile market environment Increase in assets under own management of 7.8%

Ordinary return with continued strong support from alternative assets Slightly higher share of corporates, partial disposal of listed equities

Asset allocation1)

Investment category	2017	2018	2019	2020	1H/2021
Fixed-income securities	87%	87%	87%	85%	85%
- Governments	30%	35%	35%	34%	32%
- Semi-governments	17%	16%	15%	15%	15%
- Corporates	32%	29%	31%	30%	32%
Investment grade	27%	25%	26%	25%	28%
Non-investment grade	5%	4%	4%	5%	4%
- Pfandbriefe, Covered bonds, ABS	8%	7%	7%	6%	2) 2) 6%
Equities	2%	2%	3%	3%	3%
- Listed equity	<1%	<1%	<1%	1%	1%
- Private equity	2%	2%	2%	3%	3%
Real Assets	5%	6%	5%	5%	5%
Others	1%	1%	2%	3%	3%
Short-term investments & cash	4%	4%	3%	3%	3%
Total market values in bn. EUR	40.5	42.7	48.2	49.8	53.4

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 1,583.2 m. (EUR 1,275.6 m.) as at 30 June 2021

2) Of which Pfandbriefe and Covered Bonds = 63.3%

3) Before real estate-specific costs. Economic view based on market values as at 30 June 2021

High-quality fixed-income book well balanced

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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	71%	59%	1 %	58%	-	42%
A A	12%	23%	11%	16%	-	14%
A	11%	7 %	33%	14%	-	19%
BBB	4 %	2 %	46%	10%	-	20%
<bbb< td="">	2 %	9 %	9 %	2 %	-	6 %	2 %	9 %	9 %	2 %	-	6 %
Total	100%	100%	100%	100%	-	100%
Germany	15%	30%	4 %	18%	15%	14%
UK	6 %	2 %	7 %	8 %	17%	6 %
France	3 %	2 %	7 %	7 %	1 %	4 %
GIIPS	1 %	1 %	4 %	4 %	0 %	2 %
Rest of Europe	4 %	20%	15%	26%	3 %	12%
USA	48%	13%	34%	14%	15%	34%
Australia	6 %	5 %	6 %	11%	9 %	6 %
Asia	13%	11%	10%	1 %	31%	11%
Rest of World	4 %	16%	14%	11%	9 %	10%
Total	100%	100%	100%	100%	100%	100%
Total b/s values in m. EUR	17,172	7,820	16,547	3,247	1,860	46,647

IFRS figures as at 30 June 2021

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

Currency split of investments

• Modified duration of fixed-income mainly congruent with liabilities and currencies
• GBP's higher modified duration predominantly due to life business; EUR driven by hybrid bond issuance

Modified duration
1H/2021	5.8
2020	5.8
2019	5.7
2018	4.8
2017	4.8

Stress tests on assets under own management

Focus still on credit exposures with further spread tightening

Portfolio	Scenario	Change in market value in m. EUR	Change in OCI before tax in m. EUR
	-10%	-183	-183
Equity (listed and private equity)	-20%	-367	-367
	+50 bps	-1,349	-1,300
Fixed-income securities	+100 bps -2,623 +50% -774	-2,527
Credit spreads			-772

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

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

Type	Nominal amount	Issue date	Issue ratings S&P / A.M. Best	First call date	Maturity	Coupon rate
Dated subordinated bond ISIN: XS2320745156	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
Dated subordinated bond ISIN: XS2198574209	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
Dated subordinated bond ISIN: XS2063350925	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
Senior unsecured bond ISIN: XS1808482746	EUR 750 m.	2018-04-18	AA- / -	2028-01-18	2028-04-18	Annually on every April 18: 1.125% p. a.
Undated subordinated bond Format: PerpNC10,8 ISIN: XS1109836038	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
Dated subordinated bond Format: 30,6NC10,6 ISIN: XS0856556807	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)

Several levels of protection provide more NatCat capacity and thus create additional earnings at a defined risk appetite

As at March 2021

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

Transactions in m. USD if not otherwise stated

1) In m. EUR 2) Index-linked securitisation

• 3) Aggregate XL cover (P&C)
• 4) Credit-linked floating rate note 5) Index-linked swap

• In 1994 Hannover Re pioneered the first securitisation of natural catastrophe risks (Kover) followed by further transactions (K2-K6 & K-Cessions)

• In 1998 we started with the first-ever transfer of acquisition costs from L&H business to the capital market ( "L" deals, L1-L7)

