Hannover Rueck SE

Investor Presentation • Mar 10, 2022

Analysts' Conference Call on 2021 Annual Results

Hannover, 10 March 2022

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

Strong results despite large losses and Covid-19 impact in L&H Total dividend proposal increased to EUR 5.75

Figures in m. EUR, unless otherwise stated; 2020 restated pursuant to IAS 8

2020 at EUR 950 m.

alternative investments

| 1 Group overview | 2 | 3 | 4 | 5 | 6 | 7 | 8 |

Special dividend proposed in light of strong capitalisation and performance Total payout ratio in line with previous years

Dividend per share in EUR

1) Dividend proposal; subject to consent of AGM

Very strong operating cash flow supports growth of assets and ordinary investment income

Figures in m. EUR; 2020 restated pursuant to IAS 8

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

RoE of 10.8% well above target for 2021 5Y-average RoE of 11.1% is highly satisfactory despite exceptional loss burden

5-year Ø 2017 – 2021

10-year Ø 2012 – 2021

7 Analysts' Conference Call on 2021 Annual Results

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

2017 2018 2019 2020 2021

Spread over minimum target

1)

Actual Minimum target Average shareholders' equity

15-year Ø 2007 – 2021

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%	8	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 10, Korea, Composite	6.2%	4	4.7%	6	8.1%	7	6.1%	4	7.1%	6	6.4%	5
Peer 8, France, Composite	4.4%	6	5.4%	4	6.9%	9	3.7%	7	7.3%	5	5.6%	6
Peer 4, US, Property & Casualty	1.1%	8	0.5%	10	10.4%	4	1.2%	9	11.5%	2	4.9%	7
Peer 7, Bermuda, Property & Casualty	-5.3%	10	4.2%	7	12.9%	2	10.8%	1	-1.0%	9	4.3%	8
Peer 2, Switzerland, Composite	1.0%	9	1.4%	8	2.5%	10	-3.1%	10	5.7%	7	1.5%	9
Peer 9, China, Composite	7.2%	3	4.9%	5	7.3%	8	6.3%	3	n.a.	n.a.	n.a.	n.a.
Average	5.4%		5.1%		9.2%		4.6%		7.7%		6.4%

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

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

Continued strong growth in an attractive market environment Favourable underwriting result despite high large-loss activity

Property & Casualty R/I in m. EUR	Q4/2020	Q4/2021	2020	2021
Gross written premium	3,396	3,955	16,744	19,224
Net premium earned	3,693	4,548	14,205	16,624
Net underwriting result incl. funds withheld	(78)	131	(224)	383
Combined ratio incl. interest on funds withheld	102.1%	97.1%	101.6%	97.7%
Net investment income from assets under own management	270	338	937	1,295
Other income and expenses	42	(17)	109	(166)
Operating profit/loss (EBIT)	235	451	823	1,512
Tax ratio	10.3%	18.6%	21.0%	23.8%
Group net income	197	343	615	1,082
Earnings per share (in EUR)	1.63	2.85	5.10	8.98

YTD

• GWP f/x-adjusted +16.3%, diversified growth from traditional and structured reinsurance business
• NPE f/x-adjusted +18.4%
• Net large losses of EUR 1,250 m. (7.5% of NPE) above budget of EUR 1,100 m.
• Covid-19 net loss estimate unchanged at EUR 950 m.
• Prudent reserving at year-end, also in light of inflation
• Increase in net investment income predominantly driven by strong ordinary investment income
• Other income and expenses decreased mainly due to negative currency effects of EUR -80 m. (2020: EUR 166 m.)
• EBIT growth +83.7%

2020 restated pursuant to IAS 8

10 Analysts' Conference Call on 2021 Annual Results

Large-loss budget exceeded by EUR 150 m. Significant relief from our retrocession programme

