Hannover Rueck SE

Investor Presentation • Dec 1, 2022

Hannover Re: the somewhat different reinsurer

December 2022

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

Key facts about Hannover Re

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

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

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

Group structure supports our business model

1) Majority shareholder HDI V.a.G.

Executive Board of Hannover Rück SE

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

Jean-Jacques Henchoz

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

Clemens Jungsthöfel

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

Dr. Michael Pickel

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

Sven Althoff

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

Silke Sehm

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

Claude Chèvre

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

Dr. Klaus Miller

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

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 |

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

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

Return on equity GC Global Property Cat RoL Index

Source: Artemis GC RoL Index

185% 189% 193% 197% 201% 205% 209% 213% 217% 221% 225% 229% 233% 237%

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

150

200

250

300

350

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

Global trends

• Value concentration
• Protection gap
• Demographic change

New products/markets

• Emerging markets
• Digitalisation/Cyber
• Emerging risks

Capital requirement

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

Volatile earnings

• Expectations of shareholders, regulators and rating agencies

Drivers Impact on insurance Value proposition R/I

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

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

Demand for

reinsurance

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

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

Gross written premium in m. EUR

Well-balanced international portfolio growth

Strong earnings track record

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

Operating profit (EBIT) in m. EUR

Earnings per share (EPS) in EUR

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

Dividend per share in EUR Dividend strategy changed in 2021

Ordinary DPS ≥ prior year + Special dividend if capitalisation exceeds capital requirements for future growth and profit targets are achieved

• Continuity of ordinary dividend now
• Payout ratio target discontinued

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

RoE of 10.8% well above target for 2021

5-year average RoE of 11.1% 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 is one of the most profitable reinsurers No. 1 position on 5-year average RoE - significantly above peer average

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

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

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

Book value and accumulated paid dividends in EUR

Book value per share Paid dividends (cumulative since 1994)

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

Low expense ratio is an important competitive advantage

Administrative expense ratio

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

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

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

Striving for sustainable outperformance Group strategy 2021 - 2023

Target Matrix Strategy cycle 2021 - 2023

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

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

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

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

Sustainability at Hannover Re How we evolved

Compliance campaign

Sustainability at Hannover Re Sustainability Strategy 2021 - 2023 – Overview

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

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

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

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

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

Present on all continents

30 Hannover Re: the somewhat different reinsurer

HR share price performance over a 3-year rolling period

Performance comparison (incl. reinvested dividends)

31 Hannover Re: the somewhat different reinsurer

Yearly Total Shareholder Return (TSR) of 12.6%

Value creation since IPO

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

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

We are somewhat different

Distribution

Distribution channels

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

Property & Casualty reinsurance

Cycle management

Effective cycle management

share in "hard" markets only

• Above-average profitability due

• No pressure to grow due to

to stringent underwriting

line

• Selective growth: increase market

low administrative expense ratio

approach with focus on bottom

and focus on profitability

Reserving

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

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

Central U/W

Central underwriting with local talent is key to our success

• Secures consistent underwriting decisions

Property & Casualty: Strategy

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: +15.9%

Gross written premium split by regions

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

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

Breakdown of business written in % and m. EUR

GWP by segment

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

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

NPE	+	Economic revaluation -	Capital margin	=	Target Combined Ratio
Net premium earned (100%)		Discount effect on P&C net loss reserves (% of NPE)	Capital margin above risk free (pre-tax)		Target Combined Ratio
EMEA1)		2.0%	6.9%		95.2%
Americas1)		4.9%	10.6%		94.3%
APAC1)		3.8%	6.3%		97.5%
Structured Reinsurance and ILS		0.4%	1.7%		98.7%
Credit, Surety and Political Risks		2.3%	8.3%		93.9%
Facultative Reinsurance		4.1%	6.7%		97.4%
Aviation and Marine		3.4%	8.1%		95.3%
Agricultural Risks		1.9%	8.8%		93.1%
Total Property & Casualty R/I		2.8%	6.8%		96.0%

