Hannover Rueck SE

Investor Presentation • Feb 1, 2024

Hannover Re: the somewhat different reinsurer

February 2024

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

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 structure

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

Jean-Jacques Henchoz Chief Executive Officer

Claude Chèvre

Longevity Solutions

Life & Health Reinsurance

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

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

Sven Althoff

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

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 in m. USD

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) 4) 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 Group5) 6) 7) 15	JP	5,153	n/a

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) Shareholders' funds includes Lloyd's members' assets and Lloyd's central reserves

5) Fiscal year ended March 31, 2023

6) Net asset value used for shareholders' funds

7) Ratios are based on the group's operations

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

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, Partner 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 R/I

Global trends Protection gap Demographic change Climate change

New products/markets Emerging markets Cyber Emerging risks

Capital requirement Regulatory changes Capital models Local GAAP, IFRS

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

Favourable premium growth accelerates in last 5 years 10-year CAGR: +9.2%

Gross written premium in m. EUR

Well-balanced international portfolio growth

Gross written premium										in m. EUR
Africa										33,276
Australia									27,762	1.9% 6.3% 4.0%
Latin America							22,598	24,770		16.0%
Asia						19,176				14.0%
Other European countries	13,963	14,362	17,069	16,354	17,791					6.3%
Germany	3.4% 5.9% 5.6% 6.1% 11.6%									12.8%
United Kingdom	16.4% 9.1% 18.8%									38.7%
North America	29.0%
Gesamt	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

2020 restated pursuant to IAS 8

Strong earnings track record

2022: net income target achieved in a challenging market environment

Operating profit (EBIT) in m. EUR

Earnings per share (EPS) in EUR

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

Dividend strategy emphasizes continuity of ordinary dividend 2022: increased ordinary dividend reflects positive earnings trend

Dividend per share in EUR Dividend strategy

RoE of 14.1% well above target for 2022

5-year average RoE of 11.7% is highly satisfactory despite exceptional loss burden

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

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

		2018	2019		2020			2021	2022		2018 - 2022
Company	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	avg. RoE	Rank
Hannover Re	12.2%	1	13.3%	1	8.2%	2	10.8%	2	14.1%	1	11.7%	1
Peer	7.9%	3	8.7%	5	3.2%	8	4.5%	8	7.3%	3	5.3%	6
Peer	1.3%	9	11.9%	3	5.5%	5	13.9%	1	6.4%	4	6.5%	3
Peer	8.5%	2	9.6%	4	4.0%	6	9.7%	3	13.2%	2	9.0%	2
Peer	4.7%	6	8.0%	6	5.8%	4	6.2%	6	5.9%	5	6.1%	4
Peer	5.4%	4	6.9%	8	3.7%	7	7.3%	4	-5.3%	8	3.6%	7
Peer	4.2%	7	12.9%	2	10.8%	1	-1.0%	9	-18.4%	9	1.7%	9
Peer	1.4%	8	2.5%	9	-3.1%	9	5.7%	7	2.6%	6	1.8%	8
Peer	4.9%	5	7.3%	7	6.3%	3	6.4%	5	2.1%	7	5.4%	5
Average	5.6%		9.0%		4.9%		7.1%		3.1%		5.7%

RoE based on company data, own calculation Peers: China Re, Everest Re, Korean Re, Munich Re, Renaissance Re, RGA, SCOR, Swiss Re | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 |

Long-term value creation for shareholders

2022: book value per share decreased mainly due to rising interest rates

Book value and accumulated paid dividends in EUR

Book value per share Paid dividends (cumulative since 1994)

18 Hannover Re: the somewhat different reinsurer

Shareholders' equity decreased mainly due to rising interest rates From an economic view, impact on capitalisation is moderate due to strict ALM

Low expense ratio is an important competitive advantage

Administrative expense ratio Expense ratio (P&C reinsurance) 5-year average 2)

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

2) Source: A.M. Best "Market Segment Report" 2018 - 2022, (© A.M. Best Europe - Information Services Ltd. - used by permission); Peers: Munich Re, Swiss Re, SCOR

Low cost ratio remains an important competitive advantage

• 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

• 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

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

Financial ambition 2024 - 2026

Increasing earnings will support continued dividend growth

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

• Negative screening / active divestment since 2012

1) Corporates, covered bonds and equities; compared to base year 2019

Present on all continents

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

Performance comparison (incl. reinvested dividends)

29 Hannover Re: the somewhat different reinsurer

Total Shareholder Return (TSR) of 16.6% in 2023

Value creation since IPO

in m. EUR	2022	2023
Market capitalisation as of date	22,371	26,085
- Market capitalisation at IPO (Nov 1994)	1,084	1,084
+ Dividend payments (cumulative)	8,197	9,157
- Capital increases (1996, 1997, 2001, 2003)	811	811
Value creation since IPO	28,673	33,347