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 +
SCOR	AA-	A +
XL Bermuda	AA-	A +
Swiss Re	1) AA-	A +
Transatlantic Re	A +	A +
Everest Re	A +	A +
PartnerRe	1) A +	A +
Lloyd's	A +	A

| 1 | 2 | 3 | 4 | 5 Capital management | 6 | 7 | 8 |

An above-average rating has numerous benefits although we might not (yet) get paid for it

• We have a better showing of business than the average player
• Access to all lines of business
• We enjoy a highly diversified, high quality book of business

We are on virtually all broker lists, with cedents often demanding specific R/Is

We get very high allocations when we quote for business

• >90% vs. some 50% for a Bermuda start-up

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

Our cost of financing in the capital markets is lower

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

Capital adequacy ratio remains well above targets Increase in SCR driven by strong business growth in 2020

Eligible Own Funds Solvency Capital Requirements (SCR) Excess capital

1) Includes deduction for minority shareholdings of EUR 653 m.

2) Includes the use of the volatility adjustments

3) Minimum Target Ratio Limit 180%

• Development of the Solvency II ratio Increase in eligible own funds despite Covid-19 losses due to positive earnings incl. new business value
• SCR grows at slightly higher rate, mainly due to business growth but also due to lower interest rate level and higher market volatilities

• Solvency II ratio above threshold throughout 2020 proves effectiveness of volatility management2)

Strong capital generation despite Covid-19 impacts Solvency II ratio declines but remains at high level

Solvency II movement analysis

Figures in m. EUR. SCR – Solvency Capital Requirements according to Solvency II internal model

1) Model changes (pre-tax) in terms of own funds relate to the calculation of technical provisions. A number of minor model changes, with each of them having a rather small impact, affect the SCR.

2) Operating earnings and assumption changes (pre-tax). The own funds increase includes the L&H new business value of EUR 778 m. The SCR increases due to strong business growth.

3) Changes due to movements in foreign exchange rates, in particular the depreciation of the US Dollar, lower interest rates, increased credit spreads and changes in other financial market indicators (pre-tax).

4) Incl. tax payments and changes in deferred taxes

5) Incl. dividend payments and changes in foreseeable dividends. The hybrid bond with call date in 2020 has been replaced.

High-quality capital base with 87% 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 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 2020

Individual risks with limited impact on Solvency ratio Solvency ratio remains above targets in all relevant stress events

Sensitivities and stress tests

As at 31 December 2019, in m. EUR; post-tax

1) A return period of 250 years is equivalent to an occurrence probability of 0.4%; based on the aggregate annual loss

2) Approx. 3 weeks of power outage in a larger area of a developed country

3) Distributed denial-of-service-attack on main DNS provider

4) +50bps for Hannover Re average portfolio bucket. Point-in-time stress level differs by rating. Includes impact of changes in dynamic volatility adjustment

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

Group net income in line with full-year guidance Continued strong premium growth; RoE well above target

Figures in EUR millions, unless otherwise stated

Continued strong growth in an improving market environment Underwriting result in line with expectations, Covid-19 net loss estimate unchanged

Property & Casualty R/I in m. EUR	Q2/2020	Q2/2021	1H/2020	1H/2021
Gross written premium	4,188	4,574	9,174	10,267
Net premium earned	3,531	3,984	6,869	7,847
Net underwriting result incl. funds withheld	(168)	169	(161)	317
Combined ratio incl. interest on funds withheld	104.8%	95.7%	102.3%	96.0%
Net investment income from assets under own management	147	305	433	570
Other income and expenses	6	(8)	18	(109)
Operating profit/loss (EBIT)	(15)	466	290	778
Tax ratio	306.4%	24.7%	14.8%	19.6%
Group net income	37	331	245	592

YTD

• GWP f/x-adjusted +17.2%, diversified growth from traditional and structured reinsurance business
• NPE f/x-adjusted +19.2%
• Major losses of EUR 326 m. below booked budget of EUR 476 m. for 1H/2021
• Covid-19 net loss estimate unchanged at EUR 950 m.
• Net investment income increased due to favourable ordinary investment income and lower impairments
• Other income and expenses decreased mainly due to negative currency effects

Large losses of EUR 326 m. below booked budget of EUR 476 m. for 1H/2021 EUR 774 m. unused large-loss budget available for 2H/2021