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

Large-loss budget 2021 exceeded for both NatCat and man-made losses

Large-loss budget 2021 exceeded for both NatCat and man-made losses
Catastrophe losses1 ) in m. EUR	Date	Gross	Net
Storm "Filomena", Spain	7 - 8 Jan	16.6	15.1
Texas winter storm/freeze, USA	11 - 21 Feb	310.5	156.0
Earthquake, Japan	13 - 14 Feb	14.8	14.3
Floods, Australia	18 - 23 Mar	17.6	12.7
Drought, Canada	1 Apr	14.0	13.1
Freeze, France	7 Apr	10.7	10.6
Cyclone "Seroja", Australia	11 - 14 Apr	14.3	13.4
Storm "Volker", Germany	21 - 25 Jun	113.3	69.6
Storm "Xero", Germany, Switzerland, Austria	28 Jun - 1 Jul	13.1	10.6
Flood "Bernd", Europe	8 - 16 Jul	801.8	208.4
Wildfire, USA	13 Jul - 25 Oct	18.4	11.5
Rain and flood, China	16 - 22 Jul	42.1	34.8
Hurricane "Ida", USA	26 Aug - 4 Sep	790.6	304.9
Storm, Australia	25 - 30 Oct	35.3	23.1
Tornados, USA	10 - 11 Dec	111.9	65.6
15 Natural catastrophes		2,325.0	963.6
2 Aviation losses		32.5	15.9
3 Marine losses		47.9	30.2
1 Credit loss		21.5	21.5
8 Property losses		222.4	219.0
14 Man-made losses		324.4	286.6
29 Major losses		2,649.5	1,250.2

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross Large loss budget 2021: EUR 1,100 m. thereof EUR 225 m. man-made and EUR 875 m. NatCat

Combined ratios in EMEA and Americas impacted by large losses

2021: Combined ratio vs. target combined ratios

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

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

Favourable premium growth

Result impacted by Covid-19 losses – strong earnings in Financial Solutions

Life & Health R/I in m. EUR	Q4/2020	Q4/2021	2020	2021
Gross written premium	2,079	2,188	8,026	8,538
Net premium earned	1,896	1,962	7,155	7,519
Net underwriting result incl. funds withheld	(174)	(279)	(467)	(595)
Net investment income from assets under own management	172	195	524	379
Other income and expenses	79	88	336	439
Operating profit/loss (EBIT)	78	3	393	223
EBIT margin	4.1%	0.2%	5.5%	3.0%
Tax ratio	57.1%	-	15.5%	10.9%
Group net income	32	47	329	197
Earnings per share (in EUR)	0.27	0.39	2.73	1.63

YTD

• GWP f/x-adjusted +5.5% across all business lines
• NPE f/x-adjusted growth +4.4%
• Underwriting result impacted by Covid-19 losses of EUR 582 m. (thereof US: EUR 290 m., South Africa: EUR 192 m.), partly offset by positive extraordinary effects from reserve releases in Longevity in Q3 and Q4 (EUR 122 m.) and from restructuring within US mortality portfolio in Q1 (EUR 132 m.)
• Net investment income decreased due to lower realised gains and valuation of reinsurance derivatives; prior year includes extraordinary valuation gain from at-equity participation
• Fair value of financial instruments includes positive valuation effect of EUR 44 m. from extreme mortality cover
• Other income and expenses: Continued strong contribution from deposit accounted treaties of EUR 387 m. (2020: EUR 337 m.) and positive oneoff effect from restructuring within US mortality portfolio in Q1

2020 restated pursuant to IAS 8

Diversified portfolio absorbs Covid-19 impact on mortality Favourable value of new business supports outlook for 2022

Financial Solutions Longevity Mortality Morbidity Gross written premium 2021: EUR 8,538 m. EBIT 2021: EUR 223 m. -376 183 416 Financial Solutions Longevity Mortality/Morbidity 29% 16% 17% 38%

1) Value of new business (in m. EUR) based on Solvency II principles and pre-tax reporting

• Financial Solutions China, EU, USA
• Risk relief (Longevity) UK
• Risk relief (Mortality) Canada, Latin America, USA
• Risk relief (Morbidity) Canada, EU, USA

VNB1) (Target 2021 > EUR 250 m.)