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

We are somewhat different

Distribution

Distribution channels

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

Property & Casualty reinsurance

Cycle management

Effective cycle management

share in "hard" markets only

• Above-average profitability due

• No pressure to grow due to

to stringent underwriting

line

• Selective growth: increase market

low administrative expense ratio

approach with focus on bottom

and focus on profitability

Reserving

Conservative reserve policy

• 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

Property & Casualty reinsurance: strong and diversified growth 5-year CAGR +17.7%

GWP split by reporting categories in m. EUR 26% 25% 26% 25% 21% 20% 21% 22% 23% 23% 11% 12% 13% 13% 12% 24% 24% 21% 23% 27% 6% 5% 5% 4% 5% 6% 6% 5% 6% 5% 4% 4% 4% 3% 3% 3% 3% 4% 3% 4% 11,976 14,781 16,744 19,224 24,242 2018 2019 2020 2021 2022 Agricultural Risks Aviation and Marine Facultative R/I Credit, Surety and Political Risks Structured R/I and ILS APAC Americas EMEA 1) 1) 1)

Gross written premium split by regions

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

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

Breakdown of business written

in % and m. EUR

Margin-oriented U/W approach leads to profitable growth 2022: strong premium growth – large losses exceed budget by EUR 306 m.

35 Hannover Re: the somewhat different reinsurer

Resiliency reserve decreased as expected to EUR 1,378 m. Level of additional IBNR is 51% of total reserves

Development of resiliency reserves reviewed by WTW

in m. EUR
Year end1 )	Resiliency Reserve2 )	Change	Impact on loss ratio	P&C premium (net earned)
2011	1,117	162	2.7%	5,961
2012	1,308	190	2.8%	6,854
2013	1,517	209	3.1%	6,866
2014	1,546	29	0.4%	7,011
2015	1,887	341	4.2%	8,100
2016	1,865	-22	-0.3%	7,985
2017	1,813	-52	-0.6%	9,159
2018	1,694	-118	-1.1%	10,804
2019	1,457	-238	-1.9%	12,798
2020	1,536	80	0.6%	14,205
2021	1,703	167	1.0%	16,624
2022	1,378	-325	-1.5%	21,637

P&C gross loss reserves3) EUR 41 bn.

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

2) Resiliency reserve of loss and loss adjustment expense reserve net of reinsurance for its non-life insurance business against held IFRS reserves, before tax and minority participations. WTW reviewed these estimates - see appendix 3) As at 31 December 2022, consolidated, IFRS, IBNR – Incurred but not reported

The risk is manageable Stress tests for natural catastrophes after retrocessions

Effect on forecast net income in m. EUR		2021	2022
	100-year loss	(1,452)	(1,378)
Hurricane US/Carribean	250-year loss	(1,959)	(1,859)
Earthquake US West Coast	100-year loss	(839)	(758)
	250-year loss	(1,615)	(1,385)
Winter storm Europe	100-year loss	(667)	(614)
	250-year loss	(1,009)	(874)
	100-year loss	(758)	(645)
Earthquake Japan	250-year loss	(1,203)	(966)
	100-year loss	(493)	(513)
Earthquake Chile	250-year loss	(1,277)	(1,180)

Previous years confirm our reliable planning of NatCat budget

	 average NatCat losses vs. budget	Volatility1)
	(1.4%)	2.7%
Peers	1.0%	5.6%

• On average, Hannover Re stays within NatCat budget

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

All numbers as % of net premium earned and as reported; numbers do not include Covid-19 or Ukraine war impact; Peers: Munich Re, Swiss Re, SCOR 1) Standard deviation

Overview Renewals 2023

Market environment supports risk-adjusted price increases throughout the year

Comments

• Positive pricing momentum continued throughout the year, driven by a shortage in reinsurance capacity, loss experience and inflation
• 1/1 to 1/6 Renewals contributed to a 1H/2023 new business CSM of 1.8 bn.

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

We are somewhat different

Solution-driven

We strive to achieve exceptional results

• Strong entrepreneurial spirit
• Appetite to innovate industry solutions

Life & Health reinsurance

Efficient

We foster an effective organisational set-up

• 1,200 experts in 24 offices on all continents

• Highly empowered and qualified staff

Flexible

We have a highly agile mindset

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

Responsive

We prioritise fast time-tomarket

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

Life & Health reinsurance: moderate and diversified growth 5-year CAGR +5.0%

18 % 13 % 13 % 18 % 13% 13% 16% 16% 15% 18% 16% 16% 17% 17% 42% 42% 38% 38% 40% 27% 29% 30% 29% 7,200 28% 7,815 8,026 8,538 9,033 2018 2019 2020 2021 2022 Morbidity Mortality Longevity Financial solutions

