Hannover Rueck SE

Investor Presentation • Mar 1, 2020

Hannover Re: the somewhat different reinsurer

March 2020

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	30
3	Life & Health reinsurance	42
4	Investment management	56
5	Capital management	63
6	Annual results 2019	76
7	Appendix	91

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 P&C and L&H if not otherwise stated 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 Property & Casualty R/I Property & Casualty R/I Life & Health R/I Life & Health R/I

Dr. Michael Pickel Germany, Switzerland,

Austria, Italy, Latin America, Iberian Peninsula and Agricultural Risks, North America, Group Legal Services, Run-Off-Solutions

Sven Althoff

Asia, Australia and Middle East, Aviation and Marine, Credit, Surety and Political Risks, UK, Ireland and London Market, Facultative R/I and Direct Business,

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

Roland Vogel

Compliance, Controlling, Innovation Management, Human Resources Management, Internal Auditing, Risk Management, Corporate Development, Corporate Communications

Jean-Jacques Henchoz

Finance and

Accounting, Information Technology, Investment and Collateral Management, Facility Management

We are among the top reinsurers in the world

Premium ranking 2018 in m. USD

We are among the top reinsurers in the world
Premium ranking 2018 in m. USD
Rank Group	Country	GWP	NPW
1 Swiss Re	C H	36,406	34,042
2 Munich Re	D E	35,814	34,515
Hannover Re1 ) 3	D E	21,952	19,791
4 SCOR	F R	17,466	15,773
5 Berkshire Hathaway Inc.	US	15,376	15,376
Lloyd's2 ) 6	UK	14,064	9,926
7 China Re	C N	11,564	10,681
8 RGA	US	11,341	10,544
9 Great West Lifeco	C A	7,737	7,647
10 Korean Re	K R	6,803	4,786
General Insurance Corporation of India3 ) 11	IN	6,582	5,684
12 PartnerRe	B M	6,300	5,803
13 Everest Re	B M	6,225	5,706
14 XL Group	B M	5,219	4,135
15 Transatlantic Holdings	US	4,451	3,969

For further information please see A. M. Best "Market Segment Report" (September 2019)

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

2) Reinsurance only

3) Fiscal year-end March 31, 2019

Reinsurance has the character of a specialty market With a share of 5% of the overall insurance market

Market size primary insurance vs. reinsurance

Source: own research (global market size based on estimate of total ceded premiums by primary insurers) as at May 2019

Growing Property and Casualty reinsurance market Hannover Re outperforms the market

Top 10 ranking for each year

1) F/x adjusted (2015 rates)

2) Berkshire Hathaway excl. AIG deal

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

1) F/x adjusted (2015 rates)

Reinsurance market conditions will improve... ...when the RoE becomes sufficiently low

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

Return on equity GC Global Property Cat RoL Index

Source: Guy Carpenter

-15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 37% 41% 45% 49% 53% 57% 61% 65% 69% 73% 77% 81% 85% 89% 93% 97% 101% 105% 109% 113% 117% 121% 125% 129% 133% 137% 141% 145% 149% 153% 157% 161% 165% 169% 173% 177% 181% 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 - 2018), own calculation

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

Demand for

reinsurance

• Strong capital base
• Diversification
• Expertise in risk management
• Support and expertise in product development and pricing
• Optimising capital requirements
• Reducing cost of capital
• Managing earnings volatility
• Support in distributing products in new markets

Favourable premium growth accelerates in last 3 years 10-year CAGR: +8.2%

Gross written premium in m. EUR

22,598

Well balanced international portfolio growth

Strong earnings track record 2019: Record result in a challenging environment

Operating profit (EBIT) in m. EUR

Earnings per share (EPS) in EUR

Increased dividend reflects strong earnings power Higher retention of profits enables us to fund future growth

Return on Equity significantly exceeds target 2019 is the 11th consecutive year with double-digit RoE

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 in 2019 and on 5-year average RoE

	2015		2016		2017		2018		2019		2015 - 2019
Company	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	avg. RoE	Rank
Hannover Re	14.7%	1	13.7%	1	10.9%	2	12.2%	1	13.3%	1	13.0%	1
Peer 3, US, Life & Health	7.6%	9	10.6%	4	21.9%	1	7.9%	3	8.7%	6	11.3%	2
Peer 6, Bermuda, Property & Casualty	13.0%	3	12.7%	2	5.7%	5	1.3%	9	11.9%	3	8.9%	3
Peer 9, China, Composite	12.2%	4	7.2%	9	7.2%	3	4.9%	5	not yet reported	-	7.9%	4
Peer 1, Germany, Composite	10.2%	6	8.3%	7	1.3%	7	8.5%	2	9.6%	5	7.6%	5
Peer 7, France, Composite	10.7%	5	9.3%	6	4.4%	6	5.4%	4	6.9%	7	7.3%	6
Peer 10, Korea, Composite	9.7%	7	7.8%	8	6.2%	4	4.7%	6	not yet reported	-	7.1%	7
Peer 8, Bermuda, Property & Casualty	9.5%	8	10.0%	5	-5.3%	10	4.2%	7	12.9%	2	6.3%	8
Peer 2, Switzerland, Composite	13.7%	2	10.6%	3	1.0%	9	1.4%	8	2.5%	8	5.8%	9
Peer 4, US, Property & Casualty	7.5%	10	5.9%	10	1.1%	8	0.5%	10	10.4%	4	5.1%	10
Average	10.9%		9.6%		5.4%		5.1%		9.5%		8.0%

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

18 Hannover Re: the somewhat different reinsurer

Continuous increase of value creation 10-year CAGR: +12.4%

Book value and accumulated paid dividends in EUR

Book value per share Paid dividends (cumulative since 1994)

135.53

Shareholders' equity up by 20.0% Driven by net income and asset valuation

Policyholders' surplus in m. EUR 8,068 8,997 8,528 8,777 10,528 709 743 ^{758 765} 826 1,490 1,491 1,492 1,493 2,234 2015 2016 2017 2018 2019 Shareholders' equity Non-controlling interests Hybrid Change in shareholders' equity in m. EUR 10,267 10,779 11,231 11,035 10,528 8,777 1,284 (633) 941 159 Shareholders' equity 31.12.2018 Net income Dividend payment Change in unrealised gains/losses Currency translation and other Shareholders' equity 31.12.2019 13,589