As at March 2022

1) All lines of business except those stated separately

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

in m. EUR

Year end 1)	Redundancy 2)	Increase redundancy	Effect on loss ratio	P&C premium (net earned)
2010	956	89	1.6%	5,394
2011	1,117	162	2.7%	5,961
2012	1,308	190	2.8%	6,854
2013	1,517	209	3.1%	6,866
2014	1,546	29	0.4%	7,011
2015	1,887	341	4.2%	8,100
2016	1,865	-22	-0.3%	7,985
2017	1,813	-52	-0.6%	9,159
2018	1,694	-118	-1.1%	10,804
2019	1,457	-238	-1.9%	12,798
2020	1,536	80	0.6%	14,205
2021	1,703	167	1.0%	16,624
2010 - 2021 total		838		111,761
2010 - 2021 average		70	0.7%	9,313

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

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

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

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

The risk is manageable Stress tests for natural catastrophes after retrocessions

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

Previous years confirm our reliable planning of nat-cat budget

• On average, Hannover Re stays within nat-cat budget

• Lower volatility of nat-cat budget utilisation by Hannover Re compared to peers

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

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

Estimated premium income U/Y by regions

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

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

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)

Satisfactory renewal in both treaty types

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

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

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

Positive renewal trends lead to continued premium growth Risk-adjusted overall price increase of 3.7%

1.385 108 133 1,626 Inforce book up for renewal New/ cancelled/ restructured Price & volume changes on renewed Inforce book after renewal Change in shares: +0.8% Change in price: +3.7% Change in volume: +5.1% +17.4% 2 Jan - 1 Apr 2022 in m. EUR

Americas1)

• Stable reinsurance terms and conditions with low single-digit risk-adjusted rate increases for loss-free nat-cat business
• High demand in cyber; growth driven by significant rate increases, limited exposure growth APAC1)
• Overall premium growth of up to 30% depending on region and class of business, mainly driven by Southeast Asia. Considerable hardening in Malaysia after recent flood losses
• Despite sufficient capacity, single-digit rate increases in the Japanese market

Aviation & Marine

• Overall pricing development remains positive in aviation
• Pronounced rating improvements in respect of the Protection & Indemnity marine line
• New business opportunities from all geographies at satisfactory pricing

Agricultural Risks

• Stable renewals and attractive pipeline

Underwriting year figures at unchanged f/x rates (31 December 2021) 1) Excluding specialty business mentioned separately

Continued high demand for Hannover Re security Risk-adjusted price increase of 4%; thereof non-proportional 5.5%

2,595 250 274 3,119 Inforce book up for renewal New/ cancelled/ restructured Price & volume changes on renewed Inforce book after renewals +20.2% 2 Apr - 1 Jul 2022 P&C renewals in m. EUR Change in shares: -0.7% Change in price: +4.0% Change in volume: +7.2%

Americas1)

• Primary pricing trends continue to improve taking inflation into account
• Property remains attractive due to underlying price increases and improved terms for lossaffected programs, resulting in higher margin expectations
• Standard Casualty and Regional business remained stable with further rate improvements, plus some additional shares at attractive reinsurance terms and conditions
• Overall, significant premium growth on the back of a hardening market Australia1)
• Considerable hardening of property market with rates increasing and capacity withdrawing
• Casualty rates up 5-6% despite good results, riding off the back of the property renewals
• Substantial premium increase due to new business and price hardening

Asia1)

• Property growth observed in most emerging markets impacted by inflation of insured values Credit & Surety
• Stable reinsurance limits and wordings
• Inflation, appreciation of the USD vs EUR and some organic growth pushing premium up

Underwriting year figures at unchanged f/x rates (31 December 2021) 1) Excluding specialty business

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

We are somewhat different

Undogmatic

We have an undogmatic approach

• Strong entrepreneurial spirit
• Appetite to innovate industry solutions

Life & Health reinsurance

Efficient

We foster an efficient organisational set-up

• 1,100 experts in 26 offices on all continents

• Highly empowered and qualified staff

Flexible

We are a highly flexible business partner

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

Responsive

markets

We are committed to time to

• Rapid decision-making processes

market & responsiveness

• In-depth knowledge of local

49 Hannover Re: the somewhat different reinsurer

Life & Health: Strategy

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

18 % 13 % 13 % 18 % 13% 13% 13% 16% 16% 18% 18% 16% 16% 17% 45% 42% 42% 38% 38% 24% 27% 29% 30% 29% 7,080 7,200 7,815 8,026 8,538 2017 2018 2019 2020 2021 Morbidity Mortality Longevity Financial solutions Gesamt

