Hannover Rueck SE

Investor Presentation • Aug 12, 2025

Hannover Re: The somewhat different reinsurer

June 2025

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78
8	Appendix Appendix	80 80

Hannover Re Group

Equity story

Why to invest in Hannover Re …

Excellent market position and very strong capitalisation

• − Leading reinsurer with worldwide presence
• − Very strong capitalisation according to Solvency II and rating agencies

Growing earnings and dividends

• − Strong track record of profitable growth
• − Dividend policy: ordinary dividend > prior year
• − Total shareholder return of 17.5% p.a.1) (market value growth + dividends)

Delivering high and sustainable profitability

• − Industry-leading return on equity
• − Competitive advantage: lean operating model with low cost ratio
• − Low earnings volatility supported by broad diversification, efficient retrocession and prudent reserving

1) Average for the years 2014 – 2024

Positioning in the reinsurance market

We are among the top reinsurers in the world

Transition to IFRS 17: Insurance revenue vs. GWP down by an aggregate of 31.3%1)

Top Reinsurance Groups 2023 (USD millions)2)

Non- IFRS 17 Rank	17	IFRS Rank	Group	Country	Reinsurance Premiums (GWP)	Reinsurance Revenue (gross)
1			Swiss Re	CH	40,503
	1		Munich Re 3)	DE		32,921
2			Berkshire Hathaway Inc.	US	27,453
	2		Hannover Re	DE		26,995
3			Lloyd's 4)	UK	22,075
	3		SCOR	FR		17,575
4			RGA	US	14,281
5			Renaissance Re 5)	BM	12,340
6			Everest Re	BM	11,460
7			Arch Capital	BM	9,113
8			PartnerRe	BM	9,102
	4		China Re	CN		5,986
9			MS&AD Insurance Group 6)	JP	5,777
10			6) General Insurance Corp of India	IN	4,544
11			MAPFRE RE	ES	4,295

All figures in m. EUR; for further information please see AM Best "Market Segment Report" August 2024 (© AM Best Europe - Information Services Ltd. - used by permission)

1) To illustrate the contrast, AM Best used audited financial statements in 2022 and compared them to the restated 2022 figures under IFRS 17 for fourteen global IFRS reporting (re)insurers

2) All non-USD currencies converted to USD using foreign exchange rate at year-end 2023.

3) Results in prior years included global specialty insurance; the revenue associated with this line was removed from the reinsurance revenues for year-end 2023

4) Reflects total reinsurance premium written by all syndicates in the Lloyd's market. The above list includes insurance groups that write reinsurance business in the Lloyd's market. As such, reinsurance premium is included in both the insurance group's premium figure and the Lloyd's market's premium figure

5) Acquisition of Validus Re completed in October 2023. 2023 premiums for Validus were included on a pro-forma basis

6) Fiscal year ended March 31, 2024

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

About us

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

Group Strategy 2024 – 2026 Staying Focused. Thinking Ahead.

Focus

Staying focused on our "somewhat different" approach

• − Act as a pure-play reinsurer
• − Be the preferred business partner
• − Build on our lean and capital-efficient operating model

Grow

Securing profitable growth and outperformance

• − Enable our clients to grow and succeed
• − Enhance cycle management and portfolio steering
• − Innovate and strengthen leadership in tailored solutions, longevity and ILS

Accelerate

Thinking ahead to enable global industry leadership

• − Expand data and analytics capabilities
• − Drive operational efficiency and automation
• − Invest in leadership and people development

Our ambition

Industry-leading performance

Profitability: Earnings growth: RoE EBIT growth

Delivery on

Economic value creation: Attractive dividends: Cost leadership: Capital strength: Credit ratings: Employee engagement: Environmental stewardship: CSM growth, xRoCA Ordinary dividend growth Cost/Reinsurance rev (gross) Solvency II ratio S&P, A.M. Best Engagement index CDP score

Strong foundations

Sustainability and embedded governance

Financial ambition 2024 – 2026

Increasing earnings will support continued dividend growth

One of the world's leading reinsurers Key facts about Hannover Re

Founded by HDI (P&C reinsurance only) in 1966

3,900 Total staff of employees

Initial Public Offering of Hannover Re in 1994

Worldwide presence with subsidiaries and branches on all continents

Majority shareholder, 50.2% held by Talanx AG

Transacting all lines

of property & casualty and life & health reinsurance

12 Hannover Re: The somewhat different reinsurer

Present on all continents

13 Hannover Re: The somewhat different reinsurer

Group structure supports our business model

1) Majority shareholder HDI V.a.G.