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

Very strong return on investment of 3.2% clearly exceeding target of 2.4% Increased ordinary income from alternative investments and inflation-linked bonds

in m. EUR	Q4/2020	Q4/2021	2020	2021	RoI
Ordinary investment income1)	344	486	1,329	1,591	3.0%
Realised gains/losses	138	43	330	281	0.5%
Impairments/appreciations & depreciations	(28)	(36)	(129)	(88)	-0.2%
Change in fair value of financial instruments (through P&L)	23	85	64	36	0.1%
Investment expenses	(34)	(45)	(129)	(146)	-0.3%
NII from assets under own management	443	532	1,464	1,675	3.2%
NII from funds withheld	58	54	222	268
Total net investment income	500	586	1,685	1,943

Unrealised gains/losses of investments	31 Dec 20	31 Dec 21
On-balance sheet	3,019	2,310
thereof Fixed income AFS	2,347	1,299
Off-balance sheet	551	629
thereof Fixed income HTM, L&R	211	148
Total	3,570	2,939

1) Incl. results from associated companies

YTD

• Very pleasing increase in ordinary income from alternative investments, inflation-linked bonds and higher asset volume
• Realised gains include disposal of parts of listed-equity portfolio in Q1, disposal gains on real estate as well as impact of credit reallocations due to strategic and regular portfolio adjustments
• Stable depreciation of direct real estate investments; overall impairments at moderate levels
• Change in fair value of financial instruments through P&L impacted by valuation of reinsurance-related derivatives
• Decrease in valuation reserves due to higher minimal-risk yield curves; credit spreads on corporates on low level with hardly any changes; higher valuations in alternative investments; stable reserves on real estates, positive contribution from inflation-linked bonds

Ordinary return with continued strong support from alternative assets Slightly more credit risk taking and strong growth of investment volume

1)

Investment category	2017	2018	2019	2020	2021
Fixed-income securities	87%	87%	87%	85%	86%
- Governments	30%	35%	35%	34%	34%
- Semi-governments	17%	16%	15%	15%	14%
- Corporates	32%	29%	31%	30%	32%
Investment grade	27%	25%	26%	25%	28%
Non-investment grade	5%	4%	4%	4% 5%	4%
- Pfandbriefe, Covered bonds, ABS	8%	7%	7%	6%	2) 6%
Equities	2%	2%	3%	3%	4%
- Listed equity	<1%	<1%	<1%	1%	1%
- Private equity	2%	2%	2%	3%	3%
Real Assets	5%	6%	5%	5%	5%
Others	1%	1%	2%	3%	2%
Short-term investments & cash	4%	4%	3%	3%	3%
Total market values in bn. EUR	40.5	42.7	48.2	49.8	56.8

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 1,588.2 m. (EUR 1,275.6 m.) as at 31 December 2021

2) Of which Pfandbriefe and Covered Bonds = 59.8%

3) Before real estate-specific costs. Economic view based on market values as at 31 December 2021

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

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

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

Target Matrix 2021 Strategy cycle 2021 - 2023

Business group	Key figures	Strategic targets	2021
Group	Return on equity1)	900 bps above risk-free	10.8%
	Solvency ratio2)	≥ 200%	243%
Property & Casualty reinsurance	Gross premium growth3)	≥ 5%	+16.3%
	EBIT growth4)	≥ 5%	+83.7%
	Combined ratio	≤ 96%	97.7%
	xRoCA5)	≥ 2%	11.9%
Life & Health reinsurance	Gross premium growth3)	≥ 3%	+5.5%
	EBIT growth4)	≥ 5%	-43.2%
	Value of New Business (VNB)6)	≥ EUR 250 m.	EUR 326 m.
	xRoCA5)	≥ 2%	-11.3%

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

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

| 1 | 2 | 3 | 4 | 5 | 6 | 7 Outlook 2022 | 8 |

Profitability above margin requirements in Property & Casualty Financial year 2022

	Reporting categories	Volume1)	Profitability2)
Regional	EMEA3)	4)	+
markets	Americas3)		+
	APAC3)		+/-
	Structured Reinsurance and ILS		+
	Credit, Surety and Political Risks		+/-
Worldwide markets	Facultative Reinsurance		+
	Aviation and Marine	4)	+
	Agricultural Risks		+/-

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

4) Decreasing premium volume due to reduced mandatory cession from HDI Global Specialty

Profitability in Life & Health further impacted by Covid-19 Financial year 2022

Reporting categories	Volume1)	Profitability2)
Financial solutions	3)	++
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)

3) Business volume including contracts not reflected in premium income

Guidance for 2022

Hannover Re Group

•	Gross written premium1)	≥ 5%
•	2) Return on investment	≥ 2.3%
•	Group net income 2)	EUR 1.4 - 1.5 bn.
•	Ordinary dividend	≥ prior year

• Special dividend if capitalisation exceeds capital requirements for future growth and profit targets are achieved

