Hannover Rueck SE

Investor Presentation • Aug 1, 2023

Hannover Re: the somewhat different reinsurer

August 2023

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

Key facts about Hannover Re

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

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

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

Group structure supports our business model

1) Majority shareholder HDI V.a.G.

Executive Board of Hannover Rück SE

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

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 2021 in m. USD

We are among the top reinsurers in the world
Premium ranking 2021 in m. USD
Rank Group	Country	GWP	NPW
1 Munich Re	D E	46,836	44,417
2 Swiss Re	C H	39,202	36,965
Hannover Re1 ) 3	D E	31,443	27,344
4 Canada Life Re	C A	23,547	23,514
5 SCOR	F R	19,933	16,242
6 Berkshire Hathaway Inc.	US	19,906	19,906
Lloyd's2 ) 7	UK	19,343	14,263
8 China Re	C N	17,808	16,181
9 RGA	US	13,348	12,513
10 Everest Re	B M	9,067	8,536
11 Partner Re	B M	8,204	7,134
12 RenaissanceRe	B M	7,834	5,939
13 Korean Re	K R	7,145	5,102
14 Transatlantic Holdings	US	6,034	5,387
General Insurance Corporation of India3 ) 15	IN	5,821	5,172

For further information please see A.M. Best "Market Segment Report" August 2022 (© A.M. Best Europe - Information Services Ltd. - used by permission)

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

2) Reinsurance only

3) Fiscal year-end 31 March 2022

| 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

2021 or latest. Global reinsurance premium: gross written premium of the Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (August 2022) 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 2022) Top 10 in 2021: Munich Re, Swiss Re, Hannover 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 1) Includes one-off Berkshire Hathaway AIG transaction

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

Market: Sum of Life GWP of Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (August 2022) Top 7 in 2021: Canada Life Re, Swiss Re, Munich Re, RGA, China Re, SCOR, Hannover 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

33,276

12 Hannover Re: the somewhat different reinsurer

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% 12.8%
Germany	5.9% 3.4% 5.6% 6.1% 11.6%
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

Special dividend per share

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%	6	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%	5	4.0%	6	9.7%	3	13.2%	2	9.0%	2
Peer	4.7%	6	8.0%	7	5.8%	4	6.2%	6	5.9%	5	6.1%	4
Peer	5.4%	4	6.9%	9	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%	10	-3.1%	10	5.7%	7	2.6%	6	1.8%	8
Peer	4.9%	5	7.3%	8	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" 2017 - 2021, (© A.M. Best Europe - Information Services Ltd. - used by permission); Peers: Munich Re, SCOR, Swiss Re

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

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

Striving for sustainable outperformance Group strategy 2021 - 2023

Sustainability at Hannover Re How we evolved

24 Hannover Re: the somewhat different reinsurer

Sustainability at Hannover Re Sustainability Strategy 2021 - 2023 – Overview

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

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

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

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

• 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 +20% over the last 3 years

Performance comparison (incl. reinvested dividends)

29 Hannover Re: the somewhat different reinsurer

Yearly Total Shareholder Return (TSR) of 12.6%

Value creation since IPO

in m. EUR	2021	2022
Market capitalisation as of date	20,158	22,371
- Market capitalisation at IPO (Nov 1994)	1,084	1,084
+ Dividend payments (cumulative)	7,473	8,197
- Capital increases (1996, 1997, 2001, 2003)	811	811
Value creation since IPO	25,736	28,673

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

We are somewhat different

Distribution

Distribution channels

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

Property & Casualty reinsurance

Reserving

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

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

Cycle management

Effective cycle management and focus on profitability

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

Central U/W

Central underwriting with local talent is key to our success

• Secures consistent underwriting decisions

Property & Casualty: Strategy

Further expand our bottom line through existing and new client relationships

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

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

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

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

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

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

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

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 Gesamt 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

24,242

in % and m. EUR GWP by segment

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

36 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)
100-year loss Earthquake US West Coast 250-year loss 100-year loss Winter storm Europe		(839)	(758)
	(1,615)	(1,385)
		(667)	(614)
	250-year loss	(1,009)	(874)
	100-year loss	(758)	(645)
	250-year loss	(1,203)	(966)
	100-year loss	(493)	(513)
Earthquake Japan 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

Hannover Re's risk-return profile improved considerably Risk-adjusted overall price increase of +8.0%