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

Favourable premium growth 2022: significant increase in underwriting profitability

Value of New Business well above target

Mainly driven by Financial Solutions and Longevity business

Value of New Business development in m. EUR

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

Writing attractive traditional life & health business

Whilst positioning ourselves for sustainable growth with a clear strategic focus

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

Financial Solutions Achieve financial objectives for our clients

Reinsurance Services Meet the individual needs of our clients

Our strategic focus

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

Reinsurance universe Positive economic value expected

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

Complete offerings Risk and financial solutions & services

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

Example risk solution: mortality & longevity

Risks

Mortality

Risk of paying more death benefits than expected

Longevity

Status of health

Monthly annuity

Annuity increase

Risk of paying annuities longer than expected

Longevity: enhanced annuities1)

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

Trigger

Longevity: risk transfer

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

Example risk solution: morbidity - critical illness

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

Morbidity Product: Critical illness insurance

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

Payment

• Income protection/medical insurance Payment of claim incurred

• Critical Illness Payment of lump sum insured

• Hannover Re's contribution

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

Example: services offered with risk and/or financial solutions

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

⁵¹ Hannover Re: the somewhat different reinsurer

Takeaways for the Life & Health Business Group

Business All lines of life, health & annuities

Service An important component 4

5

Premium Not the only meaningful benchmark → EBIT

2

Relationship Long term due to very long run-off

Financial solutions business Key driver of earnings

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

Strong operating cash flow driven by premium growth AuM +1.3%, cash flow and stronger USD offset impact of rising interest rates

42,197 47,629 49,002 56,213 56,940 2018 2019 2020 2021 2022 Operating cash flow in m. EUR ^{627 709 935} 1,686 1,269 390 821 736 994 850 692 ^{941 919} 1,513 1,649 515 39 429 ⁷⁴⁷ 1,396 2,225 2,509 3,018 4,940 5,164 2018 2019 2020 2021 2022 Q1 Q2 Q3 Q4 Total Assets under own management (AuM) in m. EUR

Increasing assets under own management and net investment income Assets under own management at EUR 57 bn.

Funds withheld and contract deposits

Net income from assets under own management

Stable asset allocation with defensive credit risk taking since beginning 2022 Listed equities sold; increased liquidity to seize market opportunities

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

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 2,061.7 m. (EUR 1,588.2 m.) as at 31 December 2022

2) Of which Pfandbriefe and Covered Bonds = 59.0%

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

High-quality fixed-income book well balanced

Geographical allocation mainly in accordance with our broad business diversification

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	Governments	Semi-governments	Corporates	Pfandbriefe, Covered bonds, ABS	Short-term investments, cash
AAA	75%	54%	0%	59%	-
AA	10%	23%	9%	13%	-
A	10%	8%	35%	13%	-
BBB	4%	1%	44%	13%	-
<bbb< td="">	1%	14%	12%	2%	-	1%	14%	12%	2%	-
Total	100%	100%	100%	100%	-
Germany	15%	22%	3%	18%	22%
U K	7%	1%	6%	6%	7%
France	2%	1%	6%	8%	1%
GIIPS	0%	3%	6%	8%	0%
Rest of Europe	3%	15%	12%	21%	4%
USA	53%	13%	32%	19%	15%
Australia	2%	17%	6%	5%	7%
Asia	17%	26%	20%	10%	39%
Rest of World	2%	1%	9%	5%	7%
Total	100%	100%	100%	100%	100%
Total b/s values in m. EUR	21,088	7,553	15,096	3,571	1,855

IFRS figures as at 31 December 2022

57 Hannover Re: the somewhat different reinsurer

Currency allocation and duration

Duration-neutral strategy intact; lower modified duration as result of yield increases

Currency split of investments

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

Modified duration

2022	4.9
2021	5.8
2020	5.8
2019	5.7
2018	4.8

Agenda

2 Property & Casualty reinsurance 31 3 Life & Health reinsurance 40 4 Investment management 53 5 Capital and risk management 59 6 IFRS 17 70 Interim results Q1-3/2023 85 7 Outlook 95 8 Appendix 98	1	Hannover Re Group	2

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

1) Plus expected premium As at January 2024

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

62 Hannover Re: the somewhat different reinsurer

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

• "AA" range S&P capital charge on reinsurance recoverables = 0.8% ("A" = 1.4%, BBB = 3.1%)
• As an above-average rated R/I, we "minimise" our cedents' cost of capital

Capital adequacy ratio remains well above target Own Funds increase supported by operating earnings and new hybrid bond

Development of the Solvency II ratio Comments on 2022 development

Eligible Own Funds Solvency Capital Requirements (SCR)

1) Excluding minority shareholdings of EUR 650 m.