84 Hannover Re: the somewhat different reinsurer

1H/2021 mainly impacted by Texas winter storm and man-made losses

Date	Gross	Net
7 - 8 Jan	10.6	10.6
9 - 21 Feb	220.9	136.4
18 - 23 Mar	16.9	14.4
11 - 14 Apr	11.2	11.2
21 - 25 June	10.0	10.0
	269.7	182.6
	13.5	13.5
	21.0	13.3
	20.7	20.7
	95.8	95.8
	151.0	143.3
		325.9
		1H/2021 mainly impacted by Texas winter storm and man-made losses 420.7

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross Large loss budget 2021: EUR 1,100 m. thereof EUR 225 m. man-made and EUR 875 m. NatCat

Combined ratios in line with expectations

1H/2021: Combined Ratio vs. target combined ratios

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

Favourable premium growth

Results impacted by Covid-19 pandemic; partly offset by one-off effect of EUR 129 m.

Life & Health R/I in m. EUR	Q2/2020	Q2/2021	1H/2020	1H/2021
Gross written premium	1,983	2,082	3,972	4,198
Net premium earned	1,756	1,839	3,509	3,669
Net underwriting result incl. funds withheld	(118)	(71)	(169)	(193)
Net investment income from assets under own management	123	7 8	222	123
Other income and expenses	85	8 0	161	249
Operating profit/loss (EBIT)	90	87	214	179
EBIT margin	5.1%	4.7%	6.1%	4.9%
Tax ratio	12.2%	44.3%	11.2%	40.7%
Group net income	78	48	188	105

YTD

• GWP f/x-adjusted +7.3%, mainly from Financial Solutions and Longevity
• NPE f/x-adjusted growth +6.4%
• Technical result impacted by Covid-19 losses of EUR 263 m. (thereof US: EUR 167 m., South Africa EUR 70 m.), positive one-off from restructuring within US mortality portfolio in Q1, improved underlying mortality experience
• Net investment income decreased primarily due to impact from fair value of derivatives
• Other income and expenses increased due to positive one-off effect from restructuring within US mortality portfolio in Q1 and strong contribution from deposit accounted treaties of EUR 184 m. (H1/2020: EUR 173 m.)

Very satisfactory Return on Investment

Increasing ordinary income offset by valuation of reinsurance-related derivatives

in m. EUR	Q2/2020	Q2/2021	1H/2020	1H/2021	RoI
Ordinary investment income1)	281	375	614	698	2.7%
Realised gains/losses	38	52	140	142	0.6%
Impairments/appreciations & depreciations	(57)	(17)	(85)	(38)	-0.2%
Change in fair value of financial instruments (through P&L)	39	7	51	(43)	-0.2%
Investment expenses	(31)	(33)	(63)	(65)	-0.3%
NII from assets under own management	271	383	657	694	2.7%
NII from funds withheld	51	42	136	172
Total net investment income	321	425	793	866
Unrealised gains/losses of investments				31 Dec 20 30 Jun 21

On-balance sheet	3,019	2,527
thereof Fixed income AFS	2,347	1,612
Off-balance sheet	557	552
thereof Fixed income HTM, L&R	217	170
Total	3,576	3,078

1) Incl. results from associated companies

YTD

• Increasing ordinary returns from alternative investments; stable ordinary income from fixed-income investments and real estate investments
• Stable realised gains include disposal of parts of listed-equity portfolio as well as some reallocations due to regular portfolio adjustments
• Stable depreciation of direct real estate investments; impairments of private equity and alternative fixed-income funds as well as real estate at very moderate levels
• Change in fair value of financial instruments through P&L impacted by valuation of reinsurance-related derivatives
• Decrease in valuation reserves due to significantly higher minimal-risk yield curves; credit spreads on corporates rather stable; higher valuations in alternative investments

Our business groups at a glance Q2/2021 vs. Q2/2020

	Property & Casualty R/I		Life & Health R/I		Total
in m. EUR	Q2/2020	Q2/2021	Q2/2020	Q2/2021	Q2/2020	Q2/2021
Gross written premium	4,188	4,574	1,983	2,082	6,171	6,655
Change in GWP		+9.2%		+5.0%		+7.9%
Net premium earned	3,531	3,984	1,756	1,839	5,287	5,823
Net underwriting result	(183)	158	(153)	(102)	(336)	57
Net underwriting result incl. funds withheld	(168)	169	(118)	(71)	(286)	99
Net investment income	162	316	158	109	321	425
From assets under own management	147	305	123	78	271	383
From funds withheld	15	11	36	30	51	42
Other income and expenses	6	(8)	85	80	92	70
Operating profit/loss (EBIT)	(15)	466	90	87	77	552
Financing costs	(1)	(1)	0	0	(24)	(21)
Net income before taxes	(15)	465	90	87	53	531
Taxes	47	(115)	(11)	(38)	43	(146)
Net income	31	351	79	48	96	385
Non-controlling interest	(6)	20	0	0	(6)	20
Group net income	37	331	78	48	101	365
Retention	90.9%	89.8%	89.4%	87.8%	90.4%	89.2%
Combined ratio (incl. interest on funds withheld)	104.8%	95.7%	-	-	-	-
EBIT margin (EBIT / Net premium earned)	-0.4%	11.7%	5.1%	4.7%	1.5%	9.5%
Tax ratio	306.4%	24.7%	12.2%	44.3%	-80.2%	27.6%
Earnings per share (in EUR)	0.31	2.74	0.65	0.40	0.84	3.02