1 Jan 2023 P&C Treaty Renewals in m. EUR

• Successful renewal supported by superior financial strength, favourable market positioning and long-standing customer relationships
• Expansion of retro coverage for NatCat and cyber exposure as price increases in reinsurance markets attracted long-term partners
• Volume development impacted by
  • disciplined underwriting and portfolio steering
  • shifting towards non-proportional reinsurance
  • portfolio pruning of least performing treaties
• Quality of P&C portfolio improved substantially
  • Price increases combined with T&C tightening
• Improved pricing across highly diversified portfolio
  • Non-proportional business rates increased significantly
  • Broader-based price correction beyond NatCat
  • Less pronounced increases in long-tail classes due to a more attractive interest rate environment
  • Stable to improving commission levels for proportional business in a less dynamic insurance pricing environment

Underwriting year figures at unchanged f/x rates (31 December 2022)

Very strong non-proportional renewal in property and some specialty lines Disciplined underwriting in proportional as primary rates increased less strongly

	Proportional			Non-proportional
Reporting lines	Premium 1/1/2023	Premium changes	Price changes	Premium 1/1/2023	Premium changes	Price changes
EMEA1)	3,091	-4.7%	+2.8%	1,197	+27.2%	+22.3%
Americas1)	1,111	-9.2%	+4.5%	1,514	+22.5%	+21.3%
APAC1)	966	-27.6%	+3.6%	165	+52.3%	+15.0%
Credit, Surety and Political risks	622	-4.5%	+2.6%	137	+16.4%	+9.9%
Aviation and Marine	206	+19.5%	+11.8%	106	-27.5%	+23.5%
Agricultural Risks	639	+0.2%	+2.9%	4 4	-21.4%	+6.6%
Total 1 January renewals	6,636	-8.7%	+3.4%	3,162	+21.4%	+20.7%

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

Hannover Re's risk-return profile improved considerably Overall price increase of +6.0%; continued shift to non-proportional business

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

Americas1)

• Hard market momentum continues from 1/1 renewals with substantial price improvements, especially for property business
• US NatCat rate increases on a risk-adjusted basis of up to 40%

APAC1)

• +6.7% • Terms continued to harden across the region, primarily in the property line of business
• Most prominent improvements are seen in Japan with rate increases of up to 20% on NatCat business
• R/I structure changes and increased retentions lead to increased profitability expectations

Marine

• Healthy risk-adjusted rate increases could be achieved in all Marine segments and all geographies
• Re-underwriting as of 1/1 continued with increasing retentions, tighter terms and conditions as well as coverage restrictions

Agricultural Risks

• Brazil: hard original and reinsurance markets persist after drought losses 2021 - 2022

Continued favourable market conditions increased P&C premium by 12.6% Overall risk-adjusted price increase of 4.8%

Americas1)

• US:
  • Property market holding at increased rates, capacity shortages in some areas remaining
  • Primary rate increases still meaningful except for some Special Casualty markets
  • Sustained underwriting discipline
• Latin America: continued hard market conditions across the region

Australia1)

• Continued discipline with rate increases and improved terms & conditions across direct and reinsurance markets
• Substantial rate increases on loss-affected NatCat programs

Asia1)

• Improved profitability supported by share reduction in lesser-performing treaties
• Markets mostly disciplined across the region

Credit & Surety

• Moderate premium growth mainly inflation-driven
• Stable commission levels and risk-adjusted price increases

Underwriting year figures at unchanged f/x rates (31 December 2022) 1) Excluding specialty business mentioned separately

Agenda

Hannover Re Group	2
Property & Casualty reinsurance	31
Life & Health reinsurance	44
Investment management	58
Capital management	65
IFRS 17	76
Interim results 1H/2023	90
Outlook	99
Appendix	102

