Hannover Rueck SE

Investor Presentation • May 24, 2024

Hannover Re: the somewhat different reinsurer May 2024

Agenda

1 Hannover Re Group

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33
42
54
59
70
76
83
85

Why to invest in Hannover Re…

Excellent market position and very strong capitalisation

• Leading reinsurer with worldwide presence
• Very strong capitalisation according to Solvency II and S&P rating

Growing earnings and dividends

• Strong track record of profitable growth
• Dividend policy: ordinary dividend > prior year
• Total shareholder return of 15% p.a.1) (market value growth + dividends)

1) Average for the years 2013 – 2023

Delivering high and sustainable profitability

• Industry-leading return on equity
• Competitive advantage: lean operating model with low cost ratio
• Low earnings volatility supported by broad diversification, efficient retrocession and prudent reserving

Agenda

4	Hannover Re: the somewhat different reinsurer
	9 Appendix	85
	8 Outlook	83
	Interim results Q1/2024 7	76
	6 Transition to IFRS 17	70
	Capital and risk management 5	59
	4 Investment management	54
	3 Life & Health reinsurance	42
	2 Property & Casualty reinsurance	33
	1.4 Sustainability	29
	About us 1.3	9
	1.2 Positioning in the reinsurance market	4
	Equity Story 1.1	2
	1 Hannover Re Group

Reinsurance has the character of a specialty market With a share of 8% of the overall insurance market

Market size primary insurance vs. reinsurance

2022 or latest. Global reinsurance premium: gross written premium of the Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (August 2023) 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" (August 2023) Top 10 in 2022: Munich Re, Hannover Re, Swiss Re, Lloyd's, Berkshire Hathaway, SCOR, Everest Re, Renaissance Re, China Re, Pa rtner Re Source: © A.M. Best Europe - Information Services Ltd. - used by permission

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" (August 2023) Top 7 in 2022: Canada Life Re, Swiss Re, Munich Re, RGA, SCOR, Hannover Re, China Re Source: © A.M. Best Europe - Information Services Ltd. - used by permission

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

Trends, conditions and expectations Value Proposition of reinsurance

Volatile earnings

• Expectation of regulators, shareholders and rating agencies

Impact on primary insurance …

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

… drives demand for reinsurance!

Managing earnings volatility

8 Hannover Re: the somewhat different reinsurer

Agenda

	1 Hannover Re Group
	Equity Story 1.1	2
	1.2 Positioning in the reinsurance market	4
	1.3 About us	9
	1.4 Sustainability	29
	2 Property & Casualty reinsurance	33
	Life & Health reinsurance 3
	4 Investment management
	Capital and risk management 5	59
	6 Transition to IFRS 17	70
	7 Interim results Q1/2024	76
	8 Outlook	83
	9 Appendix	85
9	Hannover Re: the somewhat different reinsurer

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

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-

-

Financial ambition 2024 - 2026

Increasing earnings will support continued dividend growth

One of the world's leading reinsurers Key facts about Hannover Re

Present on all continents

Group structure supports our business model

1) Majority shareholder HDI V.a.G.

Executive Board of Hannover Rück SE

Jean-Jacques Henchoz Chief Executive Officer

Claude Chèvre

Longevity Solutions

Group Operations and Strategy, Information Technology, Facility Management, Human Resources Management, Corporate Communications, Group Audit, Group Risk Management, Compliance

Clemens Jungsthöfel Chief Financial Officer

Asset Management, Reinsurance Accounting and Valuation, Group Finance, Investor and Rating Agency Relations

Life & Health R/I Property & Casualty R/I

SvenAlthoff

Property & Casualty Reinsurance

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 Property & Casualty Reinsurance

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

Dr. Klaus Miller Life & Health Reinsurance

Life & Health Reinsurance

Africa, Middle East, Asia, Australia, Latin America, Western and Southern Europe,

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

Sharon Ooi Property & Casualty Reinsurance Asia-Pacific, South Africa

Dr. Michael Pickel Property & Casualty Reinsurance

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

We are among the top reinsurers in the world

Premium ranking 2022
Rank Group	Country	GWP	NPW
1 Munich Re	DE	51,331	48,550
2 Swiss Re	CH	39,749	37,302
Hannover Re1 ) 3	DE	35,528	29,672
4 Canada Life Re	CA	23,414	23,414
Berkshire Hathaway Inc.2) 5	US	22,147	22,147
6 SCOR	FR	21,068	17,055
Lloyd's3) 7	UK	18,533	14,162
8 China Re	CN	16,865	15,395
9 RGA	US	13,823	13,052
10 Everest Re	BM	9,316	8,983
11 RenaissanceRe	BM	9,214	7,196
12 PartnerRe	BM	8,689	7,544
13 Korean Re	KR	7,804	5,797
14 Arch Capital	BM	6,948	4,924
MS&AD Insurance Group4) 15	JP	5,153	n/a