Our business groups at a glance 1H/2021 vs. 1H/2020

	Property & Casualty R/I		Life & Health R/I		Total
in m. EUR	1H/2020	1H/2021	1H/2020	1H/2021	1H/2020	1H/2021
Gross written premium	9,174	10,267	3,972	4,198	13,146	14,465
Change in GWP		+11.9%		+5.7%		+10.0%
Net premium earned	6,869	7,847	3,509	3,669	10,378	11,515
Net underwriting result	(186)	302	(280)	(350)	(467)	(48)
Net underwriting result incl. funds withheld	(161)	317	(169)	(193)	(330)	124
Net investment income	459	584	333	281	793	866
From assets under own management	433	570	222	123	657	694
From funds withheld	26	15	111	157	136	172
Other income and expenses	18	(109)	161	249	177	138
Operating profit/loss (EBIT)	290	778	214	179	504	956
Financing costs	(1)	(1)	(1)	(1)	(47)	(40)
Net income before taxes	289	777	213	178	456	916
Taxes	(43)	(153)	(24)	(73)	(51)	(212)
Net income	246	624	189	106	405	704
Non-controlling interest	2	32	1	1	3	33
Group net income	245	592	188	105	402	671
Retention	91.4%	91.3%	89.4%	88.2%	90.8%	90.4%
Combined ratio (incl. interest on funds withheld)	102.3%	96.0%	-	-	-	-
EBIT margin (EBIT / Net premium earned)	4.2%	9.9%	6.1%	4.9%	4.9%	8.3%
Tax ratio	14.8%	19.6%	11.2%	40.7%	11.3%	23.2%
Earnings per share (in EUR)	2.03	4.91	1.56	0.87	3.34	5.56

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

Growing Property & Casualty portfolio at attractive profitability Financial year 2021

	Reporting categories	Volume1)	Profitability2)
Regional markets	EMEA3)		+
	Americas3)		+/-
	APAC3)		+
Worldwide markets	Structured Reinsurance and ILS		++
	Credit, Surety and Political Risks		+/-
	Facultative Reinsurance		+
	Aviation and Marine		+
	Agricultural Risks		+

1) In EUR, development in original currencies can be different

2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC)

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

Profitability in Life & Health still impacted by Covid-19 Financial year 2021

Reporting categories	Volume1)	Profitability2)
Financial solutions	3)	++
Longevity		+
Mortality		-
Morbidity		+/-

1) In EUR, development in original currencies can be different

2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC)

3) Business volume including contracts not reflected in premium income

Guidance for 2021

Hannover Re Group

•	Gross written premium1)	high single-digit growth
•	2) Return on investment	~ 2.4%
•	Group net income2)	EUR 1.15 - 1.25 bn.
•	Ordinary dividend pay-out ratio3)	35% - 45%

• Special dividend additional pay-out if profit target is reached and capitalisation is comfortable

1) At unchanged f/x rates

2) Subject to no major distortions in capital markets and/or major losses in 2021 not exceeding the large loss budget of EUR 1.1 bn.

3) Relative to Group net income according to IFRS

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	32
3	Life & Health reinsurance	47
4	Investment management	61
5	Capital management	68
6	Interim results 1H/2021	81
7	Outlook	91
8	Appendix	95