We are somewhat different

Undogmatic

We have an undogmatic approach

• Strong entrepreneurial spirit
• Appetite to innovate industry solutions

Life & Health reinsurance

Efficient

We foster an efficient organisational set-up

• 1,200 experts in 24 offices on all continents

• Highly empowered and qualified staff

Flexible

We are a highly flexible business partner

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

Responsive

markets

We are committed to time to

• Rapid decision-making processes

market & responsiveness

• In-depth knowledge of local

Life & Health: Strategy

Support our clients in optimizing consumer experience and risk segmentation

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

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

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

Identify and actively manage value-destroying risks in our portfolio

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

Outperforming competition in the fastest growing L&H markets

• Expand our offering in …
  • Asia

Earnings growth

Effective capital management

Preferred business partner

Innovation catalyst

• Longevity
• Financial Solutions

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 Gesamt

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
Morbidity Health Disability		Reserve & Solvency Relief	Biometrics	Risk Assessment
Long Term Care	Critical Illness	Embedded Value Transaction	Underwriting Systems
Profitability depends largely on the underlying biometric risks		Profitability is less likely to be affected by the underlying biometric risks	Only in combination with risk solutions and/ or financial solutions

Example risk solution: mortality & longevity

Risks

Mortality

Risk of paying more death benefits than expected

Longevity

Status of health

Monthly annuity

Annuity increase

Risk of paying annuities longer than expected

Longevity: enhanced annuities1)

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

Trigger

Longevity: risk transfer

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

Example risk solution: morbidity - critical illness

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

Morbidity Product: Critical illness insurance

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

Payment

• Income protection/medical insurance Payment of claim incurred

• Critical Illness Payment of lump sum insured

• Hannover Re's contribution

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

Example: services offered with risk and/or financial solutions

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

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

Takeaways for the Life & Health Business Group

Business All lines of life, health & annuities

Service An important component 4

5

Premium Not the only meaningful benchmark EBIT

2

Relationship Long term due to very long run-off

Financial solutions business Key driver of earnings

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

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

	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	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

62 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

Stress tests on assets under own management Spread risks remain in focus

Portfolio	Scenario	Change in market value in m. EUR	Change in OCI before tax in m. EUR
	-10%	-200	-200
Equity (listed and private equity)	-20%	-399	-399
	+50 bps	-1,188	-1,153
Fixed-income securities	+100 bps	-2,312	-2,244
Credit spreads	+50%	-908	-889

As at 31 December 2022

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

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
Dated subordinated bond ISIN: XS0856556807	EUR 500 m.	2012-11-20	A / aa-	2023-06-30	2043-06-30	Until first call date: 5.00% p. a. and thereafter 4.30% p. a. above 3 months EURIBOR

Competitive advantage through low cost of capital (WACC)

Senior bond not recognised as regulatory capital

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

Hannover Re: the somewhat different reinsurer

Source: Standard & Poor's rating report of Hannover Re as of 22 August 2022

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

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

Financial leverage2) in %

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

1) Plus expected premium As at March 2023

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-	A +
XL Bermuda	AA-	A +
Swiss Re	AA-1)	A +
Everest Re	A +	A +
Partner Re	A +	A +
SCOR	A +	2) A
Lloyd's	A +	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

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.

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	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

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

80 Hannover Re: the somewhat different reinsurer

Reinsurance revenue will be lower than gross written premium

P&C reinsurance L&H reinsurance

1) At unchanged f/x rates

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	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

1H/2023 performance fully supports targets for the full year Strong contribution from L&H and investments, increased resiliency 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 P&C margin improvement in favourable market environment Revenue and profit in line with expectations, C/R reflects increase in resiliency

Property & Casualty R/I	Q2/2022	Q2/2023	1H/2022 1H/2023
Reinsurance revenue (gross)	3,262	3,765	7,850	8,365
Reinsurance revenue (net)	2,763	3,082	7,104	7,183
Reinsurance service result	208	283	397	598
Reinsurance finance result	(55)	(155)	(149)	(285)
Investment result	333	327	548	625
Other result	(136)	(91)	(148)	(108)
Operating profit/loss (EBIT)	349	363	648	829
Combined ratio (net)	92.5%	90.8%	94.4%	91.7%
New business CSM (net)	183	374	1,261	1,829
New business LC (net)	(46)	(10)	(235)	(35)

All figures in m. EUR unless otherwise stated

CSM = Contractual Service Margin

LC = Loss component

92 Hannover Re: the somewhat different reinsurer

YTD

• Reinsurance Revenue (RR) / New business CSM & LC (net)
  • Reinsurance revenue growth +6.6% (f/x-adjusted +7.8%)
  • Strong growth in New business CSM & LC of 1,794 m. (+75%); mainly from EMEA, Americas and Structured Reinsurance/ILS; Increased New business CSM & LC from APAC despite decreasing revenue
• Reinsurance service result (RSR)
  • RSR supported by strong margin increase, reflected in higher New business CSM and lower New business LC
  • Large losses of 607 m. within 1H budget of 751 m., however booked to budget
  • Discount effect of ~5%, higher than interest accretion in finance result
  • Increase in confidence level of reserves
• Investment result
  • Strong ordinary income supported by higher fixed income yields (including 74 m. contribution from inflation-linked bonds)

Large losses below 1H/2023 budget of EUR 751 m.