All figures in m. EUR unless otherwise stated

For further information please see A.M. Best "Market Segment Report" August 2023 (© A.M. Best Europe -Information Services Ltd. - used by permission)

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

2) Berkshire Hathaway completed its acquisition of Alleghany Corp. on October 19, 2022, and, per US GAAP accounting rules, incurs premiums and expenses only after the acquisition

3) Lloyd's premiums are for reinsurance only. Premiums for certain groups in the rankings also may include Lloyd's Syndicate premiums when applicable

4) Fiscal year ended March 31, 2023

Long-term track record of favourable growth

Gross written premium

Property & Casualty reinsurance Life & Health reinsurance

All figures in bn. EUR unless otherwise stated

Well-balanced international portfolio

2023: Reinsurance revenue split by regions

2023: Reinsurance revenue split by line of business

All figures in m. EUR unless otherwise stated

Low cost ratio remains an important competitive advantage Cost ratio for financial year 2023 at 3.3%

• IFRS 17 directly attributable expenses are lower than IFRS 4 administrative expenses
• IFRS 17 cost ratio reflects NDAC and DAC

• Similar split DAC and NDAC between P&C and L&H

• New reference base reinsurance revenue gross

• Reinsurance revenue is lower than IFRS 4 premium mainly due to exclusion of commissions and NDIC

Numbers are FY2022; DA: Directly Attributable Costs; NDAC: Non-Directly Attributable Costs; NDIC: Non-Distinct Investment Component All figures in m. EUR unless otherwise stated

| 1 | 1.3 About us | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Long-term earnings growth and earnings stability in challenging years 2023: delivering on net income guidance and material balance-sheet strengthening

Group net income

Guidance

All figures in m. EUR unless otherwise stated

Increase in shareholders' equity mainly driven by retained earnings Increase in CSM and RA will contribute to earnings over time

1,100 1,749 5,457 5,950 706 844 3,011 2,885 10,274 11,428 31.12.2022 31.12.2023 CSM +17.4% Total +11.2% P&C P&C L&H L&H RA +0.3% 9,060 1,825 (724) (845) 1,169 (358) 10,127 Shareholders' equity 31.12.2022 Net income Dividend payment Change in OCI Reinsurance Liabilities Change in OCI Investments Currency translation and other Shareholders' equity 31.12.2023

Change in shareholders' equity Contractual Service Margin (net) and Risk Adjustment

All figures in m. EUR unless otherwise stated

Long-term track record of high and stable return on equity RoE of 19.0% well above target for 2023

Return on Equity: average2)

Average RoE and standard deviation 2014 - 2023

RoE

RoE based on reported company data, own calculation. Peers: Everest Re, Munich Re, RGA, SCOR, Swiss Re 1) After tax; target: 1,000 bps above 5-year rolling average of 10-year German government bond rate ("risk free") 2) 2009-2022 IFRS4

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

	1) 2019		1) 2020		1) 2021		1) 2022		2) 2023		2019 - 2023
Company	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	avg. RoE	Rank
Hannover Re	13.3%	1	8.2%	1	10.8%	2	14.1%	1	19.0%	3	13.1%	1
Peer	8.7%	4	3.2%	5	4.5%	6	5.1%	4	11.2%	6	6.5%	4
Peer	11.9%	2	5.5%	2	13.9%	1	6.4%	3	23.3%	1	12.2%	2
Peer	9.6%	3	4.0%	3	9.7%	3	13.2%	2	16.2%	5	10.5%	3
Peer	6.9%	5	3.7%	4	7.3%	4	-5.2%	6	18.0%	4	6.2%	5
Peer	2.5%	6	-3.1%	6	5.7%	5	2.6%	5	22.3%	2	6.0%	6
Average	8.8%		3.6%		8.6%		6.0%		18.3%		9.1%

RoE based on company data, own calculation 1) All companies reported IFRS4 / US-GAAP figures

2) Hannover Re, Munich Re, SCOR: IFRS 17 / RGA, Everest Re, Swiss Re: US-GAAP

Value creation for shareholders driven by growth in book value and dividends Increasing interest rates and transition to IFRS 17 led to decrease in equity in 2022

Book value and accumulated paid dividends

Book value per share Cumulative dividend paid (since IPO)