2) Minimum Target Ratio Limit 180%

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

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

Solvency II movement analysis

250% 200% 150% 100% 50%	243%	-2.0%	5.4% Positive contribution from L&H and P&C new business	9.2% EOF decrease due to higher credit spreads and interest rates. SCR mainly affected by interest rate movements.	-4.1%	0.3%	252%
0%	Year-end 2021	1) Model changes	2) Operating impact	3) Market variances	4) Taxes	5) Capital management	Year-end 2022
Eligible own funds	16,784	-175	1,513	-442	-185	19	17,514
Solvency capital requirements	6,904	-16	462	-438	40	0	6,952

Figures in m. EUR.

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

2) Operating earnings and assumption changes (pre-tax). EOF increase includes the L&H new business value of EUR 496 m.

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

4) Tax payments and changes in deferred taxes.

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

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 changes in dynamic volatility adjustment.

High-quality capital base with 83% 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 2022 (2021)

Solvency capital requirements based on the internal model

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

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

IFRS 17 significantly changes the structure of the balance sheet IFRS 9 changes the classification and measurement of financial instruments

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

IFRS 9 - Fundamental revision of accounting rules for financial instruments Higher share of assets at Fair Value through P&L

Classification and valuation

• Majority of investments in scope of IFRS 9 (direct real estates out of scope)
• IAS 39 categories HtM, L&R, AfS, FVPL will change to
• Amortised Costs (AC)
• Fair Value through P&L (FVPL)
• Fair Value through OCI (FVOCI)
• Fair Value through OCI w/o recycling (FVOCI non-recycling)
• Reduced flexibility in assigning financial instruments to valuation categories ("SPPI" criteria)
• Business model "Hold & Sell" has been applied, i.e. most financial instruments continue to be classified as FVOCI (~ 93%)
• FVPL volume rises significantly
• Expected Credit Loss (ECL) becomes new P&L component
• Existing currency accounting mismatch (monetary vs. non-monetary items) will be mitigated with changes in FV of investment funds (incl. Private-Equity, Real-Estate, fixed-income funds and the respective f/x effects) now being recognised in P&L (previously OCI)
• Minor effect on equity at transition (amortised costs instruments)

SPPI = Solely payment of principle interest

Assets categorised Fair Value P&L

• Main asset classes: Private-Equity, Real-Estate, fixed-income funds

Introduction of Expected Credit Loss (ECL)

• ECL is measured at acquisition for all fixed-income instruments categorised Amortised Cost or Fair Value OCI
• In case of a significant change in credit quality, probability of default changes from 1 year to remaining maturity

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

74 Hannover Re: the somewhat different reinsurer

Reinsurance revenue will be lower than gross written premium

Reinsurance revenue

P&C reinsurance L&H reinsurance

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

P&C: IFRS 17 with limited impact on earnings level Prudent reserving approach

• Positive impact from margin improvements expected in 2023 renewals provides flexibility to strengthen resilience reserve
• Prudent reserving approach
• Large loss budget increased to EUR 1,725 m.

Underlying development Accounting impact IFRS 17

Discounting

• Lower Combined ratio due to discounting of cash flows, offsetting impact from interest accretion in insurance finance expenses
• OCI option limits volatility of technical result and equity Reserving
• Prudent best estimate reflected in LIC; expectation of positive run-off result (A/E experience)
• As a result of prudent initial reserving parts of the loss component might ultimately not be loss making
• Risk adjustment (RA) provides additional layer of prudency

P&C: translation to IFRS 17 metrics results in lower combined ratio Outlook 2023: Expected margin improvements enable strengthening of resiliency

Accounting impact IFRS 17

Discounting

• Positive impact on combined ratio (magnitude depending on interest rate level)

Change in disclosure

• Deduction of commissions and NDIC2) from both numerator and denominator

Admin expenses

• Directly attributable expenses are lower than IFRS 4 admin expenses
• Moderate positive impact of ~0.6%p reflects overall low expense ratio

Risk adjustment

• Business growth with negative impact on combined ratio Other
• Other methodological changes (e.g. seasonality of loss component)

Illustrative translation to IFRS 17 assuming a combined ratio <100 %. 1) Reinsurance revenue (gross) – Reinsurance expenses (ceded) 2) Non-distinct investment component

L&H: IFRS 17 transition effects will lead to moderately higher earnings level Outlook 2023: further growth mainly from Longevity and Financial Solutions

• Supported by further growth mainly in Longevity and Financial Solutions
• Further decreasing impact from Covid-19

Insurance service result

• Insurance service result will include full profitability of underwriting activity
• Includes result from currently deposit accounted treaties in Financial Solutions
• Includes planned income from funds withheld