Natural and man-made catastrophe losses1) in m. EUR

2,944

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

Large losses within 1H/2023 budget of EUR 751 m. NatCat losses below budget, man-made losses above budget

Catastrophe losses1) in m. EUR	Date	Gross	Net
Floods, New Zealand	27 Jan - 6 Feb	89.3	45.3
Earthquake, Türkiye	6 Feb	262.8	257.0
Cyclone "Gabrielle", New Zealand	10 - 17 Feb	121.3	65.4
Hail / Storm, USA	01 - 03 Mar	20.9	6.2
Tornadoes, USA	24 - 27 Mar	11.5	11.4
Tornadoes / Storm, USA	30 Mar - 02 April	43.4	35.7
Rain / Flood, Italy	16 - 22 May	41.5	41.5
7 Natural catastrophes		590.6	462.5
5 Property losses		114.3	114.3
2 Credit losses		30.2	30.2
7 Man-made losses		144.5	144.5
14 Major losses		735.1	606.9

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

Strong operating performance in L&H reinsurance IFRS 17 with better reflection of value and earning power of business

Life & Health R/I in m. EUR	Q2/2022	Q2/2023	1H/2022 1H/2023
Reinsurance revenue (gross)	1,943	1,938	3,966	3,908
Reinsurance revenue (net)	1,805	1,775	3,697	3,544
Reinsurance service result	65	228	297	481
Reinsurance finance result	(28)	(20)	(57)	(58)
Investment result	99	142	276	225
Other result	36	(78)	(45)	(124)
Operating profit/loss (EBIT)	171	271	471	525
New business CSM (net)	110	67	229	151
New business LC (net)	1	2	(1)	(4)

YTD

• Reinsurance Revenue (RR) / New Business CSM & LC (net)
  • Reinsurance revenue (gross) stable: -1.5% (f/x-adjusted +0.8%)
  • Financial Solutions business increasing and fully captured in revenue, Longevity stable, slowdown in contribution from Mortality and Morbidity
• 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 recapture of UK retrocession treaty (+23 m.)
  • Financial Solutions with continued strong contribution
  • Continued business growth combined with very strong CSM of 5.8 bn. and RA of 2.9 bn. support sustainable and stable earnings outlook
• Investment result
  • Increase in ordinary income and higher result from fair value changes

All figures in m. EUR unless otherwise stated

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

in m. EUR 2016A	Q2/2022	Q2/2023	1H/2022	1H/2023	RoI
1) Ordinary investment income 1)	453	490	876	941	3.4%
Realised gains/losses	(36)	(31)	(57)	(44)	-0.2%
Depreciations Real Assets, Impairments	(12)	(14)	(23)	(27)	-0.1%
Change in ECL	26	6	(20)	9	0.0%
FVTPL2)- Valuation	35	61	122	57	0.2%
Investment expenses	(34)	(43)	(75)	(86)	-0.3%
Investment result	432	470	825	851	3.0%

Unrealised gains/losses on investments (OCI)		31 Dec 22 30 Jun 23
Fixed Income	(4,863)	(4,476)
Equities	(0.1)	(0.1)
Real Assets	546	563
Others (Participations etc.)	275	282
Total	(4,042)	(3,632)

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 (74 m.) based on inflation expectation for current year
• Realised gains/losses driven by normal 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 and partially lower interest levels
• Unrealised losses decreasing predominantly due to natural amortisation effects (pull to par)