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

2020 restated pursuant to IAS 8

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

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

Value of New Business well above target

Mainly driven by Financial Solutions and Longevity business

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

Writing attractive traditional life & health business

Whilst positioning ourselves for sustainable growth with a clear strategic focus

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

Financial Solutions Achieve financial objectives for our clients

Reinsurance Services Meet the individual needs of our clients

Our strategic focus

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

Reinsurance universe Positive economic value expected

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

Complete offerings Risk and financial solutions & services

Risk Solutions Competitive terms and appropriate capacity for technical risks		Financial Solutions Structured agreements to achieve certain financial objectives	Reinsurance Services Comprehensive range geared towards individual needs
Mortality	Longevity	New Business Financing		Products	Processes
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

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

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

60 Hannover Re: the somewhat different reinsurer

Takeaways for the Life & Health Business Group

Business All lines of life, health & annuities

Service An important component 4

5

Premium Not the only meaningful benchmark EBIT

2

Relationship Long term due to very long run-off

Financial solutions business Key driver of earnings

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

Strong operating cash flow driven by premium growth AuM +3.2%, cash flow and stronger USD offset impact of rising interest rates

Good net investment income in a volatile market environment Assets under own management at EUR 58 bn.

Funds withheld and contract deposits

Net income from assets under own management

Ordinary income with increased return from government bonds Rather stable asset allocation with defensive credit risk taking since beginning of year

1)

Investment category	2018	2019	2020	2021	Q3/2022
Fixed-income securities	87%	87%	85%	86%	83%
- Governments	35%	35%	34%	34%	36%
- Semi-governments	16%	15%	15%	14%	13%
- Corporates	29%	31%	30%	32%	27%
Investment grade	25%	26%	25%	28%	23%
Non-investment grade	4%	4%	4%	4%	4%
- Pfandbriefe, Covered bonds, ABS	7%	7%	6%	6%	2) 6%
Equities	2%	3%	3%	4%	4%
- Listed equity	>0%	>0%	1%	1%	>0%
- Private equity	2%	2%	3%	3%	4%
Real Assets	6%	5%	5%	5%	7%
Others	1%	2%	3%	2%	3%
Short-term investments & cash	4%	3%	3%	3%	5%
Total market values in bn. EUR	42.7	48.2	49.8	56.2	58.5

Asset allocation Ordinary income split

1) Economic view based on market values without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR 1,951.0 m. (EUR 1,588.2 m.) as at 30 September 2022

2) Of which Pfandbriefe and Covered Bonds = 58.7%

3) Before real estate-specific costs. Economic view based on market values as at 30 September 2022

High-quality fixed-income book well balanced

High-quality fixed-income book well balanced Geographical allocation mainly in accordance with our broad business diversification
	Governments	Semi governments	Corporates	Pfandbriefe, Covered bonds, ABS	Short-term investments, cash	Total
AAA	76%	52%	1 %	59%	-	47%
A A	10%	23%	10%	13%	-	12%
A	10%	8 %	35%	13%	-	18%
BBB	3 %	2 %	43%	13%	-	17%
<BBB	2 %	14%	11%	2 %	-	7 %
Total	100%	100%	100%	100%	-	100%
Germany	12%	26%	3 %	18%	25%	12%
UK	6 %	1 %	6 %	6 %	7 %	5 %
France	2 %	1 %	6 %	8 %	1 %	4 %
GIIPS	0 %	3 %	5 %	8 %	0 %	3 %
Rest of Europe	3 %	14%	12%	19%	2 %	9 %
USA	55%	13%	33%	20%	17%	38%
Australia	2 %	18%	6 %	5 %	5 %	6 %
Asia	17%	23%	19%	10%	39%	19%
Rest of World	2 %	1 %	9 %	5 %	5 %	4 %
Total	100%	100%	100%	100%	100%	100%
Total b/s values in m. EUR	21,317	7,585	15,264	3,670	2,644	50,480