Low expense ratio is an important competitive advantage

Administrative expense ratio

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

Our somewhat different approach and strong market position makes us a superior and highly profitable reinsurer

Our strategy: value creation through reinsurance Our overriding target: profit and value creation

n o	Cost leadership	Lower management expenses • Competitive advantage compared to peers • Deliver a profit that is above average for the sector • Providing our clients with competitive terms
ti a e r c e u al	Profitable growth	• Premium growth on a long-term basis above market average 1) • Minimum return on equity of at least 900 bps above "risk free" 2)) • Achieve a profit in excess of the cost of capital (IVC, based on our ECM
v d n a t fi	Capital management	• Capital management in the light of distributable excess capital to achieve attractive RoE • A sufficient equity buffer enables us to act on available and profitable business at all times
o r P	Shareholder value	• Share price to outperform weighted Global Reinsurance Index (ISIN: DE 000 SLA 1GR 2) over a 3-year rolling period • Consistently paying a dividend that is attractive to our shareholders

1) After tax; target: 900 bps above 5-year average return of 10-year German government bonds 2) Economic Capital Model

Sustainability at Hannover Re

Strategic approach: We are committed to sustainability, integrity and compliance

• Commitment to a responsible and transparent corporate governance geared to lasting success
• Continuous refining of our efficiently functioning compliance management
• Maintaining an open and ongoing dialogue with our stakeholders
• Continuous refinement of our environmental management system
• Ongoing evaluation of suppliers according to environmental and social standards
• Engagement in environmental and social projects across all locations
• Governance and Dialog Product responsibility Environment and Society Employees Sustainability Strategy
• Development and expansion of sustainable insurance products
• Refinement of the sustainability approach within our asset management
• Intensifying the sharing of knowledge about emerging risks with our customers and business partners
• Promoting, preserving and restoring the physical and mental well-being of employees
• Promoting diversity and equal opportunities

Sustainability at Hannover Re

Broad range of activities to support our strategic goals

• Sustainability Report since 2011 • Non-financial statement since 2018 • Prime Rating of ISS ESG (former oekom research) and regular participation in CDP rating • Member of the FTSE4Good Index and MSCI • Participation in various initiatives • Sustainability strategy: Implementation and regular revision since 2011	Governance and Dialog	Product responsibility	• Development of sustainable insurance solutions (i. e. microinsurance, energy savings warranties) • Responsible investment policy since 2012; Best-in Class approach implemented since 2016 • ~ 90% of assets under own management are screened according to ESG criteria according to UN Global Compact • Member of different initiatives like Geneva Association and InsuResilience
• Carbon neutrality achieved for the Hannover based business in 2016 • Environmental management system: certified according to DIN EN ISO 14001 since 2012 and EMAS Standard since 2015 • Worldwide social engagement for decades	Environment and Society	Employees	• Company daycare center for infants up to the age of 3 • Mentoring programme for women • Implementation of an Employee Assistance Programme (EAP) • Participation in the initiative "Fair company"

Present on all continents

27 Hannover Re: the somewhat different reinsurer

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

Performance comparison (incl. reinvested dividends)

Yearly Total Shareholder Return (TSR) of 13.3%

Value creation since IPO

in m. EUR	2018	2019
Market capitalisation as of date	14,194	20,779
- Market capitalisation at IPO (Nov 1994)	1,084	1,084
+ Dividend payments (cumulative)	5,574	1) 5,574
- Capital increases (1996, 1997, 2001, 2003)	811	811
Value creation since IPO	17,873	24,458

1) Dividend payment for 2019 not yet included

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	30
3	Life & Health reinsurance	42
4	Investment management	56
5	Capital management	63
6	Annual results 2019	76
7	Appendix	91

We are a preferred business partner Property & Casualty reinsurance

Distribution

Distribution channels

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

Our strategic contribution from P&C

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

Strategy contribution of the P&C business group

Be among world's most profitable R/I & steer volatility in line with our profit targets

Our value proposition to our customers Our profit contribution

• Tailor-made solutions
  • Comprehensive range of products which can be tailored to our customers' needs
• Solution driven
  • Constant monitoring of markets to identify trends and classes of business that show specific potential for the future
• Flexible organisation
  • Utilisation of all distribution channels, i.e. direct as well as via intermediaries
• Fair and available
  • Short lines of communication towards customers enabling speedy delivery of solutions
• xRoCA1) ≥ 2%
• EBIT margin ≥ 10%
• Combined ratio ≤ 97%

1) xRoCA= eXcess Return on Capital Allocated

Property & Casualty reinsurance: diversified growth 5-year CAGR: +13.3%

GWP split by reporting categories					in m. EUR	Gross written premium split by regions
Catastrophe XL (Cat XL)					14,781	Latin Africa
Aviation and Marine					4% 4% 5%	America 2% Australia 4% 3%
Credit, Surety and Political Risks			10,711	11,976 4% 4%	10%	Germany 9% 2% 4%
Facultative R/I and Direct Business	9,338	9,205	4% 5%	6% 7%	25%	5% 8%
Structured R/I and ILS	4% 7% 7%	4% 6% 7%	6% 8%	24%		United 39% 9% Kingdom 10%
Asia, Australia and the Middle 1) East	11%	9%	24%		11%	13%
1) Continental Europe and Africa	14% 9%	14% 10%	8%	11% 6%	6% 5%	20%
UK, Ireland and London Market	6% 1) 7%	6% 7%	6% 7%	7%	8% 5%	Asia 15%
Germany, Switzerland, Austria 1) and Italy	11% 8%	11% 8%	9% 6%	8% 6%	17%	Rest of Europe 19%
Latin America, Iberian Peninsula 1) and Agricultural Risks	16%	18%	16%	16%		2018 2019
1) North America	2015	2016	2017	2018	2019

1) Unless stated in a separate line

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

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

Breakdown of treaties by volume

Breakdown of business written

Margin-oriented U/W approach leads to profitable growth EBIT margin exceeds target of 10%