All figures in EUR unless otherwise stated

Dividend strategy emphasizes continuity of ordinary dividend 2023: increased ordinary dividend reflects positive earnings trend

1) Dividend proposal; subject to consent of AGM

HR share price increased by +84% over the past 3 years

Performance comparison (incl. reinvested dividends)

Annual Total Shareholder Return (TSR) of 12.6% since IPO

Value creation since IPO Total Shareholder Return (TSR)

Agenda

	1 Hannover Re Group
	1.1 Equity Story	2
	1.2 Positioning in the reinsurance market	4
	1.3 About us	9
	Sustainability 1.4	29
	2 Property & Casualty reinsurance	33
	Life & Health reinsurance 3
	4 Investment management
	Capital and risk management 5
	6 Transition to IFRS 17
	7 Interim results Q1/2024
	Outlook 8	83
	9 Appendix	85
29	Hannover Re: the somewhat different reinsurer

Sustainability at Hannover Re How we evolved

Sustainability embedded into our Group Strategy 2024 - 2026 Focussing on environmental stewardship

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

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

Agenda

33	Hannover Re: the somewhat different reinsurer
9	Appendix	85
8	Outlook	83
7	Interim results Q1/2024	76
6	Transition to IFRS 17	70
5	Capital and risk management	59
4	Investment management	54
3	Life & Health reinsurance	42
2	Property & Casualty reinsurance	33
1	Hannover Re Group

We are somewhat different Our approach in P&C reinsurance

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

• Selective growth: increase market

low administrative expense ratio

approach with focus on bottom

• Above-average profitability due

share in "hard" markets only

• No pressure to grow due to

to stringent underwriting

line

and focus on profitability

Reserving

Conservative reserve policy

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

Underwriting

Empowered underwriters

• Fast decision making and strong underwriting culture
• Contributes to lean operating model

Broad portfolio diversification in Property & Casualty across business lines

1)

Reinsurance revenue (gross)

Reinsurance revenue (gross) split by segments

16,824 m. EUR

2022: 16,265 m. EUR

1) All lines of Property & Casualty reinsurance except those stated separately

24%

28%

Margin-oriented U/W approach leads to profitable growth 2023 EBIT reflects material increase in reserve resiliency

All figures in m. EUR unless otherwise stated

Large losses well within budget of EUR 1,725 m.

1) Major losses in excess of EUR 10 m. gross

Undiscounted LIC resiliency reserves increased to EUR 2,057 m. Reserve strengthening increased the comfort level of resiliency

Development of resiliency reserves reviewed by WTW

Resiliency reserves

All figures in m. EUR as at 31 December 2023 unless otherwise stated.

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

Resiliency reserves embedded in best estimate defined as the difference between net of reinsurance undiscounted booked reserves before tax and minority participations (based on Hannover Re's own best estimates) and WTW's analysis. Up to 2022 the booked reserves are on an IFRS4 basis and from 2023 onwards these are on an undiscounted IFRS 17 LIC basis.

The WTW review is based on data provided by Hannover Re. See appendix for more detail.

2,057

1 January 2024 renewals: High quality of P&C business further improved Successful expansion of strong portfolio from underwriting year 2023

Successful renewal

• Growth supported by superior financial strength, favourable market positioning and long-standing customer relationships

Growing in an attractive market environment

• Successful expansion of diversified portfolio while maintaining our disciplined underwriting
• Attractive growth opportunities in Structured Reinsurance and ILS
• Growth more pronounced in non-proportional

Further improved quality of P&C portfolio on top of strong UY 2023

• Moderate increase in reinsurance pricing complemented by further tightening in terms and conditions
• Proportional business benefitting from underlying growth and rate increases, commissions mostly stable with improvements still prevailing

Moderate reduction in retro protection in line with plan

• Sufficient NatCat capacity available in the retrocession market
• Risk-adjusted pricing stable to slightly down

Premium increased by 6.9% in attractive market environment 1 January 2024 renewals

Renewal rates remain at high level despite sufficient available capacity Overall risk-adjusted price increase of +1.5%

2 Jan – 1 Apr 2024

Americas1)

• US rates remain at high level with further upwards movement on lossaffected accounts
• Sufficient capacity in the market to fill placements. Nevertheless, discipline on terms and conditions maintained
• +6.7% • Underlying rate increases are still continuing and flowing through to reinsurance placements, with certain exceptions such as D&O and Cyber

APAC1)

• Additional capacity and competitive markets observed in markets such as South Korea, Malaysia, and Vietnam. HR still mostly able to secure renewal lines
• Japan: Market discipline largely maintained with risk-adjusted flat price movements
• Improved overall balance of Non-Proportional vs. Proportional business