IFRS figures as at 30 September 2022

66 Hannover Re: the somewhat different reinsurer

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

Currency split of investments

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

Q3/2022 4.8 2021 5.8 2020 5.8 2019 5.7 2018 4.8 Modified duration

Stress tests on assets under own management

After listed equity liquidation, main focus turns back to credit exposures

Portfolio	Scenario	Change in market value in m. EUR	Change in OCI before tax in m. EUR
	-10%	-215	-215
Equity (listed and private equity)	-20%	-429	-429
	+50 bps	-1,226	-1,191
Fixed-income securities	+100 bps	-2,391	-2,323
Credit spreads	+50%	-1,094	-1,076

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

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

EBITDA fixed charge coverage (x)1)

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)

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

72 Hannover Re: the somewhat different reinsurer

As at March 2022

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

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

5) EMS = Extreme Mortality Swap

73 Hannover Re: the somewhat different reinsurer

Financial strength ratings

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

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

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

Development of the Solvency II ratio

Eligible Own Funds Solvency Capital Requirements (SCR)

1) Excluding minority shareholdings of EUR 680 m.

2) Minimum Target Ratio Limit 180%

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

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

Solvency II movement analysis

Figures in m. EUR.

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

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

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

4) Tax payments and changes in deferred taxes.

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

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

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

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

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

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

Solvency Capital Requirements in m. EUR

As at 31 December 2021 (2020)

Solvency capital requirements based on the internal model

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

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

As at 31 December 2021

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

Group net income target for 2022 remains achievable Return on equity of 11.5% despite significant loss burden in first nine months 2022

Continued strong growth in an improving pricing environment Result impacted by loss activity, partly offset by inflation protection

Property & Casualty R/I in m. EUR	Q3/2021	Q3/2022	Q1-3/2021	Q1-3/2022
Gross written premium	5,003	6,562	15,269	19,484
Net premium earned	4,229	5,742	12,076	15,562
Net underwriting result incl. funds withheld	(64)	25	253	121
Combined ratio incl. interest on funds withheld	101.5%	99.6%	97.9%	99.2%
Net investment income from assets under own management	387	340	957	993
Other income and expenses	(40)	(64)	(148)	(227)
Operating profit/loss (EBIT)	283	301	1,061	887
Tax ratio	43.7%	37.3%	26.1%	29.0%
Group net income	147	146	739	545

YTD

• GWP f/x-adjusted +18.6%, diversified growth from traditional and Structured Reinsurance business
• NPE f/x-adjusted +20.2%
• Net large losses of EUR 1,484 m. (9.5% of NPE) above budget of EUR 1,079 m. for Q1-3/2022
• Precautionary reserving related to war in Ukraine at EUR 331 m. (1H/2022: 316 m.)
• Covid-19: increased frequency of claims in Asia accident & health business, partly offset by reserve releases in Credit, net negative impact of ~EUR 150 m.
• Negative PYD for large losses (e.g. Brazil drought (EUR 130 m.), Texas Freeze and Malaysia Floods)
• Increase in net investment income principally due to strong ordinary investment income, supported by inflation linkers (EUR 301 m.)
• Other income and expenses mainly driven by negative currency effects

| 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1-3/2022 | 7 |

Major losses already above full-year budget 2022 EUR 321 m. remains budgeted for large losses in Q4

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

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

84 Hannover Re: the somewhat different reinsurer

Catastrophe losses1 ) in m. EUR Date Gross Net NatCat losses above YTD budget, driven by increased loss activity in Q3 Hurricane "Ian" net loss reflects our modest market share in Florida

Storm "Ylenia/Zeynep", Europe	16 - 19 Feb	130.4	114.8
Rain and flood, Australia	21 Feb - 3 Mar	272.5	210.6
Earthquake, Japan	16 Mar	14.0	14.0
Floods, South Africa	8 - 15 Apr	85.5	85.4
Storm / hail, USA	10 - 15 Apr	22.3	10.3
Storm / hail , USA	9 - 12 May	75.4	49.3
Storm, Canada	21 May	15.7	8.7
Tornadoes / hail, USA	27 - 31 May	12.8	9.4
Storm / hail, France	2 - 6 Jun	44.7	33.2
Storm / hail, USA	4 - 7 Jun	14.4	4.5
Storm "Qiara", France	19 - 23 Jun	111.1	84.1
Floods, South Korea	7 - 10 Aug	28.7	28.7
2) Typhoon "Nanmandol", Japan	18 - 19 Sep	64.5	64.5
2) Hurricane "Fiona", Caribbean, USA, Canada	18 - 22 Sep	47.0	43.0
2) Typhoon "Noru", Philippines	25 - 26 Sep	15.0	15.0
2) Hurricane "Ian", USA	27 - 29 Sep	276.0	276.0
16 Natural catastrophes		1,229.8	1,051.4