Target Combined Ratio varies substantially by line of business 2019

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
North America1)		7.5%	11.5%		95.9%
Latin America, Iberian Peninsula and Agricultural Risks1)		2.6%	7.3%		95.3%
Germany, Switzerland, Austria and Italy1)		1.9%	6.6%		95.3%
UK, Ireland and London market1)		5.4%	8.8%		96.7%
Continental Europe and Africa1)		5.1%	7.3%		98.4%
Asia, Australia and the Middle East1)		5.7%	6.3%		98.8%
Structured R/I and ILS		0.7%	1.6%		99.1%
Facultative R/I and Direct Business		5.7%	8.4%		97.2%
Credit, Surety and Political Risks		3.6%	8.2%		95.4%
Aviation and Marine		5.3%	9.4%		95.9%
Catastrophe XL (CAT XL)		4.9%		14.2%	90.7%
Total Property & Casualty R/I		3.9%	6.9%		97.0%

As at March 2020

1) Unless stated in a separate line

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

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

		Reserve study review by Willis Towers Watson confirms reserving level
in m. EUR
Year end 1 )	Redundancy 2 )	Increase redundancy	Effect on loss ratio	P&C premium (net earned)
2009	867	276	5.3%	5,230
2010	956	8 9	1.6%	5,394
2011	1,117	162	2.7%	5,961
2012	1,308	190	2.8%	6,854
2013	1,517	209	3.1%	6,866
2014	1,546	2 9	0.4%	7,011
2015	1,887	341	4.2%	8,100
2016	1,865	-22	-0.3%	7,985
2017	1,813	-52	-0.6%	9,159
2018	1,694	-118	-1.1%	10,804
2009 - 2018		1,105		73,364
total
2009 - 2018		110	1.5%	7,336
average

Average impact on loss ratio: 1.5% in the past 10 years (not f/x-adjusted)

1) Figures in m. EUR and 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	2018	2019
	100-year loss	(312.0)	(376.3)
Winter storm Europe	250-year loss	(526.0)	(602.2)
	100-year loss	(1,033.2)	(1,154.9)
Hurricane US/Carribean	250-year loss	(1,471.6)	(1,595.1)
	100-year loss	(216.4)	(216.1)
Typhoon Japan	250-year loss	(294.0)	(302.0)
	100-year loss	(344.3)	(341.2)
Earthquake Japan	250-year loss	(664.3)	(733.0)
	100-year loss	(634.8)	(602.7)
Earthquake US West Coast	250-year loss	(1,194.7)	(1,258.2)
	100-year loss	(191.9)	(148.9)
Earthquake Australia	250-year loss	(499.8)	(474.8)

in m. EUR	Limit 2019	Threshold 2019	Actual utilisation (July 2019)
All natural catastrophe risks1)
200-year aggregate annual loss	2,125	1,913	1,727
1) Loss relative to the underwriting result

38 Hannover Re: the somewhat different reinsurer

33% of traditional treaty reinsurance comes up for renewal later… …with loss-affected areas showing higher shares

Estimated premium income U/Y by regions

Treaty premium increased significantly…

…supported by positive price change and active customer relationship mgmt.

Traditional treaty reinsurance

Reporting categories	Premium 1/1/2019	Premium 1/1/2020	Premium changes	Price changes
North America1)	1,267	1,514	+19.5%	+3.4%
Latin America, Iberian Peninsula1), agricultural business	335	452	+35.1%	+2.1%
Germany, Switzerland, Austria, Italy1)	1,165	1,234	+5.9%	+0.1%
UK, Ireland, London market1)	1,172	1,431	+22.1%	+7.2%
Continental Europe, Africa1)	624	691	+10.6%	-0.9%
Asia, Australia, Middle East1)	1,326	1,439	+8.6%	+0.7%
Credit, surety and political risks	598	649	+8.6%	+0.2%
Aviation and Marine	312	354	+13.7%	+5.9%
Cat XL	250	270	+7.8%	+0.7%
Total 1 January renewals	7,049	8,035	+14.0%	+2.3%

Premium estimates in m. EUR

1) All lines of business except those stated separately (excl. Structured R/I and ILS, Facultative R/I and direct)

Positive price and premium development across both treaty types Split by proportional and non-proportional business

	Proportional			Non-proportional
Reporting categories	Premium 1/1/2020	Premium changes	Price changes	Premium 1/1/2020	Premium changes	Price changes
North America1)	733	+28.5%	+2.2%	781	+12.1%	+4.4%
Latin America, Iberian Peninsula,1) agricultural business	387	+40.8%	+2.2%	6 5	+8.7%	+1.6%
Germany, Switzerland, Austria, Italy1)	986	+4.6%	+0.3%	248	+11.7%	-0.7%
UK, Ireland, London market1)	1,293	+24.7%	+6.5%	138	+2.4%	+12.5%
Continental Europe, Africa1)	477	+11.4%	+0.1%	213	+8.9%	-3.1%
Asia, Australia, Middle East1)	1,358	+7.5%	+0.6%	8 2	+28.7%	+3.1%
Credit, surety and political risks	551	+6.9%	-0.1%	9 9	+18.8%	+1.9%
Aviation and Marine	243	+28.9%	+6.5%	112	-9.5%	+5.0%
Cat XL	-	-	-	270	+7.8%	+0.7%
Total 1 January renewals	6,027	+15.5%	+2.1%	2,007	+9.7%	+2.9%

Premium estimates in m. EUR

1) All lines of business except those stated separately (excl. Structured R/I and ILS, Facultative R/I and direct)

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	30
3	Life & Health reinsurance	42
4	Investment management	56
5	Capital management	63
6	Annual results 2019	76
7	Appendix	91

We are somewhat different Life & Health reinsurance

Undogmatic

We have an undogmatic approach

• Strong entrepreneurial spirit
• Appetite to innovate industry solutions

Our strategic contribution from L&H

Efficient

We foster an efficient organisational set-up

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

Responsive

We are committed to time to market & responsiveness

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

Flexible

We are a highly flexible business partner

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

Strategy contribution of the L&H business group We have ambitious profit and growth targets

Our value proposition to our customers	Our profit contribution
• Financial solutions	VNB1) •	≥ EUR 220 m.
– Tailored reinsurance structures for efficient capital or liquidity management	• EBIT growth	≥ 5%
• Risk solutions – Competitive terms, capacity and reinsurance solutions for all types of technical risks	xRoCA2) •	≥ 2%