Marine

• Strong showing of (new) business across all geographies including London market and Japanese business
• Given an abundance of available capacity in the Marine & Energy market, first signs of pressure on pricing as well as terms and conditions

41 Hannover Re: the somewhat different reinsurer

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

Agenda

42	Hannover Re: the somewhat different reinsurer
	Appendix 9	85
	8 Outlook	83
	7 Interim results Q1/2024	76
	6 Transition to IFRS 17	70
	5 Capital and risk management	59
	Investment management 4	54
	3 Life & Health reinsurance	42
	Property & Casualty reinsurance 2	33
	1 Hannover Re Group

We are somewhat different Our approach in L&H reinsurance

Solution-driven

We strive to achieve exceptional results

• Strong entrepreneurial spirit
• Appetite to innovate industry solutions

Efficient

We foster an effective organisational set-up

• 1,200 experts in 24 offices on all continents

• Highly empowered and qualified staff

Life & Health reinsurance

Responsive

We prioritise fast time-tomarket

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

Flexible

We have a highly agile mindset

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

Well-balanced diversification across Life & Health segments

Reinsurance revenue (gross)

Reinsurance revenue (gross) split by segments

7,633 m. EUR 2022: 7,752 m. EUR

Favourable growth in profitability after Covid-19 impacts in 2020 and 2021 2023: strong operating performance in L&H reinsurance, well above target

All figures in m. EUR unless otherwise stated

Successful new business generation will contribute to future earnings

Value of New Business development (Solvency II)

New business CSM and LC (net) + Extensions on existing contracts (IFRS 17)

1) Based on Solvency II principles and pre-tax reporting All figures in m. EUR unless otherwise stated

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 Long Term Care Critical Illness			Reserve & Solvency Relief		Biometrics	Risk Assessment
			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

• 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

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 4

Service An important component

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

54	Hannover Re: the somewhat different reinsurer
9	Appendix	85
8	Outlook	83
7	Interim results Q1/2024	76
6	Transition to IFRS 17	70
5	Capital and risk management	59
4	Investment management	54
3	Life & Health reinsurance	42
2	Property & Casualty reinsurance	33
1	Hannover Re Group

| 1 | 2 | 3 | 4 Inv estment management | 5 | 6 | 7 | 8 | 9 |

AuM +8.8%, mainly driven by strong operating cash flow Increase in ordinary investment income predominantly due to higher locked-in yields

Operating cash flow

Assets under own management (AuM) Investment income

All figures in m. EUR unless otherwise stated

1) 2022 impacted by high realised gains not recognised in P&L (IAS 39) but in equity (IFRS 9)

2023: strategic asset allocation still filled with decent portion of liquidity Some risk taking in credit spectrum but at lower pace than previous years

Asset class	2018	2019	2020	2021	2022	2023
Fixed Income	87%	87%	85%	86%	83%	85%
Governments	44%	42%	42%	40%	42%	41%
Semi-governments	7%	8%	7%	8%	8%	9%
Corporates	29%	31%	30%	32%	27%	29%
Investment grade	25%	26%	25%	28%	23%	25%
Non-Investment grade	4%	4%	4%	4%	4%	4%
Covered Bonds	5%	4%	4%	4%	4%	4%
ABS/MBS/CDO	2%	2%	2%	2%	3%	3%
Equities	2%	3%	3%	4%	3%	3%
Listed	<0.1%	<0.1%	1%	1%	0%	0%
Private Equities	2%	2%	3%	3%	3%	3%
Real Assets (without Infra-Debt)	6%	5%	5%	5%	7%	7%
Others	1%	2%	3%	2%	3%	3%
Cash/STI	4%	3%	3%	3%	3%	2%
Market value AuM in EUR bn.1)	42.7	48.2	49.8	56.2	57.4	60.6

1) 2018 – 2022 IAS 39 incl. Cash / >2023 IFRS9 excl. Cash

Currency allocation matches Solvency II liability profile as much as possible Duration-neutral strategy intact; lower modified duration as result of yield increases