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross Large loss budget 2022: EUR 1,400 m., thereof EUR 250 m. man-made and EUR 1,150 m. NatCat 2) Based on own IBNR estimate only (top-down approach); actual gross loss expected to be higher due to retrocession and ILS business

Man-made losses within budget; Russia/Ukraine IBNR unchanged

Man-made losses within budget; Russia/Ukraine IBNR unchanged
Catastrophe losses1 ) in m. EUR	Gross	Net
16 Natural catastrophes	1,229.8	1,051.4
1 Marine loss	16.9	14.8
1 Credit loss	16.9	16.9
4 Property losses	72.2	70.1
6 Man-made losses	106.1	101.8
22 Major losses	1,335.9	1,153.2
War Russia/Ukraine	330.8	330.8
Total	1,666.7	1,484.0

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

Combined ratios impacted by large losses

Q1-3/2022: Combined Ratio vs. target combined ratios

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

Strong underlying profitability

Strong earnings in Financial Solutions and Longevity – Covid-19 claims decreasing

Life & Health R/I in m. EUR	Q3/2021	Q3/2022	Q1-3/2021	Q1-3/2022
Gross written premium	2,152	2,347	6,350	6,767
Net premium earned	1,889	2,076	5,558	6,024
Net underwriting result incl. funds withheld	(122)	(41)	(315)	(177)
Net investment income from assets under own management	61	29	185	229
Other income and expenses	102	120	351	389
Operating profit/loss (EBIT)	41	108	220	441
EBIT margin	2.2%	5.2%	4.0%	7.3%
Tax ratio	(9.8%)	15.4%	31.3%	15.4%
Group net income	45	90	150	369

YTD

• GWP f/x-adjusted +1.1%
• NPE f/x-adjusted +2.5%
• Technical result includes declining Covid-19 losses of EUR 228 m. (Q1-3/2021 EUR 404 m.), thereof US: EUR 113 m.
• Ordinary investment income increased primarily due to higher contribution from fixed income
• Fair value of financial instruments includes positive valuation effect of EUR 97 m. from extreme mortality cover and negative effect from reinsurance-related derivative in UK (EUR -144 m.)
• Other income and expenses mainly driven by strong contribution from deposit accounted treaties of EUR 338 m. (Q1-3/2021: EUR 282 m.) and one-off recapturing fee income of EUR 40 m.

Stable return on investment of 2.9% above target Strong and increased ordinary investment income

in m. EUR	Q3/2021	Q3/2022	Q1-3/2021 Q1-3/2022		RoI
Ordinary investment income1)	408	529	1,106	1,432	3.3%
Realised gains/losses	96	(37)	238	15	0.0%
Impairments/appreciations & depreciations	(13)	(61)	(52)	(113)	-0.3%
Change in fair value of financial instruments (through P&L)	(5)	(18)	(48)	10	0.0%
Investment expenses	(36)	(44)	(101)	(122)	-0.3%
NII from assets under own management	449	370	1,142	1,223	2.9%
NII from funds withheld	42	31	215	157
Total net investment income	491	400	1,357	1,380

Unrealised gains/losses on investments	31 Dec 21	30 Sep 22
On-balance sheet	2,310	(4,820)
thereof Fixed income AFS	1,299	(5,836)
Off-balance sheet	629	496
thereof Fixed income HTM, L&R	148	(62)
Total	2,939	(4,324)

1) Incl. results from associated companies

YTD

• Increasing ordinary income from inflation-linked bonds, higher reinvestment yields, higher return from real estate investments as well as higher asset volume
• Realised gains primarily from liquidation of portfolio of listed equity, largely offset by reallocations due to strategic and regular portfolio adjustments, liquidity management and partial realisation of a reinsurance-related derivative
• Stable depreciation on direct real estate investments; rise in impairments mainly due to fixed income securities impacted by Russia/Ukraine war and alternatives
• Change in fair value of financial instruments through P&L impacted by valuation of reinsurance-related derivatives (UK and extreme mortality cover)
• Decrease in valuation reserves due to higher risk-minimal yield curves and credit spreads on corporates