• Reinsurance services
  • Improvement of sales and underwriting processes

Life & Health reinsurance: worldwide portfolio 5-year CAGR: +3.9%

2018 2019

Good underlying profitability in Life & Health reinsurance 2019: Improved profitability in US mortality and positive one-off effect boost result

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

54 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	30
3	Life & Health reinsurance	42
4	Investment management	56
5	Capital management	63
6	Annual results 2019	76
7	Appendix	91

Strong operating cash flow fuels growth of AuM (+12.9%) AuM growth supported by increase in valuation reserves and currency translation

57 Hannover Re: the somewhat different reinsurer

Very pleasing net investment income

Funds withheld and contract deposits

Net income from assets under own management

Ordinary investment income well supported by alternative asset classes Credit profile slightly more offensive with increased share in Emerging Markets

1)

Investment category	2015	2016	2017	2018	2019
Fixed-income securities	87%	87%	87%	87%	87%
- Governments	26%	28%	30%	35%	35%
- Semi-governments	17%	18%	17%	16%	15%
- Corporates	34%	33%	32%	29%	31%
Investment grade	30%	28%	27%	25%	26%
Non-investment grade	4%	4%	5%	4%	4%
- Pfandbriefe, Covered bonds, ABS	10%	9%	8%	7%	2) 7%
Equities	3%	4%	2%	2%	3%
- Listed equity	1%	2%	<1%	<1%	<1%
- Private equity	2%	2%	2%	2%	2%
Real Assets	4%	5%	5%	6%	5%
Others	1%	1%	1%	1%	2%
Short-term investments & cash	5%	4%	4%	4%	3%
Total market values in bn. EUR	39.8	42.3	40.5	42.7	48.2

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 1,429.9 m. (EUR 1,326.4 m.) as at 31 December 2019

2) Of which Pfandbriefe and Covered Bonds = 66.9%

3) Before real estate-specific costs. Economic view based on market values as at 31 December 2019

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	73%	53%	1 %	58%	-	44%
A A	13%	26%	12%	22%	-	16%
A	8 %	7 %	28%	12%	-	15%
BBB	4 %	1 %	48%	7 %	-	19%
<BBB	2 %	13%	11%	1 %	-	7 %
Total	100%	100%	100%	100%	-	100%
Germany	21%	34%	4 %	20%	19%	17%
UK	8 %	3 %	7 %	10%	15%	7 %
France	1 %	2 %	8 %	6 %	0 %	4 %
GIIPS	1 %	1 %	4 %	5 %	0 %	2 %
Rest of Europe	3 %	13%	16%	23%	2 %	10%
USA	47%	10%	33%	14%	14%	33%
Australia	3 %	10%	7 %	10%	9 %	7 %
Asia	11%	14%	7 %	1 %	28%	10%
Rest of World	5 %	15%	14%	10%	13%	10%
Total	100%	100%	100%	100%	100%	100%
Total b/s values in m. EUR	16,743	7,007	14,162	3,152	1,559	42,624

IFRS figures as at 31 December 2019

Currency allocation matches liability profile of balance sheet Duration-neutral strategy continued with slightly longer neutral point

Currency split of investments

• Modified duration of fixed-income mainly congruent with liabilities and currencies
• Increase of modified duration against 2018 mainly due to decreased interest rates and credit spreads as well as due to new hybrid bond and changed liability modelling
• GBP's higher modified duration predominantly due to life business; EUR driven by hybrid bond issuance

Modified duration
2019	5.7
2018	4.8
2017	4.8
2016	5.0
2015	4.4

Stress tests on assets under own management Focus on credit and real assets risks

Portfolio	Scenario	Change in market value	Change in OCI before tax
	-10%	-121	-121
Equity (listed and private equity)	-20%	in m. EUR in m. EUR -241 -241 -1,202 -1,141 -2,337 -2,218 -757 -749 -262 -105
Fixed-income securities	+50 bps
	+100 bps
Credit spreads	+50%
Real Assets	-10%

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	30
3	Life & Health reinsurance	42
4	Investment management	56
5	Capital management	63
6	Annual results 2019	76
7	Appendix	91

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. 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
  • E. g. hybrid capital.

Type	Nominal amount	Issue date	Issue ratings S&P / AM Best / Fitch	First call date	Maturity	Coupon rate
Dated subordinated bond ISIN: XS2063350925	EUR 750 m.	2019-10-09	A	2029-07-09	2039-10-09	Until first reset date: 1.125% p. a. and thereafter 2.38% p. a. above 3 months EURIBOR
Senior unsecured bond ISIN: XS1808482746	EUR 750 m.	2018-04-18	AA- / - / A+	2028-01-18	2028-04-18	Annually on every April 18
Undated subordinated bond Format: PerpNC10,8 ISIN: XS1109836038	EUR 500 m.	2014-09-15	A / a+ / A-	2025-06-26	Perpetual	Until first call date: 3.375% p. a. and thereafter 3.25% p. a. above 3 months EURIBOR
Dated subordinated bond Format: 30,6NC10,6 ISIN: XS0856556807	EUR 500 m.	2012-11-20	A / aa- / A-	2023-06-30	2043-06-30	Until first call date: 5.00% p. a. and thereafter 4.30% p. a. above 3 months EURIBOR
Dated subordinated bond Format: 30NC10 ISIN: XS0541620901	EUR 500 m.	2010-09-14	A / aa- / A-	2020-09-14	2040-09-14	First 10 years: 5.75% p. a. and thereafter 4.235% p. a. above 3 months EURIBOR

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

Fixed Charge Coverage (x)1)

Source: Standard & Poor's rating report of Hannover Re as of 29 August 2019

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

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

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

As at March 2020

Financial strength ratings

Group	S&P	A.M. Best
General Reinsurance Corp.	AA+	A++
Hannover Re	AA-	A+
Munich Re	AA-	A +
Swiss Re	AA-	A +
SCOR	AA-	A +
XL Bermuda	AA-	A +
Transatlantic Re	A +	A +
PartnerRe	A +	A +
Everest Re	A +	A +
Lloyd's	A +	A