Currency split of investments

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

Modified duration
2023	4.5
2022	4.9
2021	5.8
2020	5.8
2019	5.7

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	22%	57%	0%	54%	-	23%
A A	62%	22%	10%	13%	-	34%
A	11%	8%	35%	13%	-	19%
BBB	4%	2%	44%	15%	-	18%
<BBB	2%	12%	10%	4%	-	6%
Total	100%	100%	100%	100%	-	100%
Germany	15%	26%	7%	17%	42%	15%
UK	6%	3%	7%	5%	8%	6%
France	3%	1%	6%	10%	0%	4%
GIIPS	0%	1%	5%	3%	0%	2%
Rest of Europe	3%	14%	13%	25%	12%	10%
USA	51%	16%	33%	18%	0%	36%
Australia	5%	9%	7%	8%	4%	7%
Asia	12%	14%	9%	1%	26%	11%
Rest of World	5%	17%	13%	13%	8%	10%
Total	100%	100%	100%	100%	100%	100%
Total b/s values in m. EUR	21,364	8,921	16,753	3,953	1,225	52,215

IFRS figures as at 31 December 2023

Agenda

59	Hannover Re: the somewhat different reinsurer
	Appendix 9	85
	8 Outlook	83
	7 Interim results Q1/2024	76
	6 Transition to IFRS 17	70
	5 Capital and risk management	59
	Investment management 4	54
	3 Life & Health reinsurance	42
	Property & Casualty reinsurance 2	33
	1 Hannover Re Group

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: XS2549815913	EUR 750 m.	2022-11-14	A / -	2033-02-26	2043-08-26	Until 2033-08-26: 5.875% p. a. and thereafter 3.75% p. a. above 3 months EURIBOR
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
Undated subordinated bond 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

Competitive advantage through low cost of capital (WACC)

Senior bond not recognised as regulatory capital

Total placed NatCat capacity of EUR 1.1 bn. in 2024 Continuous strong support of Hannover Re's NatCat placements

(shareholders' equity, non-controlling interest, hybrid capital)

1) Plusexpected premium As at January 2024

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

5) EMS = Extreme Mortality Swap

Financial strength ratings

Group	S&P	A.M. Best
Berkshire Hathaway	AA+	A++
Hannover Re	AA-	A+
Munich Re	AA-1)	A+
XL Bermuda	AA-	A+
Swiss Re	AA-	A+
Everest Re	A+	A+
Partner Re	A+	A+
SCOR	A+	A
Lloyd's	AA-	1) A

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

• As an above-average rated R/I we reduce our cedent's cost of capital

The risk is manageable Stress tests for natural catastrophes after retrocessions

Effect on forecast net income in m. EUR		2022	2023
	100-year loss	(1,378)	(1,426)
Hurricane US/Carribean	250-year loss	(1,859) (758) (1,385) (614) (874) (645) (966) (513)	(1,946)
	100-year loss	(1,180)	(782)
Earthquake US West Coast	250-year loss		(1,425)
	100-year loss		(823)
Winter storm Europe	250-year loss		(1,185)
	100-year loss		(609)
Earthquake Japan	250-year loss		(978)
100-year loss			(505)
Earthquake Chile	250-year loss		(1,345)

Capital adequacy ratio remains very strong Own funds increase supported by favourable new business development

Development of the Solvency II ratio

• Increase in eligible own funds due to favourable new business development and lower interest rates; redemption of hybrid bond in Q2/2023
• Increase in SCR mainly driven by business growth and lower interest rates, mitigated by f/x effects and improved diversification
• Increase in excess capital supports further business growth

1) Excluding minority shareholdings of EUR 635 m.

2) Minimum Target Ratio Limit 180% All figures in m. EUR unless otherwise stated

Individual events with limited impact on Solvency ratio Solvency ratio robust under stressed conditions

Sensitivities and stress tests

1) 250 year return period acc. to our internal model which is equivalent to an occurrence probability of 0.4%.

2) Average stress level of +50 bps, differing by corporate bond issuer rating. Excl. government bonds and incl. impact of cha nges in dynamic volatility adjustment.

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 2023 (2022)

Solvency capital requirements based on the internal model

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

| 1 | 2 | 3 | 4 | 5 Capital and risk management | 6 | 7 | 8 | 9 |

High-quality capital base with 87% Tier 1 Unutilised Tier 2 provides additional flexibility

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

Agenda

70	Hannover Re: the somewhat different reinsurer
9	Appendix	85
8	Outlook	83
7	Interim results Q1/2024	76
6	Transition to IFRS 17	70
5	Capital and risk management	59
4	Investment management	54
3	Life & Health reinsurance	42
2	Property & Casualty reinsurance	33
1	Hannover Re Group

Transition to IFRS 17 moderately increases earnings level Impact of IFRS 17/9 accounting change

Property & Casualty reinsurance Life & Health reinsurance

• Prudent Reserving approach and Retro Strategy continue to mitigate overall volatility