Underlying development Accounting impact IFRS 17

• Focus of transition approach on sustainability of future earnings
• Better reflection of value and earnings of L&H business
• Increasing transparency in particular in connection to CSM development
• Overall similar earnings pattern (largely unchanged for Financial Solutions and Longevity business)
• Transition to IFRS 17 results in unlocking of best estimate liability and unlocking of discount rates to current interest rates

EBIT level up by mid to high double-digit million

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

Strategic RoE target increased to 1000 bps above risk free… …reflecting transition to IFRS 17/9

12.8 11.0 4.7 IFRS 4 1.1.2022 Change in OCI 30.6.2022 IFRS 17 1.01.2022 Change in OCI 30.6.2022 Total equity in bn. EUR CSM after tax Group net income RoE = Average equity • Unlocking of best-estimate liabilities in L&H results in decrease of shareholders' equity and increase in EBIT (mid to high double-digit millions) Shareholders' equity will be more stable due to improved matching of assets and liabilities RoE uplift of 100bps Accounting impact IFRS 17

All figures as of 1.1.2022, preliminary unaudited figures

Risk-adjustment methodology based on internal view on price for insurance risks

• Bottom-up approach (risk-free rates + illiquidity premium (ILP))
• Interest rates based on SII, adjusted to better reflect economic reality and Hannover Re portfolio

IFRS 17 risk-free rates

• largely aligned with SII methodology, differences in extrapolation

IFRS 17 ILP

• based on SII methodology with use of individual asset portfolio
• Duration-dependent ILP for EUR and USD to reflect the dependency between spread levels and duration

Changes in interest rates will largely be reflected in OCI

Interest rates Risk adjustment

• Margin approach aligned with pricing metrics for insurance risks calculated with available capital as base
• Consideration of group diversification
• Confidence level of risk adjustment ~80%
• Risk adjustment (RA) is sensitive to interest rate movements
• Risk adjustment (at transition) at similar level to Solvency II risk margin

All figures as of 1.1.2022, preliminary unaudited figures

CSM reflects future profits of L&H reinsurance business and stabilises profit emergence over time

• New business CSM + Loss Component on similar level to SII VNB
• Only directly attributable costs included in IFRS 17 vs. full internal costs in SII
• Differences in new business definition between IFRS 17 and SII

All figures as of 1.1.2022, preliminary unaudited figures

| 1 | 2 | 3 | 4 | 5 | 6 IFRS 17 | 7 | 8 |

Key take-aways: Greater transparency on future results Increasing earnings in the medium term

• Economic view: More realistic and aligned presentation of market and interest rate developments
• Increasing Transparency: Additional items will help to estimate current financial status
• Increased comparability: Common set of valuation principles across the industry
• Better visibility: Better disclosure of information to anticipate future profits

Outlook for Hannover Re:

Property & Casualty reinsurance:

• Very favourable underlying market conditions
• − improved net risk return and underlying earnings profile provide increased flexibility to increase confidence level of reserves

Life & Health reinsurance:

• Positive underlying business development
• − profitable business growth mainly driven by Longevity and Financial Solutions
• − additional uplift from transition to IFRS17
• Further decrease of Covid-19-impact expected

Investments:

• Ordinary investments will benefit from higher interest rates
• Contribution from inflation-linked bonds is expected to decline (materially)
• Some allowance for negative FVPL impact from Private Equity and real estate

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

Q1-3/2023 performance fully supports targets for the full year L&H with strong operating performance, margin and resiliency improvement in P&C

All figures in m. EUR unless otherwise stated

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 1.725 bn. in 2023 and no further significant impact from Covid-19 on L&H result

Continued margin improvement in favourable market environment Combined ratio reflects increase in reserve resiliency

Property & Casualty R/I	Q3/2022	Q3/2023	Q1-3/2022	Q1-3/2023
Reinsurance revenue (gross)	4,539	4,371	12,389	12,736
Reinsurance revenue (net)	4,154	3,701	11,259	10,885
Reinsurance service result	209	287	606	885
Reinsurance finance result	(80)	(188)	(229)	(473)
Investment result	285	324	833	949
Other result	(36)	(145)	(184)	(253)
Operating profit/loss (EBIT)	378	279	1,026	1,108
Combined ratio (net)	95.0%	92.2%	94.6%	91.9%
New business CSM (net)	380	335	1,641	2,164
New business LC (net)	(37)	(4)	(273)	(39)