As at 2 March 2020

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

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

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

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

We get very high allocations when we quote for business

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

We create lower capital charges for our cedents

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

Our cost of financing in the capital markets is lower

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

We cope with a challenging regulatory environment Recent developments

Data protection • EU General data protection regulation (GDPR) • International data protection regulation (e.g. PIPA in South Africa)	IT and cyber security • Requirements on IT security in (re-) insurance (VAIT) • EIOPA cyber risk initiative	Solvency II review • Level 2 review in 2018 • Review of the Solvency II directive (level 1) in 2020	IAIS common framework for insurance regulation (ComFrame) • International capital standards (ICS) • Monitoring phase until 2025
Conduct and sustainability regulation • Insurance distribution directive • Sustainability reporting	Disruption • Brexit • US tax reform (Base erosion and abuse tax on affiliate premium)	Internal model regulation • Market risk benchmark study • EIOPA initiative of further involvement in internal model review	Major changes in accounting standards • IFRS 17 • IFRS 9

Group capital position remains comfortable

Growth in own funds exceeds SCR growth, driven also by hybrid bond issuance in Q4

in m. EUR	Solvency II1) 31.12.2018	Solvency II2) 31.12.2019	Internal Metrics 31.12.2019
Available Economic Capital / Eligible Own Funds3)	12,635	14,399	15,035
Solvency Capital Requirements (SCR)	5,135	5,719	5,719
Excess Capital	7,499	8,680	9,316
Capital Adequacy Ratio	246%	252%	263%
Minimum Target Ratio (Limit / Threshold)		180% / 200%

1) Small deviations compared to annual report 2018 since the amounts are based on final Solvency II year-end reporting as presented in the Solvency and Financial Condition Report (SFCR)

2) Full internal model incl. the application of the dynamic volatility adjustment (subject to regulatory approval), own funds based on the Solvency II reporting as of 31 December 2019, audit opinions not issued yet

3) Including haircut (EUR 636 m.) for minority interests (mostly E+S Rückversicherung AG)

Improving capital adequacy ratio Strong growth supported by excellent operating earnings

Development of the (regulatory) capital adequacy ratio

• 2018: Decrease in solvency ratio mainly due to higher capital requirements as a result of growing business and widening of credit spreads, with offsetting effects from first-time application of volatility adjustment in Q4/2018.
• 2019: Increase in solvency ratio due to the additional hybrid bond issued in 2019. The increase in capital requirements is a result of increasing business volumes, partly offset by first-time application of the dynamic volatility adjustment in Q4/2019.

1) Solvency Capital Requirements Q4/2019 include the application of the dynamic volatility adjustment (subject to regulatory approval)

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

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

As at 31 December 2019, the related audits are at present not fully completed

1) Foreseeable dividends and distributions refer to Hannover Rück SE dividend including non-controlling interests

2) Net deferred tax assets

Efficient capital deployment supported by significant diversification Eligible own funds at record high

Solvency Capital Requirements in m. EUR

As at 31 December 2019

Solvency capital requirements based on the full internal model incl. the application of the dynamic volatility adjustment (subject to regulatory approval) The capital allocation is based on TVaR which takes dependencies between risk categories into account

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

Risk capital for the 99.5% VaR (according to economic capital model) in m. EUR

As at 31 December 2019

Individual risks with limited impact on own funds Substantial excess capital to withstand stress events

Sensitivities and stress tests

As at 31 December 2018, in m. EUR; post-tax

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

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

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

4) +50bps for Hannover Re average portfolio bucket. Stress level differs by rating and duration. Includes impact of changes in static volatility adjustment

Agenda

1	Hannover Re Group	2
2	Property & Casualty reinsurance	30
3	Life & Health reinsurance	42
4	Investment management	56
5	Capital management	63
6	Annual results 2019	76
7	Appendix	91

Double-digit growth in earnings and premium

Improved RoE well above target, despite 20% increase in shareholders' equity

13.3% Return on Equity Well above minimum target of 9.3%

• Satisfying EBIT margin (10.0%)
• C/R of 98.2% above target due to large losses exceeding budget and Typhoon Jebi
• Strong premium growth (f/x-adj. +20.4%) driven by diversified growth in traditional business and Structured R/I

87.30 EUR Book value per share

+20.0% driven by strong earnings as well as interest rates and spread increases

P&C Reinsurance L&H Reinsurance Investments EBIT: 1,286 m. EBIT: 570 m. NII: 1,757 m.

• Strong earnings contribution based on overall favourable underlying profitability as well as positive one-off effect in Q2/2019 and absence of recapture charges for US mortality business in H2/2019 lead to an EBIT increase of 107%
• Premium growth (f/x-adj. +6.7%) mainly from APAC

252% Solvency II ratio 31.12.2019

• Ordinary investment income increased by 4.5%
• RoI from AuM: 3.5%, exceeds increased guidance of ≥3.2%
• AuM increased by +12.9% to more than 47 bn.

Figures in EUR millions, unless otherwise stated

Remarkable premium and earnings growth Improved result from Life & Health and favourable investment income

Group figures in m. EUR	Q4/2018	Q4/2019	Δ	2018	2019	Δ
Gross written premium	4,184	5,204	+24.4%	19,176	22,598	+17.8%
Net premium earned	4,515	5,338	+18.2%	17,289	19,730	+14.1%
Net underwriting result	52	(35)	-166.7%	(51)	(216)	-
- Incl. funds withheld	97	24	-75.6%	157	(10)	-106.2%
Net investment income	375	425	+13.5%	1,530	1,757	+14.8%
- From assets under own mgmt.	330	366	+11.1%	1,322	1,551	+17.3%
- From funds withheld	45	59	+31.3%	208	206	-0.7%
Other income and expenses	12	68	-	118	312	+165.2%
Operating profit/loss (EBIT)	440	458	+4.2%	1,597	1,853	+16.1%
Financing costs	(20)	(23)	+15.9%	(78)	(87)	+11.3%
Net income before taxes	419	434	+3.6%	1,518	1,766	+16.3%
Taxes	(63)	(127)	+102.8%	(373)	(393)	+5.3%
Net income	357	307	-13.8%	1,146	1,373	+19.9%
- Non-controlling interests	23	26	+17.1%	86	89	+3.7%
Group net income	334	281	-15.9%	1,059	1,284	+21.2%
Retention	90.4%	88.5%		90.7%	90.0%
EBIT margin (EBIT/Net premium earned)	9.7%	8.6%		9.2%	9.4%
Tax ratio	14.9%	29.2%		24.6%	22.2%
Earnings per share (in EUR)	2.77	2.33		8.79	10.65