1) At unchanged f/x rates

2) Subject to no major distortions in capital markets and/or major losses in 2022 not exceeding the large loss budget of EUR 1.4 bn. and no material Covid-19 impact in L&H

1	Group overview	2
2	Property & Casualty reinsurance	9
3	Life & Health reinsurance	14
4	Investments	17
5	Solvency II reporting	20
6	Target Matrix 2021	22
7	Outlook 2022	24
8	Appendix	28

Our business groups at a glance 2021 vs. 2020

	Property & Casualty R/I		Life & Health R/I			Total
in m. EUR	2020	2021	Δ	2020	2021	Δ	2020	2021	Δ
Gross written premium	16,744	19,224	+14.8%	8,026	8,538	+6.4%	24,770	27,762	+12.1%
Net premium earned	14,205	16,624	+17.0%	7,155	7,519	+5.1%	21,361	24,144	+13.0%
Net underwriting result	(274)	335	-	(639)	(814)	+27.5%	(913)	(479)	-47.5%
Net underwriting result incl. funds withheld	(224)	383	-	(467)	(595)	+27.2%	(691)	(211)	-69.4%
Net investment income	987	1,343	+36.0%	695	599	-13.9%	1,685	1,943	+15.3%
From assets under own management	937	1,295	+38.2%	524	379	-27.7%	1,464	1,675	+14.4%
From funds withheld	50	49	-3.8%	171	220	+28.3%	222	268	+21.0%
Other income and expenses	109	(166)	-	336	439	+30.5%	441	271	-38.6%
Operating profit/loss (EBIT)	823	1,512	+83.7%	393	223	-43.2%	1,214	1,735	+42.9%
Financing costs	(2)	(2)	-0.6%	(2)	(2)	-0.7%	(90)	(83)	-7.9%
Net income before taxes	821	1,510	+84.0%	392	222	-43.4%	1,124	1,652	+47.0%
Taxes	(172)	(360)	+109.0%	(61)	(24)	-60.4%	-205	(352)	+71.4%
Net income	649	1,150	+77.3%	331	198	-40.2%	919	1,300	+41.5%
Non-controlling interest	34	68	+100.0%	2	1	-41.8%	36	69	+92.9%
Group net income	615	1,082	+76.1%	329	197	-40.2%	883	1,231	+39.4%
Retention	90.3%	90.1%		89.8%	88.2%		90.1%	89.5%
Combined ratio (incl. interest on funds withheld)	101.6%	97.7%		-	-		-	-
EBIT margin (EBIT / Net premium earned)	5.8%	9.1%		5.5%	3.0%		5.7%	7.2%
Tax ratio	21.0%	23.8%		15.5%	10.9%		18.2%	21.3%
Earnings per share (in EUR)	5.10	8.98		2.73	1.63		7.32	10.21

2020 restated pursuant to IAS 8

Our business groups at a glance Q4/2021 vs. Q4/2020

	Property & Casualty R/I		Life & Health R/I			Total
in m. EUR	Q4/2020	Q4/2021	Δ	Q4/2020	Q4/2021	Δ	Q4/2020	Q4/2021	Δ
Gross written premium	3,396	3,955	+16.4%	2,079	2,188	+5.2%	5,475	6,143	+12.2%
Net premium earned	3,693	4,548	+23.1%	1,896	1,962	+3.5%	5,589	6,510	+16.5%
Net underwriting result	(87)	115	-	(222)	(317)	+42.5%	(309)	(202)	-34.7%
Net underwriting result incl. funds withheld	(78)	131	-	(174)	(279)	+60.5%	(252)	(148)	-41.1%
Net investment income	279	354	+26.7%	221	232	+5.2%	500	586	+17.1%
From assets under own management	270	338	+25.1%	172	195	+12.9%	443	532	+20.2%
From funds withheld	9	16	+72.8%	48	38	-22.2%	58	54	-6.9%
Other income and expenses	42	-17	-141.0%	79	88	+10.9%	120	70	-41.6%
Operating profit/loss (EBIT)	235	451	+92.4%	78	3	-95.9%	311	454	+45.9%
Financing costs	(1)	(1)	+3.4%	(0)	(0)	-12.4%	(19)	(22)	+15.8%
Net income before taxes	234	451	+92.6%	77	3	-96.4%	293	433	+47.9%
Taxes	(24)	(84)	-	(44)	44	-	(63)	(33)	-47.3%
Net income	210	367	+74.8%	33	47	+42.7%	229	399	+74.1%
Non-controlling interest	13	24	+77.5%	1	0	-62.7%	14	24	+69.8%
Group net income	197	343	+74.6%	32	47	+45.3%	215	375	+74.4%
Retention	90.1%	89.1%		90.7%	88.0%		90.3%	88.7%
Combined ratio (incl. interest on funds withheld)	102.1%	97.1%		-	-		-	-
EBIT margin (EBIT / Net premium earned)	6.3%	9.9%		4.1%	0.2%		5.6%	7.0%
Tax ratio	10.3%	18.6%		57.1%	-		21.6%	7.7%
Earnings per share (in EUR)	1.63	2.85		0.27	0.39		1.78	3.11