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

• Reinsurance Revenue (RR) / New business CSM & LC (net)
• Reinsurance revenue (gross) growth +2.8% (f/x-adjusted +5.5%) reflects cycle management with shift towards non-proportional business and disciplined underwriting
• Lower revenue in Q3/2023 reflects negative currency effects and increasing weight of 2023 underwriting year; however, overall growth clearly in line with full-year expectation
• Strong growth in New business CSM & LC (net) of 2,125 m. (+55.2%); mainly from EMEA, Americas and Structured Reinsurance/ILS
• Reinsurance service result (RSR)
• RSR supported by strong margin increase, reflected in higher New business CSM and lower New business LC
• Large losses of 1,204 m. within Q1-3 budget of 1,328 m., however booked to budget
• Increase in reserve resiliency in line with planning
• Higher discount effect (5.6%) vs. interest accretion reflected in prudent reserving
• Investment result
• Strong ordinary income supported by higher fixed-income yields, including 109 m. contribution from inflation-linked bonds
• Other result
• Decrease mainly driven by negative currency effects

Q1-3/2023 large losses 124 m. below budget of 1,328 m. 521 m. budget available for Q4

Natural and man-made catastrophe losses1)

All figures in m. EUR unless otherwise stated

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross, undiscounted view

Large losses within Q1-3/2023 budget of EUR 1,328 m.

Catastrophe losses1) in m. EUR	Date	Gross	Net
Floods, New Zealand	26 Jan - 6 Feb	90.4	45.7
Wildfires, Chile	21 Feb - 31 Mar	22.9	22.9
Earthquake, Türkiye	6 Feb	279.2	273.1
Cyclone "Gabrielle", New Zealand	10 - 17 Feb	122.3	66.0
Hail / Storm, USA	01 - 03 Mar	25.0	7.3
Tornadoes / Storm, USA	24 - 27 Mar	13.8	13.8
Tornadoes / Storm, USA	30 Mar - 02 April	51.8	40.7
Hail / Storm, USA	14 - 20 April	10.1	7.5
Rain / Flood, Italy	16 - 22 May	37.5	37.5
Hail / Storm, Italy	28 Jul - 25 Aug	131.7	131.7
Typhoon "Doksuri", China	26 - 28 Jul	15.0	15.0
Floods, Europe	03 - 07 Aug	31.8	31.8
Wildfires, Hawaii	08 - 10 Aug	168.0	87.2
Wildfires, Canada	15 - 31 Aug	23.4	21.4
Hurricane "Idalia", USA	28 - 31 Aug	64.5	55.0

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross Large loss budget 2023: EUR 1,725 m., thereof EUR 250 m. man-made and EUR 1,475 m. NatCat

Large losses within Q1-3/2023 budget of EUR 1,328 m.

Catastrophe losses1) in m. EUR	Date	Gross	Net
Earthquake, Morocco	08 Sep	70.0	70.0
Typhoon "Haikui", China	08 Sep	18.0	18.0
Storm "Ophelia", USA	28 Sep - 03 Oct	23.6	23.6
18 Natural catastrophes		1,199.0	968.1
11 Property losses		202.3	191.1
2 Credit losses		29.7	29.7
1 Aviation loss		14.7	14.7
14 Man-made losses		246.8	235.6

32 Major losses	1,445.8	1,203.6
-----------------	---------	---------

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross Large loss budget 2023: EUR 1,725 m., thereof EUR 250 m. man-made and EUR 1,475 m. NatCat

Strong operating performance in L&H reinsurance

Life & Health R/I	Q3/2022	Q3/2023	Q1-3/2022	Q1-3/2023
Reinsurance revenue (gross)	1,977	1,870	5,943	5,778
Reinsurance revenue (net)	1,836	1,690	5,533	5,233
Reinsurance service result	161	196	458	677
Reinsurance finance result	(33)	(72)	(90)	(130)
Investment result	83	91	359	315
Other result	(45)	(8)	(90)	(132)
Operating profit/loss (EBIT)	166	206	637	730
New business CSM (net)	117	77	347	228
New business LC (net)	(1)	(4)	(2)	(9)

YTD

• Reinsurance Revenue (RR) / New Business CSM & LC (net)
• Reinsurance revenue (gross) stable: -2.8% (f/x-adjusted +0.3%)
• Financial Solutions business increasing and fully captured in revenue, Longevity stable
• Decreasing contribution from Mortality and Morbidity due to in-force management actions
• Reinsurance service result (RSR)
• Improvement in RSR largely driven by Mortality, favourable claims experiences and rate improvements after significant Covid losses in 2022; one-off from retro recaptures (+30 m.)
• Financial Solutions with continued strong contribution
• Continued business growth combined with very strong CSM of 6.0 bn. and RA of 2.7 bn. support sustainable future earnings
• Investment result
• Increase in ordinary income; extraordinary contribution from extreme mortality cover in 2022
• Other result
• Decrease mainly driven by one-off termination fee in 2022 (+40 m.)