Strong growth based on improving reinsurance market environment Satisfactory results despite large losses exceeding budget

Property & Casualty R/I in m. EUR	Q4/2018	Q4/2019	2018	2019
Gross written premium	2,318	3,128	11,976	14,781
Net premium earned	2,787	3,515	10,804	12,798
Net underwriting result incl. funds withheld	114	110	373	235
Combined ratio incl. interest on funds withheld	95.9%	96.9%	96.5%	98.2%
Net investment income from assets under own management	242	254	999	1,022
Other income and expenses	(37)	3	(50)	29
Operating profit/loss (EBIT)	319	367	1,323	1,286
Tax ratio	12.6%	29.9%	23.4%	25.4%
Group net income	257	232	929	872
Earnings per share (in EUR)	2.13	1.92	7.70	7.23

YTD

• GWP f/x-adjusted +20.4%, growth from traditional reinsurance (+21.6%) as well as Structured R/I (+15.7%)
• NPE f/x-adjusted +15.8%
• Major losses of EUR 956 m. (7.5% of NPE) above budget of EUR 875 m.
• Negative development of typhoon Jebi impacted the combined ratio by approx. EUR 80 m.
• Positive overall run-off result and (unchanged) conservative initial reserving
• US casualty development and decision on Ogden rate change lead to reduction in reserve redundancies
• Net investment income increased mainly driven by strong ordinary investment income
• Other income and expenses benefitted from disposal of participation in Q3/2019
• EBIT margin of 10.0% exactly in line with target
• Tax ratio at normalised level

Large losses exceed budget by EUR 81 million

Catastrophe losses1 ) in m. EUR Date Gross Net Large losses above budget due to frequency of man-made losses Large losses from natural catastrophes in line with expectations

Flood, Australia	26 Jan - 7 Feb	37.1	27.5
Storm / flood, USA	12 - 13 Mar	20.2	17.6
Tornados, USA	25 - 29 May	40.8	38.7
Hailstorm "Jörn", Germany	10 Jun	23.9	14.9
Typhoon "Lekima", China	10 - 11 Aug	14.8	14.3
Hurricane "Dorian", Bahamas, USA	1 Sep	221.2	194.7
Typhoon "Faxai", Japan	8 Sep	187.8	83.8
Typhoon "Hagibis", Japan	12 - 13 Oct	447.1	183.8
Earthquake, Albania	26 Nov	15.3	14.9
Bushfire, Australia	1 - 31 Dec	54.9	46.3
10 Natural catastrophes		1,062.9	636.5
2 Marine claims		24.8	15.1
2 Aviation claims		127.9	33.2
6 Property claims		184.6	174.2
2 Credit claims		97.1	97.1
12 Man-made losses		434.4	319.6
22 Major losses		1,497.3	956.1

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross Large loss budget EUR 875 m. thereof EUR 175 m. man-made and EUR 700 m. NatCat

High large loss experience leads to a Combined Ratio above target

Q1-4/2019: Combined Ratio vs. Target Combined Ratio EBIT margin

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

Strong earnings contribution from Life & Health reinsurance US mortality performance better than expected

Life & Health R/I in m. EUR	Q4/2018	Q4/2019	2018	2019
Gross written premium	1,865	2,076	7,200	7,816
Net premium earned	1,728	1,823	6,485	6,932
Net underwriting result incl. funds withheld	(16)	(86)	(216)	(245)
Net investment income from assets under own management	87	112	320	526
Other income and expenses	50	67	172	289
Operating profit/loss (EBIT)	121	92	276	570
EBIT margin	7.0%	5.1%	4.3%	8.2%
Tax ratio	22.6%	23.6%	32.0%	16.4%
Group net income	93	69	186	472
Earnings per share (in EUR)	0.77	0.57	1.54	3.91

YTD

• GWP f/x-adjusted +6.7%, mainly from APAC and UK Longevity
• NPE f/x-adjusted growth +5.1%
• US mortality improved significantly due to in-force management actions. Technical result negatively impacted by Australian disability and UK mortality in 1H/2019
• Extraordinary gain from restructuring of a participation in Q2/2019 (EUR 99.5 m.). Favourable ordinary investment income and change in fair value of financial instruments
• Other income and expenses mainly the result of strong contribution from deposit accounted treaties in Financial Solutions in the amount of EUR 287 m. (2018: EUR 198 m.)
• EBIT materially exceeds prior year
• Low tax ratio due to tax-reduced investment gains

Very pleasing outperformance of RoI target

Realisations driven by successful real estate transactions and one-off in L&H

in m. EUR	Q4/2018	Q4/2019	2018	2019	RoI
Ordinary investment income1 )	333	356	1,327	1,407	3.1%
Realised gains/losses	27	74	128	274	0.6%
Impairments/appreciations & depreciations	(12)	(28)	(49)	(81)	-0.2%
Change in fair value of financial instruments (through P&L)	11	-4	31	73	0.2%
Investment expenses	(29)	(33)	(114)	(122)	-0.3%
NII from assets under own mgmt.	330	366	1,322	1,551	3.5%
NII from funds withheld	45	59	208	206
Total net investment income	375	425	1,530	1,757
Unrealised gains/losses of investments	31 Dec 18	31 Dec 19
On-balance sheet	500	1,789
thereof Fixed income AFS	91	1,356
Off-balance sheet	498	524
thereof Fixed income HTM, L&R			227	233
Total			998	2,314

YTD

• Rise in ordinary income from fixed-income securities and real estate as well as strong results from private equity investments
• Realised gains driven by restructuring of participation in L&H and disposals of two real estate objects as well as positive effects from fixed income portfolios
• Positive development of fair value changes through P&L predominantly due to reinsurance embedded derivatives
• Significant rise in valuation reserves due to lower EUR, USD and GBP yields as well as lower credit spreads on corporates

1) Incl. results from associated companies

Target Matrix 2019 Almost all targets achieved or exceeded

Business group	Key figures	Strategic targets for 2019	2019
Group	Return on investment1)	≥ 2.8%	3.4%
	Return on equity2)	≥ 9.3%	13.3%
	Earnings per share growth (y-o-y)	≥ 5% ≥ 6.3% ≥ 200% 3 - 5% ≤ 97% ≥ 10% ≥ 2% 3 - 5% ≥ EUR 220 m. ≥ 5% ≥ 2%	21.2%
	Economic value creation3)		13.5%
	Solvency ratio4)		252%
Property & Casualty R/I	Gross premium growth5)		20.4%
	Combined ratio6) EBIT margin7)		98.2%
			10.0%
	xRoCA8)		0.1%
Life & Health R/I	Gross premium growth9)		6.7%
	Value of New Business (VNB)10)		EUR 663 m.
	EBIT growth11)		106.6%
	xRoCA8)		12.4%

3) Growth in economic equity + paid dividend; target: 600 bps above 5-year average return of 10-year German government bonds 4) According to our internal capital model and Solvency II requirements

5) On average throughout the R/I cycle at constant f/x rates 6) Incl. large loss budget of EUR 875 m.