• OCI option limits volatility of technical result and equity

• CSM release with stabilising effect on overall result

• OCI option limits volatility of technical result and equity

• Volatility likely to increase due to higher share of assets FVPL, but due to "hold & sell" >90% FVOCI
• Minor impact from introduction of Expected Credit Loss
• Insurance related derivatives reflected in technical result

• Minor impact from accounting change

• Minor impact for large parts of L&H business
• Uplift from unlocking effect for mortality business with long durations
• Minor impact from accounting change

Reinsurance revenue will be lower than gross written premium

Reinsurance revenue

P&C reinsurance L&H reinsurance

IFRS 17 - Full adoption of GMM allows to steer business on a consistent basis Ensuring transparency and bridging the GA(A)P to economic view

Full adoption of General Measurement Model (GMM) for entire business (P&C and L&H)

Valuation methods and rationale

• Cash flows and economics of reinsurance business will remain unchanged
• IFRS 17, in particular GMM as default model, is complex with significantly increased data and other requirements
• However, we have taken a broader, long-term view and aim to use the change in accounting as transformational in order to
  • increase transparency on earning patterns and value creation, incl. comparability between lines of business
  • improve alignment with both Solvency II and internal performance measures (IVC: Intrinsic Value Creation)
  • review our data and IT infrastructure, streamline processes and increase automation
  • solve systematic IFRS4 accounting mismatches and reward asset-liability management efforts
  • improve steering and managing of our portfolios
• Adoption of OCI option for large parts of our portfolio to match investment valuation will reduce volatility from interest rate movements
• Prudent reserving approach will be maintained and together with CSM and RA at transition – help to manage potential increased volatility

Investments: IFRS 9 has limited impact on underlying earnings level P&L volatility likely to increase due to higher share of assets FVPL

Underlying development

• Ordinary investment income
  • Increasing contribution from fixed income securities (excl. inflation-linked bonds),
  • Decreasing contribution from inflation-linked bonds based on currently embedded inflation expectation
  • Planned contribution from alternative investments in line with 2022
• No realised gains / losses planned
• Current economic environment bears risk of decreasing valuation of private equity and real estate

Accounting impact IFRS 9

• Volatility likely to increase (more pronounced in P&C) due to higher share of assets FVPL
  • Increase from <1% to ~7.5%, main asset classes: Private-Equity, Real-Estate, fixedincome funds
• Minor impact from introduction of Expected Credit Loss
• Insurance related derivatives reflected in technical result

FY2022 IFRS 17/9 EBIT IFRS17 vs IFRS4

P&C

• Discounted presentation of technical results, including interest accretion, resulting in a net effect of about 150 m.
• Volume-driven change in currency result 116 m.

L&H

• IFRS4 contains +183 m. Covid-19 claims, which were already included at transition under IFRS17
• Unlocking of best estimate liabilities at transition +57
• Loss component (new business and change) -263 m.

Investment income

• Lower realised gains -714m (thereof transfer of private equity into joint venture -558m)
• Lower result from at-equity participations -174 m.
• Impact from valuation (of higher share) of assets at FVTPL -134 m.
• Allocation of embedded derivatives to liabilities +147m

Agenda

76	Hannover Re: the somewhat different reinsurer
9	Appendix	85
8	Outlook	83
7	Interim results Q1/2024	76
6	Transition to IFRS 17	70
5	Capital and risk management	59
4	Investment management	54
3	Life & Health reinsurance	42
2	Property & Casualty reinsurance	33
1	Hannover Re Group

Favourable Q1/2024 performance fully supports 2024 guidance

1) At unchanged f/x rates

2) Subject to no major distortions in capital markets and/or major losses not exceeding the large loss budget of EUR 1.825 bn . in 2024

Strong profitability of P&C portfolio Continued growth in a favourable market environment

Property & Casualty R/I	Q1/2023	Q1/2024	∆-%
Reinsurance revenue (gross)	4,600	4,743	+3.1%
Reinsurance revenue (net)	4,101	4,240	+3.4%
Reinsurance service result	315	509	+61.6%
Reinsurance finance result	-129	-228	+76.5%
Investment result	298	421	+41.4%
Other result	-17	-73	-
Operating profit/loss (EBIT)	466	629	+34.8%
Combined ratio (net)	92.3%	88.0%
New business CSM (net)	1,455	1,453
New business LC (net)	-26	-23

LC = Loss component All figures in m. EUR unless otherwise stated

Reinsurance revenue (RR)

• Reinsurance revenue (gross) growth +3.1% (f/x-adjusted +5.0%) mainly driven by Structured Reinsurance/ILS, EMEA and Americas

Reinsurance service result (RSR)

• Large losses of 52 m. below budget of 378 m., however reserved to budget; Baltimore Bridge loss well covered by booked large-loss budget, but too early for initial loss estimate
• Overall positive run-off result of 171 m. from several lines of business, despite negative prior-year development of large losses (Italy hail 102 m.)
• C/R well within target range including ~7% discounting effect

Reinsurance finance result

• Increase reflects movement of interest rates

Investment result

• Strong ordinary income supported by higher fixed-income yields, including 49 m. contribution from inflation-linked bonds

Other result

• Decrease mainly driven by currency result -7 m. (+47 m.)