All figures in m. EUR unless otherwise stated

RoI well above target, driven by favourable ordinary income Resilient portfolio with minor impact from credits and FVTPL

Investments 2016A	Q3/2022	Q3/2023	Q1-3/2022	Q1-3/2023	RoI
1) Ordinary investment income 1)	523	517	1,399	1,458	3.4%
Realised gains/losses	(15)	(14)	(71)	(58)	-0.1%
Depreciations Real Assets, Impairments	(12)	(20)	(35)	(47)	-0.1%
Change in ECL	-33	-6	-53	-14	0.0%
FVTPL2)- Valuation	(50)	1	73	58	0.1%
Investment expenses	(45)	(46)	(119)	(131)	-0.3%
Investment result	368	432	1,193	1,266	3.0%

Unrealised gains/losses on investments (OCI)	31 Dec 22	30 Sep 23
Fixed Income	(4,863)	(5,318)
Equities (non-recycling)	(0.1)	(0.1)
Real Assets	546	589
Others (Participations etc.)	275	287
Total	(4,042)	(4,444)

All figures in m. EUR unless otherwise stated

1) Incl. results from associated companies

2) Fair Value Through P/L of financial instruments

YTD

• Increase in ordinary income predominantly due to higher locked-in yields, contribution from inflation-linked bonds (109 m.)
• Realised gains/losses driven by regular portfolio maintenance with minor changes on asset allocation
• Result from change in fair value of financial instruments driven by insurance-related derivatives
• Slight increase in asset volume driven by strong operating cash flow
• Increase in unrealised losses due to further rise in interest rate levels

Our business groups at a glance Q3/2023 vs. Q3/2022

		Property & Casualty R/I			Life & Health R/I			Total
in m. EUR	Q3/2022	Q3/2023	∆-%	Q3/2022	Q3/2023	∆-%	Q3/2022	Q3/2023	∆-%
Reinsurance revenue (gross)	4,539	4,371	-3.7%	1,977	1,870	-5.4%	6,515	6,242	-4.2%
Reinsurance service expenses	4,411	3,555	-19.4%	1,822	1,654	-9.2%	6,232	5,209	-16.4%
Reinsurance service result (gross)	128	816	-	155	217	39.6%	283	1,033	-
Reinsurance result (ceded)	81	(529)	-	6	(21)	-	87	(550)	-
Reinsurance service result	209	287	37.3%	161	196	21.5%	370	483	+30.5%
Reinsurance finance result	(80)	(188)	134.5%	(33)	(72)	115.2%	(113)	(260)	+128.8%
Investment result	285	324	13.8%	83	91	8.8%	368	415	+12.6%
Currency result	54	(73)	-	(33)	30	-	21	(42)	-
Other income and expenses	(90)	(72)	-19.7%	(12)	(39)	-	(102)	(111)	+9.3%
Operating profit/loss (EBIT)	378	279	-26.4%	166	206	24.1%	544	484	-11.0%
Net income before taxes							523	458	-12.4%
Taxes				Tax ratio Q3/2023 below expected level, mainly driven by geographic income split			(164)	(20)	-88.0%
Net income							359	438	+22.0%
Non-controlling interest							58	(1)	-
Group net income							301	439	+45.8%

Our business groups at a glance Q1-3/2023 vs. Q1-3/2022

		Property & Casualty R/I			Life & Health R/I			Total
in m. EUR	Q1-3/2022	Q1-3/2023	∆-%	Q1-3/2022	Q1-3/2023	∆-%	Q1-3/2022	Q1-3/2023	∆-%
Reinsurance revenue (gross)	12,389	12,736	+2.8%	5,943	5,778	-2.8%	18,331	18,514	+1.0%
Reinsurance service expenses	11,694	10,451	-10.6%	5,458	5,049	-7.5%	17,152	15,499	-9.6%
Reinsurance service result (gross)	695	2,286	-	484	729	+50.6%	1,179	3,015	+155.7%
Reinsurance result (ceded)	(89)	(1,401)	-	(26)	(53)	+100.6%	(116)	(1,453)	-
Reinsurance service result	606	885	+46.1%	458	677	+47.8%	1,064	1,561	+46.8%
Reinsurance finance result	(229)	(473)	+106.6%	(90)	(130)	+43.6%	(319)	(602)	+88.8%
Investment result	833	949	+13.8%	359	315	-12.1%	1,193	1,266	+6.1%
Currency result	30	(13)	-	(36)	5	-	(6)	(8)	+33.8%
Other income and expenses	(214)	(240)	+12.0%	(53)	(137)	+157.4%	(270)	(380)	+40.8%
Operating profit/loss (EBIT)	1,026	1,108	+7.9%	637	730	+14.7%	1,662	1,837	+10.5%
Net income before taxes							1,598	1,746	+9.3%
Taxes							(369)	(318)	-13.8%
Net income							1,229	1,428	+16.2%
Non-controlling interest							113	28	-75.0%
Group net income							1,116	1,399	+25.4%

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

Full-year profit target achieved, reserve increase above planned level Preliminary key figures for 2023

Hannover Re Group

•	Reinsurance revenue	EUR 24.4 bn.
•	EBIT	EUR 1.97 bn.
•	Net income	EUR 1.8 bn.