2020 restated pursuant to IAS 8

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

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

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

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

81% 12,756 627 3,365 1,591 15,156 ^{722 680 533} 0.8% 2,497 3% 15% 817 16,784 Shareholders' equity incl. minorities (IFRS) Adjustments for assets under own management Adjustments for technical provisions Adjustments due to tax effects and others Excess of assets over liabilities Foreseeable dividends Minority haircut Hybrid capital Basic own funds after deductions 1) Unutilised Tier 2 capacity Tier 3 capital Tier 2 capital Tier 1 hybrid capital Tier 1 unrestricted capital 2)

As at 31 December 2021

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

Well-balanced international portfolio growth

2020 restated pursuant to IAS 8

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

Property & Casualty reinsurance: strong and diversified growth 5-year CAGR: +15.9%

26% 26% 25% 26% 25% 20% 20% 21% 22% 23% 8% 11% 12% 13% 13% 24% 24% 24% 21% 24% 6% 6% 5% 5% 4% 8% 6% 6% 5% 5% 5% 4% 4% 4% 3% 3% 3% 3% 4% 3% 10,711 11,976 14,781 16,744 19,224 2017 2018 2019 2020 2021 Agricultural Risks Aviation and Marine Facultative R/I Credit, Surety and Political Risks Structured R/I and ILS APAC Americas EMEA Gesamt 1) 1) 1)

GWP split by reporting categories in m. EUR

Gross written premium split by regions

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

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

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 7,816 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

Stress tests on assets under own management Ongoing focus on credit exposures

Portfolio	Scenario	Change in market value in m. EUR	Change in OCI before tax in m. EUR
	-10%	-206	-206
Equity (listed and private equity)	-20%	-412	-412
	+50 bps	-1,422	-1,376
Fixed-income securities	+100 bps	-2,767	-2,676
Credit spreads	+50%	-796	-793

As at 31 December 2021

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	75%	53%	1 %	60%	-	43%
A A	10%	24%	11%	14%	-	13%
A	9 %	8 %	35%	13%	-	19%
BBB	4 %	2 %	43%	12%	-	19%
<BBB	2 %	13%	11%	2 %	-	7 %
Total	100%	100%	100%	100%	-	100%
Germany	17%	27%	3 %	15%	16%	14%
UK	6 %	2 %	7 %	7 %	7 %	6 %
France	3 %	2 %	7 %	7 %	4 %	4 %
GIIPS	1 %	1 %	4 %	3 %	0 %	2 %
Rest of Europe	4 %	17%	15%	26%	3 %	11%
USA	50%	13%	34%	19%	22%	35%
Australia	5 %	5 %	6 %	12%	12%	6 %
Asia	11%	15%	11%	1 %	25%	12%
Rest of World	4 %	18%	13%	10%	11%	10%
Total	100%	100%	100%	100%	100%	100%
Total b/s values in m. EUR	19,303	7,749	17,574	3,421	1,799	49,846

IFRS figures as at 31 December 2021

37 Analysts' Conference Call on 2021 Annual Results

Currency allocation matches modelled liability profile Strict duration-neutral strategy continued

Currency split of investments

• Modified duration of fixed-income mainly congruent with liabilities and currencies
• GBP's higher modified duration predominantly due to life business; EUR driven by hybrid bond issuance

Modified duration
2021	5.8
2020	5.8
2019	5.7
2018	4.8
2017	4.8

IR calendar

Disclaimer

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

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

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

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

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