9) Organic growth only; target: annual average growth over a 3-year period, at constant f/x rates 10) Based on Solvency II principles; pre-tax reporting

11) Annual average growth over a 3-year period

1) Excl. effects from ModCo derivatives 2) After tax; target: 900 bps above 5-year average return of 10-year German government bonds

• 7) EBIT/net premium earned 8) Excess return on allocated economic capital
  -

Our business groups at a glance 2019 vs. 2018

		Property & Casualty R/I			Life & Health R/I			Total
in m. EUR	2018	2019	Δ	2018	2019	Δ	2018	2019	Δ
Gross written premium	11,976	14,781	+23.4%	7,200	7,816	+8.6%	19,176	22,598	+17.8%
Net premium earned	10,804	12,798	+18.5%	6,485	6,932	+6.9%	17,289	19,730	+14.1%
Net underwriting result	337	188	-44.3%	(388)	(404)	+4.0%	(51)	(216)	-
Net underwriting result incl. funds withheld	373	235	-36.9%	(216)	(245)	+13.4%	157	(10)	-106.2%
Net investment income	1,035	1,069	+3.3%	492	684	+39.2%	1,530	1,757	+14.8%
From assets under own management	999	1,022	+2.3%	320	526	+64.5%	1,322	1,551	+17.3%
From funds withheld	36	48	+33.1%	172	159	-7.8%	208	206	-0.7%
Other income and expenses	(50)	29	-	172	289	+68.0%	118	312	+165.2%
Operating profit/loss (EBIT)	1,323	1,286	-2.8%	276	570	+106.6%	1,597	1,853	+16.1%
Financing costs	0	(2)	-	0	(2)	-	(78)	(87)	+11.3%
Net income before taxes	1,323	1,283	-3.0%	276	568	+106.0%	1,518	1,766	+16.3%
Taxes	(309)	(326)	+5.4%	(88)	(93)	+5.8%	(373)	(393)	+5.3%
Net income	1,014	958	-5.5%	188	475	+153.2%	1,146	1,373	+19.9%
Non-controlling interest	84	86	+1.8%	2	3	+104.4%	86	89	+3.7%
Group net income	929	872	-6.2%	186	472	+153.7%	1,059	1,284	+21.2%
Retention	90.7%	90.3%		90.7%	89.5%		90.7%	90.0%
Combined ratio (incl. interest on funds withheld)	96.5%	98.2%		-	-		-	-
EBIT margin (EBIT / Net premium earned)	12.2%	10.0%		4.3%	8.2%		9.2%	9.4%
Tax ratio	23.4%	25.4%		32.0%	16.4%		24.6%	22.2%
Earnings per share (in EUR)	7.70	7.23		1.54	3.91		8.79	10.65

Our business groups at a glance Q4/2019 vs. Q4/2018

	Property & Casualty R/I		Life & Health R/I			Total
in m. EUR	Q4/2018	Q4/2019	Δ	Q4/2018	Q4/2019	Δ	Q4/2018	Q4/2019	Δ
Gross written premium	2,318	3,128	+34.9%	1,865	2,076	+11.3%	4,184	5,204	+24.4%
Net premium earned	2,787	3,515	+26.1%	1,728	1,823	+5.5%	4,515	5,338	+18.2%
Net underwriting result	104	96	-7.9%	(52)	(131)	+152.5%	52	(35)	-166.7%
Net underwriting result incl. funds withheld	114	110	-3.3%	(16)	(86)	-	97	24	-75.6%
Net investment income	251	268	+6.6%	123	157	+27.7%	375	425	+13.5%
From assets under own management	242	254	+5.0%	87	112	+28.1%	330	366	+11.1%
From funds withheld	9	14	+48.8%	36	45	+26.7%	45	59	+31.3%
Other income and expenses	(37)	3	-	50	67	+33.6%	12	68	-
Operating profit/loss (EBIT)	319	367	+15.0%	121	92	-23.5%	440	458	+4.2%
Financing costs	0	(1)	-	0	0	-	(20)	(23)	+15.9%
Net income before taxes	319	366	+14.8%	121	92	-23.9%	419	434	+3.6%
Taxes	(40)	(110)	+172.8%	(27)	(22)	-20.7%	(63)	(127)	+102.8%
Net income	279	257	-8.0%	93	70	-24.8%	357	307	-13.8%
Non-controlling interest	22	25	+13.0%	0	1	-	23	26	+17.1%
Group net income	257	232	-9.8%	93	69	-26.0%	334	281	-15.9%
Retention	90.0%	88.5%		91.0%	88.5%		90.4%	88.5%
Combined ratio (incl. interest on funds withheld)	95.9%	96.9%		-	-		-	-
EBIT margin (EBIT / Net premium earned)	11.4%	10.4%		7.0%	5.1%		9.7%	8.6%
Tax ratio	12.6%	29.9%		22.6%	23.6%		14.9%	29.2%
Earnings per share (in EUR)	2.13	1.92		0.77	0.57		2.77	2.33

Overall profitability above margin requirements in Property & Casualty Financial year 2020

Reporting categories	Volume1)	Profitability2)
North America3)		+
Latin America, Iberian Peninsula and Agricultural Risks3)		+
Germany, Switzerland, Austria and Italy3)		+
UK, Ireland and London Market3)		+/-
Continental Europe and Africa3)		+/-
Asia, Australia and the Middle East3)		+/-
Structured Reinsurance and ILS		+
Facultative Reinsurance and Direct Business		+
Credit, Surety and Political Risks		+/-
Aviation and Marine		+/-
Catastrophe XL (Cat XL)		+/-

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

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

3) All lines of business except those stated separately

Profitability at or above cost of capital in all reporting categories Financial year 2020

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

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

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

Guidance for 2020

Hannover Re Group

•	Gross written premium1)	~ 5% growth
•	Return on investment2) 3)	~ 2.7%
•	Group net income2)	~ EUR 1.2 bn.
•	ratio4) Ordinary dividend payout	35% - 45%

• Special dividend additional payout if profit target is reached and capitalisation remains comfortable

1) At unchanged f/x rates

2) Subject to no major distortions in capital markets and/or major losses in 2020 not exceeding the large loss budget of EUR 975 m.