Business Groups

P&C

•	EBIT	EUR 1.10 bn.

L&H

•	EBIT	EUR 0.87 bn.

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

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	Return on investment ≥ 2.8%	1) 1) 2021 2022 2023E 2024E
1) IFRS4

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	40
4	Investment management	53
5	Capital and risk management	59
6	IFRS 17	70
7	Interim results Q1-3/2023	85
8	Outlook	95
	Appendix	98

Financial calendar and our Investor Relations contacts

18 March 2024 Annual Press Conference and Analysts' Conference

6 May 2024 Annual General Meeting

14 May 2024 Quarterly Statement as at 31 March 2024

12 August 2024

Half-yearly Financial Report 2024

11 November 2024 Quarterly statement as at 30 September 2024

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; 2 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

• The scope of WTW's work was to review certain parts of the held loss and loss adjustment expense reserve, net of outwards reinsurance, from Hannover Re Group's consolidated IFRS financial statements and the implicit resiliency reserve margin, for the non-life business of Hannover Re Group annually as at each 31 December, most recently as at 31 December 2022. WTW concludes that the reviewed loss and loss adjustment expense reserve, net of reinsurance, less the resiliency reserve margin is reasonable in that it falls within WTW's range of reasonable estimates.

• Life reinsurance and health reinsurance business are excluded from the scope of this review.

• WTW's review of non-life reserves as at 31 December 2022 covered 97.2% / 100.0% of the gross and net held non-life reserves of €41.0 billion and €37.8 billion respectively. Together with life reserves of gross €5.9 billion and net €5.7 billion, the total balance sheet reserves amount to €46.9 billion gross and €43.6 billion net.

• The results shown in WTW's reports are not intended to represent an opinion of market value and should not be interpreted in that manner. The reports do not purport to encompass all of the many factors that may bear upon a market value.

• WTW's analysis was carried out based on data as at evaluation dates for each 31 December. WTW's analysis may not reflect claim development or all information that became available after the valuation dates and WTW's results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates.

• 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 reserves show resiliency reserve compared to WTW's indications, the actual fully developed losses could prove to be significantly different to both the held and indicated amounts.

• WTW has not anticipated any extraordinary changes to the legal, social, inflationary or economic environment, or to the interpretation of policy language, that might affect the cost, frequency, or future reporting of claims. In addition, WTW's estimates make no provision for potential future claims arising from causes not substantially recognised in the historical data (such as new types of mass torts or latent injuries, terrorist acts), except in so far as claims of these types are included incidentally in the reported claims and are implicitly developed.

• Sharp increases in inflation in many economies worldwide have resulted from recent rises in energy, food, component and raw material prices driven by wider economic effects of the Russia-Ukraine conflict combined with factors such as supply chain disruptions caused by the COVID-19 pandemic and labour shortages. Generally, inflation is expected to remain elevated in the near term despite mitigating policy responses by central banks and governments. Over time reductions in inflation rates to more normative levels, barring future shocks to the global economy are expected. However, prospective inflationary risks remain high due to the continuing Russia-Ukraine conflict and heightened geopolitical tensions with increased possibilities of hitherto unexpected conflict escalation. Longer term implications for inflation from current conflicts, heightened geopolitical tensions, increased energy prices, potential reductions in food supplies, disruption in global trading and their impacts on insurance exposures remain highly uncertain. The WTW analysis makes no explicit allowance for extraordinary future effects that may 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 at each 31 December evaluation date. However, a substantial proportion of the liabilities is denominated in foreign currencies. To the extent that the assets backing the reserves are not held in matching currencies, future changes in exchange rates may lead to significant exchange gains or losses.

• WTW has not attempted to determine the quality of Hannover Re Group's current asset portfolio, nor has WTW reviewed the adequacy of the balance sheet provisions except as otherwise disclosed herein.

• In its review, WTW has relied on audited and unaudited data and financial information supplied by Hannover Rück SE and its subsidiaries, including information provided orally. WTW relied on the accuracy and completeness of this information without independent verification.

• Except for any agreed responsibilities WTW may have to Hannover Re Group, WTW does not assume any responsibility and will not accept any liability to any person for any damages suffered by such person arising out of this commentary or references to WTW in this document.

Disclaimer

This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of investing in any of our securities.

While Hannover Re has endeavoured to include in this presentation information it believes to be reliable, complete and up-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.

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