Large losses well within Q1/2024 budget of EUR 378 m.

Catastrophe losses1) in m. EUR	Date	Gross	Net
Earthquake, Japan	2 Jan	26.1	25.0
Wildfire, Chile	2 - 11 Feb	20.4	15.8
2 Natural catastrophes		46.5	40.8
1 Aviation loss		12.2	11.7
1 Man-made loss		12.2	11.7
3 Major losses		58.8	52.4

Baltimore Bridge well covered by booked large-loss budget, but too early for initial loss estimate

L&H performance supports full-year expectation Reinsurance service result reflects favourable underlying profitability

Life & Health R/I	Q1/2023	Q1/2024	∆-%
Reinsurance revenue (gross)	1,970	1,929	-2.1%
Reinsurance revenue (net)	1,769	1,762	-0.4%
Reinsurance service result	253	211	-16.8%
Reinsurance finance result	-38	-33	-12.0%
Investment result	83	76	-7.6%
Other result	-45	-73	+61.2%
Operating profit/loss (EBIT)	253	181	-28.5%
New business CSM (net)	84	97
New business LC (net)	-7	-8

Reinsurance revenue (RR)

• Reinsurance revenue (gross) change -2.1% (f/x-adjusted -1.7%)
• Growth in Financial Solutions offset by further reduction of exposure in Mortality and Morbidity business; Longevity stable

Reinsurance service result (RSR)

• RSR fully in line with guidance; normalisation of mortality result compared to extraordinary strong result in prior year
• Continued strong contribution from Financial Solutions and Longevity
• Morbidity impacted by reserve strengthening

Investment result

• Increase in ordinary income offset by negative impact from derivative valuation (f/x hedges)

Other result

• Decrease mainly driven by currency result -30 m. (-4 m.)

All figures in m. EUR unless otherwise stated

RoI well above target, driven by favourable ordinary income Resilient portfolio with moderate impact from credit and real estate valuations

in m. EUR	Q1/2023	Q1/2024	RoI
1) 1) Ordinary investment income 1)	451	578	3.8 %
Realised gains/losses	-14	-5	0.0 %
Depreciations Real Assets, Impairments	-13	-15	-0.1 %
Change in ECL	3	3	-0.0 %
2) FVTPL Valuation	-4	-15	-0.1 %
Investment expenses	-43	-47	-0.3 %
NII from AuM	381	498	3.3 %
Unrealised gains/losses

• Increase in ordinary income mainly driven by higher locked-in yields and increased asset volume (contributions from inflation-linked bonds 49 m.), increasing return from alternative funds
• Realised losses driven by regular ALM maintenance, overall on low level
• Minor impact from ECL and impairments
• Result from change in fair value of financial instruments mainly driven by derivative valuation

on investments (OCI)	31 Dec 23	31 Mar 24
Fixed Income	-3,217	-3,508
Equities (non-recycling)	-0.1	-0.1
Real Assets	492	506
Others (Participations etc.)	348	343
Total	-2,378	-2,660