3) Excluding effects from ModCo derivatives

4) Relative to group net income according to IFRS

Agenda

7	Appendix	91
6	Annual results 2019	76
5	Capital management	63
4	Investment management	56
3	Life & Health reinsurance	42
2	Property & Casualty reinsurance	30
1	Hannover Re Group	2

Financial calendar and our Investor Relations contacts

6 May 2020 Annual General Meeting Quarterly Statement as at 31 March 2020

5 August 2020

Half-yearly report as at 30 June 2020

21 October 2020 Investor's Day 2020

4 November 2020 Quarterly Statement as at 30 September 2020

4 February 2021 1 January P&C Treaty Renewals

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

Karl Steinle General Manager

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

Julia Hartmann Senior Investor Relations Manager

Phone: +49 511 5604 - 1529 julia.hartmann@hannover-re.com

Axel Bock Investor Relations Manager

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

Basic information on the Hannover Re share

Basic information

International Securities Identification Number (ISIN)	DE 000 840 221 5
Ticker symbols
-Bloomberg	HNR1
-Thomson Reuters	HNRGn
-ADR	HVRRY
Exchange listings
-Germany	Xetra, Frankfurt, Munich, Stuttgart, Hamburg, Berlin, Düsseldorf, Hannover (official trading: Xetra, Frankfurt and Hannover)
-USA	American Depositary Receipts (Level 1 ADR programme; 2 ADR = 1 share)
Market segment	Prime Standard
Index inclusion	MDAX
First listed	30 November 1994
Number of issued shares1)	120,597,134
Common shares1)	EUR 120,597,134
Share class	No-par-value registered shares

List of abbreviations

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

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

Details on reserve review by Willis Towers Watson

• The scope of Willis Towers Watson's work was to review certain parts of the held loss and loss adjustment expense reserve, net of outwards reinsurance, from Hannover Rück SE's consolidated financial statements in accordance with IFRS as at each 31 December from 2009 to 2015, and the implicit redundancy margin, for the non-life business of Hannover Rück SE. Willis Towers Watson concludes that the reviewed loss and loss adjustment expense reserve, net of reinsurance, less the redundancy margin is reasonable in that it falls within Willis Towers Watson's range of reasonable estimates.
• Life reinsurance and health reinsurance business are excluded from the scope of this review.
• Willis Towers Watson's review of non-life reserves as at 31 December 2015 covered 98.2% / 98.1% of the gross and net held non-life reserves of €22.8 billion and € 21.8 billion respectively. Together with life reserves of gross €3.7 billion and net €3.4 billion, the total balance sheet reserves amount to €26.6 billion gross and €25.2 billion net.
• The results shown in this presentation are based on a series of assumptions as to the future. It should be recognised that actual future claim experience is likely to deviate, perhaps materially, from Willis Towers Watson's estimates. This is because the ultimate liability for claims will be affected by future external events; for example, the likelihood of claimants bringing suit, the size of judicial awards, changes in standards of liability, and the attitudes of claimants towards the settlement of their claims.
• The results shown in Willis Towers Watson's reports are not intended to represent an opinion of market value and should not be interpreted in that manner. The reports do not purport to encompass all of the many factors that may bear upon a market value.
• Willis Towers Watson's analysis was carried out based on data as at evaluation dates for each 31 December from 2009 to 2015. Willis Towers Watson's analysis may not reflect development or information that became available after the valuation dates and Willis Towers Watson's results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates.
• As is typical for reinsurance companies, the claims reporting can be delayed due to late notifications by some cedants. This increases the uncertainty in the estimates.
• Hannover Rück SE has asbestos, environmental and other health hazard (APH) exposures which are subject to greater uncertainty than other general liability exposures. Willis Towers Watson's analysis of the APH exposures assumes that the reporting and handling of APH claims is consistent with industry benchmarks. However, there is wide variation in estimates based on these benchmarks. Thus, although Hannover Rück SE's held reserves show some redundancy compared to the indications, the actual losses could prove to be significantly different to both the held and indicated amounts.
• Willis Towers Watson has not anticipated any extraordinary changes to the legal, social, inflationary or economic environment, or to the interpretation of policy language, that might affect the cost, frequency, or future reporting of claims. In addition, Willis Towers Watson's estimates make no provision for potential future claims arising from causes not substantially recognised in the historical data (such as new types of mass torts or latent injuries, terrorist acts), except in so far as claims of these types are included incidentally in the reported claims and are implicitly developed.
• In accordance with its scope Willis Towers Watson's estimates are on the basis that all of Hannover Rück SE's reinsurance protection will be valid and collectable. Further liability may exist for any reinsurance that proves to be irrecoverable.
• Willis Towers Watson's estimates are in Euros based on the exchange rates provided by Hannover Rück SE as at each 31 December evaluation date. However, a substantial proportion of the liabilities is denominated in foreign currencies. To the extent that the assets backing the reserves are not held in matching currencies, future changes in exchange rates may lead to significant exchange gains or losses.
• Willis Towers Watson has not attempted to determine the quality of Hannover Rück SE's current asset portfolio, nor has Willis Towers Watson reviewed the adequacy of the balance sheet provisions except as otherwise disclosed herein.
• In its review,Willis Towers Watson has relied on audited and unaudited data and financial information supplied by Hannover Rück SE and its subsidiaries, including information provided orally. Willis Towers Watson relied on the accuracy and completeness of this information without independent verification.
• Except for any agreed responsibilities Willis Towers Watson may have to Hannover Rück SE, Willis Towers Watson does not assume any responsibility and will not accept any liability to any person for any damages suffered by such person arising out of this commentary or references to Willis Towers Watson in this document.

Disclaimer

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

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

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

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

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