Our business groups at a glance Q1-3/2022 vs. Q1-3/2021

	Property & Casualty R/I		Life & Health R/I		Total
in m. EUR	Q1-3/2021	Q1-3/2022	Q1-3/2021	Q1-3/2022	Q1-3/2021	Q1-3/2022
Gross written premium	15,269	19,484	6,350	6,767	21,620	26,251
Change in GWP	-	+27.6%	-	+6.6%	-	+21.4%
Net premium earned	12,076	15,562	5,558	6,024	17,634	21,586
Net underwriting result	220	71	(497)	(284)	(277)	(213)
Net underwriting result incl. funds withheld	253	121	(315)	(177)	(63)	(56)
Net investment income	989	1,043	367	336	1,357	1,380
From assets under own management	957	993	185	229	1,142	1,223
From funds withheld	32	50	182	107	215	157
Other income and expenses	(148)	(227)	351	389	201	161
Operating profit/loss (EBIT)	1.061	887	220	441	1,281	1,328
Financing costs	(2)	(2)	(1)	(1)	(61)	(64)
Net income before taxes	1.060	886	219	440	1,219	1,264
Taxes	(276)	(257)	(69)	(68)	(318)	(306)
Net income	784	629	150	373	901	958
Non-controlling interest	44	84	1	3	45	87
Group net income	739	545	150	369	856	871
Retention	90.4%	91.3%	88.3%	88.8%	89.8%	90.7%
Combined ratio (incl. interest on funds withheld)	97.9%	99.2%	-	-	-	-
EBIT margin (EBIT / Net premium earned)	8.8%	5.7%	4.0%	7.3%	7.3%	6.2%
Tax ratio	26.1%	29.0%	31.3%	15.4%	26.1%	24.2%
Earnings per share (in EUR)	6.13	4.52	1.24	3.06	7.10	7.22

Our business groups at a glance Q3/2022 vs. Q3/2021

	Property & Casualty R/I		Life & Health R/I		Total
in m. EUR	Q3/2021	Q3/2022	Q3/2021	Q3/2022	Q3/2021	Q3/2022
Gross written premium	5,003	6,562	2,152	2,347	7,155	8,909
Change in GWP	-	+31.2%	-	+9.0%	-	+24.5%
Net premium earned	4,229	5,742	1,889	2,076	6,119	7,819
Net underwriting result	(82)	16	(147)	(63)	(229)	(47)
Net underwriting result incl. funds withheld	(64)	25	(122)	(41)	(187)	(16)
Net investment income	405	349	86	50	491	400
From assets under own management	387	340	61	29	449	370
From funds withheld	18	9	25	21	42	31
Other income and expenses	(40)	(64)	102	120	63	55
Operating profit/loss (EBIT)	283	301	41	108	325	409
Financing costs	(1)	(1)	(0)	(0)	(21)	(21)
Net income before taxes	283	301	41	107	303	387
Taxes	(124)	(112)	4	(16)	(106)	(122)
Net income	159	189	45	91	197	266
Non-controlling interest	12	43	(0)	1	12	44
Group net income	147	146	45	90	185	222
Retention	88.4%	90.6%	88.4%	88.8%	88.4%	90.1%
Combined ratio (incl. interest on funds withheld)	101.5%	99.6%	-	-	-	-
EBIT margin (EBIT / Net premium earned)	6.7%	5.2%	2.2%	5.2%	5.3%	5.2%
Tax ratio	43.7%	37.3%	(9.8%)	15.4%	35.0%	31.4%
Earnings per share (in EUR)	1.22	1.21	0.37	0.74	1.54	1.84

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

Guidance for 2022 remains achievable

Hannover Re Group

•	Gross written premium1)		> 7.5%
•	2) Return on investment	>	2.5%
•	Group net income 2)	at the lower end of the EUR 1.4 - 1.5 bn. range

• 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 321 m. in Q4/2022 and no unexpected material Covid-19 impact in L&H

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	33
3	Life & Health reinsurance	48
4	Investment management	62
5	Capital management	69
6	Interim results Q1-3/2022	81
7	Outlook	92
	Appendix	94