All figures in m. EUR unless otherwise stated

1) Incl. results from associated companies

2) Fair Value Through P/L of financial instruments

81 Hannover Re: the somewhat different reinsurer

Our business groups at a glance Q1/2024 vs. Q1/2023

		Property & Casualty R/I		Life & Health R/I			Total
	Q1/2023	Q1/2024	∆-%	Q1/2023	Q1/2024	∆-%	Q1/2023	Q1/2024	∆-%
Reinsurance revenue (gross)	4,600	4,743	3.1%	1,970	1,929	-2.1%	6,570	6,673	1.6%
Reinsurance service expenses	-3,917	-3,825	-2.3%	-1,690	-1,699	0.5%	-5,607	-5,524	-1.5%
Reinsurance service result (gross)	683	918	34.4%	280	231	-17.6%	963	1,149	19.3%
Reinsurance result (ceded)	-368	-409	11.2%	-26	-20	-25.8%	-394	-429	8.7%
Reinsurance service result	315	509	61.6%	253	211	-16.8%	568	720	26.7%
Reinsurance finance result	-129	-228	76.5%	-38	-33	-12.0%	-167	-261	56.5%
Investment result	298	421	41.4%	83	76	-7.6%	381	498	30.9%
Currency result	47	-7	-115.8%	-4	-30	-	43	-37	-186.6%
Other result	-65	-66	2.3%	-41	-44	6.5%	-105	-109	4.4%
Operating profit/loss (EBIT)	466	629	34.8%	253	181	-28.5%	720	811	12.5%
Net income before taxes							688	785	14.0%
Taxes							-170	-213	25.2%
Net income							518	571	10.3%
Non-controlling interest							34	13	-60.4%
Group net income							484	558	15.2%
Figuresin EUR m. unless otherwise stated

82 Hannover Re: the somewhat different reinsurer

Agenda

83	Hannover Re: the somewhat different reinsurer
	Appendix 9	85
	8 Outlook	83
	7 Interim results Q1/2024	76
	6 Transition to IFRS 17	70
	5 Capital and risk management	59
	Investment management 4	54
	3 Life & Health reinsurance	42
	Property & Casualty reinsurance 2	33
	1 Hannover Re Group

| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Outlook | 9 |

Significant increase in group net income guidance for 2024 Increasing earnings contribution from all three profit engines

	Expected contribution from our business groups	Group financial guidance 2024
Property & Casualty	Combined ratio < 89%	Revenue growth > 5%
Life & Health	Reinsurance service result > 850 m.	Group net income EUR ≥ 2.1 bn.
Investments	≥ 2.8% Return on investment	1) 1) 2021 2022 2023 2024E
1) IFRS4

Agenda

85	Hannover Re: the somewhat different reinsurer
9	Appendix	85
8	Outlook	83
7	Interim results Q1/2024	76
6	Transition to IFRS 17	70
5	Capital and risk management	59
4	Investment management	54
3	Life & Health reinsurance	42
2	Property & Casualty reinsurance	33
1	Hannover Re Group

Financial calendar and our Investor Relations contacts

12 August 2024 Half-yearly Financial Report 2024

11 November 2024 Quarterly statement as at 30 September 2024

13 March 2025 Annual Press Conference and Analysts' Conference

7 May 2025

Annual General Meeting

13 May 2025 Quarterly statement as at 31 March 2025 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 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; 6 ADR = 1 share)
Market segment	Prime Standard
Index inclusion	DAX
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

• WTW's review of the undiscounted resiliency reserves as at31 December 2023 covered 100% of the gross discounted LIC cashflow of €37.4 billion after consolidation. Life reinsurance and health reinsurance business are excluded from the scope of this review

• The scope of WTW's work was to review the nominal and discounted claims cash flows for the non-life Liability of Incurred Claims ("LIC") under IFRS17,gross and net of outwards reinsurance, from Hannover Re Group's consolidated IFRS17 financial statements and the implicit resiliency reserve margin as at31 December 2023. WTW concludes that the reviewed LIC claims reserves, net of reinsurance, less the resiliency margin is reasonable in that it falls within WTW's range of reasonable estimates.

• WTW's analysis was carried out based on data as at31 December 2023. WTW's analysis may not reflect claim development or all information that became available after the valuati on dates and WTW's results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates.

• 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.

• 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.

• As is typical for insurance and reinsurance companies, claims reporting can be delayed due to late notifications by some claimants and cedants. This increases the uncertainty in the WTW results.

• 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 scope for wide variation in actual experience relative to these benchmarks. Thus, although Hannover Re Group's held LIC position shows resiliency reserves compared to WTW's indications, the actual fully developed losses couldprove 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.

• Sharp increases in inflation in many economies worldwide have resulted from rises in energy, food, component and raw material prices driven by wider economic effects of heightened geopolitical instability with increased possibilities of hitherto unexpected conflict escalation from the Russia-Ukraine and Israel-Gaza conflicts in combination with factors such as supply chain disruptions and labour shortages. Longer term implications for inflation remain uncertain. WTW's analysis makes no explicit allowance for extraordinary future effects thatmay result from the above factors or other emerging shocks on the projection results.

• 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 at31 December 2023. 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 tosignificant 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 adequ acyof the balance sheet position 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-todate, 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. Rights of third parties that are used under a Creative Commons licence and are to be guaranteed accordingly remain unaffected and are not to be restricted in any way. Hannover Re is the registered service mark of Hannover Rück SE.