Our business groups at a glance 1H/2023 vs. 1H/2022

	Property & Casualty R/I Life & Health R/I				Total
in m. EUR	1H/2022	1H/2023	∆-%	1H/2022	1H/2023	∆-%	1H/2022	1H/2023	∆-%
Reinsurance revenue (gross)	7,850	8,365	6.6%	3,966	3,908	-1.5%	11,816	12,273	3.9%
Reinsurance service expenses	(7,283)	(6,896)	-5.3%	(3,637)	(3,395)	-6.6%	(10,920)	(10,291)	-5.8%
Reinsurance service result (gross)	567	1,469	159.1%	329	513	55.8%	896	1,982	121.2%
Reinsurance result (ceded)	(171)	(872)	-	(32)	(32)	-1.2%	(203)	(903)	-
Reinsurance service result	397	598	50.7%	297	481	62.0%	694	1,079	55.5%
Reinsurance finance result	(149)	(285)	91.6%	(57)	(58)	1.6%	(205)	(342)	66.7%
Investment income	548	625	13.9%	276	225	-18.5%	825	851	3.2%
Currency result	(24)	59	-	(3)	(25)	-	(27)	34	-
Other income and expenses	(124)	(168)	34.9%	(42)	(98)	136.3%	(168)	(268)	59.9%
Operating profit/loss (EBIT)	648	829	28.0%	471	525	11.3%	1,118	1,353	21.0%
Net income before taxes							1,075	1,288	+19.8%
Taxes							(205)	(298)	+45.4%
Net income							870	990	+13.8%
Non-controlling interest							55	30	-46.1%
Group net income							815	960	+17.8%

Our business groups at a glance Q2/2023 vs. Q2/2022

	Property & Casualty R/I Life & Health R/I				Total
in m. EUR	Q2/2022	Q2/2023	∆-%	Q2/2022	Q2/2023	∆-%	Q2/2022	Q2/2023	∆-%
Reinsurance revenue (gross)	3,262	3,765	+15.4%	1,943	1,938	-0.3%	5,205	5,702	+9.6%
Reinsurance service expenses	(2,806)	(2,978)	+6.2%	(1,852)	(1,705)	-8.0%	(4,658)	(4,683)	+0.5%
Reinsurance service result (gross)	456	786	+72.6%	91	233	156.3%	547	1,019	+86.5%
Reinsurance result (ceded)	(248)	(504)	+103.0%	(26)	(5)	-79.9%	(275)	(509)	+85.4%
Reinsurance service result	208	283	+36.2%	65	228	-	272	510	+87.6%
Reinsurance finance result	(55)	(155)	+180.0%	(28)	(20)	-27.5%	(83)	(176)	+110.5%
Investment income	333	327	-1.9%	99	142	44.3%	432	470	+8.8%
Currency result	(58)	12	-120.6%	43	(21)	-148.1%	(15)	(9)	-43.2%
Other income and expenses	(78)	(103)	+33.0%	(7)	(57)	-	(85)	(164)	+92.3%
Operating profit/loss (EBIT)	349	363	+4.0%	171	271	58.7%	520	632	+21.6%
Net income before taxes							499	600	+20.3%
Taxes							(87)	(128)	+46.8%
Net income							411	472	+14.6%
Non-controlling interest							24	(4)	-116.7%
Group net income							387	476	+22.9%

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

Outlook for 2023

Hannover Re Group

•	Reinsurance revenue1)	≥ 5% growth
•	Return on investment 2)	≥ 2.4%
•	Group net income 2)	≥ EUR 1.7 bn.
•	Ordinary dividend	≥ prior year
•	Special dividend	if capitalisation exceeds capital requirements for future growth and profit targets are achieved

1) At unchanged f/x rates

2) Subject to no major distortions in capital markets and/or major losses not exceeding the large loss budget of EUR 1,725 m. in 2023 and no further significant impact from Covid-19 on L&H result

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

2023 assumptions Expectations for business groups

	P&C	L&H
Reinsurance service result	~ 91% - 92% Combined ratio	~ EUR 750 - 800 m.
Interest accretion	~ EUR 570 m.	~ EUR 140 m.
EBIT	≥ EUR 1,600 m.	≥ EUR 750 m.

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	31
3	Life & Health reinsurance	44
4	Investment management	58
5	Capital management	65
6	IFRS 17	76
7	Interim results 1H/2023	90
8	Outlook	99
	Appendix	102

Financial calendar and our Investor Relations contacts

9 November 2023

Quarterly Statement as at 30 September 2023

12 December 2023 Investors' Day 2023

7 February 2024 1 January P&C Treaty Renewals

18 March 2024

Annual Press Conference and Analysts' Conference

6 May 2024 Annual General Meeting

Axel Bock Senior Investor Relations Manager

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

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

Karl Steinle General Manager

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.

© 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.