Financial calendar and our Investor Relations contacts

8 February 2023 1 January P&C Treaty Renewals

9 March 2023

Annual Press Conference and Analysts' Conference

3 May 2023

Annual General Meeting

11 May 2023

Quarterly Statement as at 31 March 2023

9 August 2023 Half-year Report as at 30 June 2023

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 as at each 31 December 2021, and the implicit redundancy margin, for the non-life business of Hannover Re Group. WTW concludes that the reviewed loss and loss adjustment expense reserve, net of reinsurance, less the redundancy margin is reasonable in that it falls within WTW's range of reasonable estimates.
• Life reinsurance and health reinsurance business are excluded from the scope of this review.
• WTW's review of non-life reserves as at 31 December 2021 covered 98.6% / 99.7% of the gross and net held non-life reserves of €35.1 billion and €32.6 billion respectively. Together with life reserves of gross €5.7 billion and net €5.5 billion, the total balance sheet reserves amount to €40.8 billion gross and €38.1 billion net.
• The results shown in this presentation are based on a series of assumptions as to the future. It should be recognised that actual future claim experience is likely to deviate, perhaps materially, from WTW's estimates. This is because the ultimate liability for claims will be affected by future external events; for example, the likelihood of claimants bringing suit, the size of judicial awards, changes in standards of liability, and the attitudes of claimants towards the settlement of their claims.
• The results shown in WTW's reports are not intended to represent an opinion of market value and should not be interpreted in that manner. The reports do not purport to encompass all of the many factors that may bear upon a market value.
• WTW's analysis is carried out based on data as at evaluation dates for each 31 December review; WTW has undertaken annual reviews since year-end 2009 onwards. WTW's analysis may not reflect developments or information that became available after the valuation dates and WTW's results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates. Specifically, consequences of the Russia-Ukraine conflict are not reflected in our analyses and projections as at 31 December 2021.
• As is typical for reinsurance companies, claims reporting can be delayed due to late notifications by some cedents. This increases the uncertainty in the estimates.
• Hannover Rück SE has asbestos, environmental and other health hazard (APH) exposures which are subject to greater uncertainty than other general liability exposures. WTW's analysis of the APH exposures assumes that the reporting and handling of APH claims is consistent with industry benchmarks. However, there is wide variation in estimates based on these benchmarks. Thus, although Hannover Re Group's held reserves show some redundancy compared to the indications, the actual losses could prove to be significantly different to both the held and indicated amounts.
• WTW has not anticipated any extraordinary changes to the legal, social, inflationary or economic environment, or to the interpretation of policy language, that might affect the cost, frequency, or future reporting of claims. In addition, WTW's estimates make no provision for potential future claims arising from causes not substantially recognised in the historical data (such as new types of mass torts or latent injuries, terrorist acts), except in so far as claims of these types are included incidentally in the reported claims and are implicitly developed.
• In accordance with its scope WTW's estimates are on the basis that all of Hannover Re Group's reinsurance protection will be valid and collectable. Further liability may exist for any reinsurance that proves to be irrecoverable.
• WTW's estimates are in Euros based on the exchange rates provided by Hannover Re Group as at each 31 December evaluation date. However, a substantial proportion of the liabilities is denominated in foreign currencies. To the extent that the assets backing the reserves are not held in matching currencies, future changes in exchange rates may lead to significant exchange gains or losses.
• WTW has not attempted to determine the quality of Hannover Re Group's current asset portfolio, nor has WTW reviewed the adequacy of the balance sheet provisions except as otherwise disclosed herein.
• In its review, WTW has relied on audited and unaudited data and financial information supplied by Hannover Rück SE and its subsidiaries, including information provided orally. WTW relied on the accuracy and completeness of this information without independent verification.
• Except for any agreed responsibilities WTW may have to Hannover Re Group, WTW does not assume any responsibility and will not accept any liability to any person for any damages suffered by such person arising out of this commentary or references to WTW in this document.

Disclaimer

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

While Hannover Re has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information.

Some of the statements in this presentation may be forward-looking statements or statements of future expectations based on currently available information. Such statements naturally are subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements.

This presentation serves information purposes only and does not constitute or form part of an offer or solicitation to acquire, subscribe to or dispose of, any of the securities of Hannover Re.

© Hannover Rück SE. All rights reserved. Hannover Re is the registered service mark of Hannover Rück SE.