Financial calendar and our Investor Relations contacts

14 October 2021 Investors' Day 2021

4 November 2021 Quarterly Statement as at 30 September 2021

3 February 2022 1 January P&C Treaty Renewals

10 March 2022

Press Conference and Analysts' Conference

4 May 2022 Annual General Meeting Quarterly Statement as at 31 March 2022

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

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

Rebekka Brust Assistant Investor Relations Manager

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

List of abbreviations

A
ABS	Asset-Backed Securities
ADR	American Depositary Receipts
AFS	Available-For-Sale
AG	Aktiengesellschaft (public company)
AuM	Assets under Management
B
BAT	Block Assumption Transactions
biz	business
bn.	billion
bps	basis points
b/s	balance sheet
C
CAGR	Compound Annual Growth Rate
Cat	catastrophe
C/R	Combined Ratio
D
E
EBIT	Earnings Before Interest and Taxes
ECM	Economic Capital Model
EPS	Earnings per share
ESG	Environmental, Social, Governance
F
G
GIIPS	Greece, Ireland, Italy, Portugal, Spain
GWP	Gross Written Premium
H
HR	Hannover Re
HTM	Held-To-Maturity
I
IFRS	International Financial Reporting Standards
ILS	Insurance-Linked Securities
IPO	Initial Public Offering
ISIN	International Securities Identification Number
IVC	Intrinsic Value Creation
J, K
L
L&R	Loans & Receivables
LoC	Letter of Credit
LPT	Loss Portfolio Transfer
M
m.	Million
MCEV	Market Consistent Embedded Value

MCR	Minimum Capital Requirements
mgmt.	management
ModCo	Modified Coinsurance
MtCR	Maximum tolerable Combined Ratio
N
n. a.	not available
NC	non-callable
NII	Net Investment Income
NPE	Net Premium Earned
O
OCI	Other Comprehensive Income
P
P&L	profit and loss
p. a.	per annum
Perp	perpetual
prop.	proportional
Q
R
R/I	Reinsurance
RoE	Return on Equity
RoI	Return on Investment
S
S&P	Standard & Poor's
SCR	Solvency Capital Requirements
SE	Societas Europaea (European Company)
T
U
U/Y	underwriting year
U/W	Underwriting
V
V. a. G.	Versicherungsverein auf Gegenseitigkeit (mutual insurance company)
VaR	Value at Risk
VNB	Value of New Business
W
WACC	Weighted Average Cost of Capital
X
XL	eXcess of Loss
xRoCA	eXcess Return on Capital Allocated
Y
YTD	Year To Date
y-o-y	year-on-year
Z

Details on reserve review by Willis Towers Watson

• The scope of Willis Towers Watson's work was to review certain parts of the held loss and loss adjustment expense reserve, net of outwards reinsurance, from Hannover Rück SE's consolidated financial statements in accordance with IFRS as at each 31 December from 2009 to 2015, and the implicit redundancy margin, for the non-life business of Hannover Rück SE. Willis Towers Watson concludes that the reviewed loss and loss adjustment expense reserve, net of reinsurance, less the redundancy margin is reasonable in that it falls within Willis Towers Watson's range of reasonable estimates.
• Life reinsurance and health reinsurance business are excluded from the scope of this review.
• Willis Towers Watson's review of non-life reserves as at 31 December 2015 covered 98.2%/98.1% of the gross and net held non-life reserves of €22.8 billion and € 21.8 billion respectively. Together with life reserves of gross €3.7 billion and net €3.4 billion, the total balance sheet reserves amount to €26.6 billion gross and €25.2 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 Willis Towers Watson'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 Willis Towers Watson'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.
• Willis Towers Watson's analysis was carried out based on data as at evaluation dates for each 31 December from 2009 to 2015. Willis Towers Watson's analysis may not reflect development or information that became available after the valuation dates and Willis Towers Watson's results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates.
• As is typical for reinsurance companies, the claims reporting can be delayed due to late notifications by some cedants. 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. Willis Towers Watson'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 Rück SE'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.
• Willis Towers Watson 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, Willis Towers Watson'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 Willis Towers Watson's estimates are on the basis that all of Hannover Rück SE's reinsurance protection will be valid and collectable. Further liability may exist for any reinsurance that proves to be irrecoverable.
• Willis Towers Watson's estimates are in Euros based on the exchange rates provided by Hannover Rück SE 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.
• Willis Towers Watson has not attempted to determine the quality of Hannover Rück SE's current asset portfolio, nor has Willis Towers Watson reviewed the adequacy of the balance sheet provisions except as otherwise disclosed herein.
• In its review,Willis Towers Watson has relied on audited and unaudited data and financial information supplied by Hannover Rück SE and its subsidiaries, including information provided orally. Willis Towers Watson relied on the accuracy and completeness of this information without independent verification.
• Except for any agreed responsibilities Willis Towers Watson may have to Hannover Rück SE, Willis Towers Watson 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 Willis Towers Watson 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.

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