Executive Board of Hannover Rück SE

Clemens Jungsthöfel Chief Executive Officer

Group Risk Management, Global Human Resources, Group Legal Services, Group Audit, Corporate Communications, Global Information Technology, Group Transformation and Operations, Group Strategic Development

Christian Hermelingmeier Chief Financial Officer

Asset Management, Group Finance and Accounting, Reinsurance Valuation and Steering, Group Taxation, Coordination of International Operations, Investor and Rating Agency Relations

Property & Casualty reinsurance

Sven Althoff

Coordination of P&C Business Group, Aviation & Marine, Credit, Surety and Political Risks, Quotations, North America, United Kingdom, Ireland & London Market

Silke Sehm

Catastrophe XL (Cat XL), Structured R/I (Advanced Solutions) and ILS, Retrocessions, Cyber & Digital

Thorsten Steinmann

Facultative R/I, Asia-Pacific &

Sharon Ooi

Sub-Saharan Africa

Agricultural Risks, Continental Europe, Latin America and North Africa

Life & Health reinsurance

Claude Chèvre

Life & Health Services, Africa, Asia, Australia, Continental Europe, Latin America and Middle East

Brona Magee

Longevity Solutions, North America, Bermuda, United Kingdom and Ireland

Long-term track record of favourable growth

All figures in bn. EUR unless otherwise stated

Well-balanced international portfolio

2024: Reinsurance revenue split by regions 2024: Reinsurance revenue split by line of business

All figures in m. EUR unless otherwise stated

Low-cost ratio remains an important competitive advantage

1) Cost (directly + non-directly attributable) / Reinsurance revenue (gross)

Lean and efficient operating model

Revenue and EBIT per employee highlight competitive strength

Based on reported company data and f/x rates at 31.12.2024, own calculation. Peers: Everest Re, Munich Re, RGA, SCOR, Swiss Re

Long-term earnings growth and earnings stability in challenging years 2024: Delivering on raised net income guidance

All figures in m. EUR

Increase in shareholders' equity mainly driven by retained earnings Increase in CSM and RA will contribute to earnings over time

1,749 1,646 5,950 6,517 844 987 2,885 3,017 11,428 31/12/2023 31/12/2024 CSM +6.0% Total +6.4% RA +7.4% CSM P&C RA P&C RA L&H CSM L&H 10,127 2,329 -868 -314 -12 534 11,794 Shareholders' equity 31.12.2023 Group Net income Dividend payment Change in OCI Reinsurance Liabilities Change in OCI Investments Currency translation and other Shareholders' equity 31.12.2024 12,167

Change in shareholders' equity

Contractual Service Margin (net) and Risk Adjustment

All figures in m. EUR unless otherwise stated

Long-term track record of high and stable return on equity RoE of 21.2% well above the strategic ambition

RoE based on reported company data, own calculation. Peers: Everest Re, Munich Re, RGA, SCOR, Swiss Re 1) 2010 – 2022 IFRS4

Hannover Re remains one of the most profitable reinsurers

No. 1 position on 5-year average RoE – significantly above peer average

		2020		2021		2022	2023	1)		20242)		2020 – 2024
Company	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	RoE	Rank	Avg.	Rank
Hannover Re	8.2%	1	10.8%	2	14.1%	1	19.0%	3	21.2%	1	13.8%	1
Peer	5.5%	2	13.9%	1	6.4%	3	23.3%	1	10.1%	4	10.4%	2
Peer	4.0%	3	9.7%	4	13.2%	2	16.2%	5	18.2%	2	9.9%	3
Peer	3.2%	5	4.5%	6	5.1%	4	11.2%	6	7.2%	5	8.8%	4
Peer	-3.1%	6	5.7%	5	2.6%	5	22.3%	2	15.0%	3	7.2%	5
Peer	3.7%	4	7.3%	3	-5.2%	6	18.0%	4	0.1%	6	6.1%	6
Average	3.6%		8.7%		6.0%		18.3%		12.0%		9.1%

RoE based on company data, own calculation

All companies reported IFRS4/US-GAAP figures

1) Hannover Re, Munich Re, SCOR: IFRS 17 | RGA, Everest Re, Swiss Re: US-GAAP

2) Hannover Re, Munich Re, SCOR, Swiss Re: IFRS 17 | RGA, Everest Re: US-GAAP

Value creation for shareholders driven by growth in book value and dividends Increasing interest rates and transition to IFRS 17 led to decrease in equity in 2022

All figures in EUR

Dividend strategy emphasises growth of ordinary dividend

2024: Increased ordinary and special dividend reflects positive earnings trend

HR share price increased by 60% over the past 3 years

Performance comparison (incl. reinvested dividends)

1) STOXX Europe 600 Insurance

Annual Total Shareholder Return of 14.6% since IPO

1) Total shareholder return incl. reinvested dividends Source: Bloomberg, Frankfurt Stock Exchange

Sustainability

Sustainability at Hannover Re How we evolved

Sustainability embedded into our Group strategy 2024 – 2026

The action areas of our Environmental Strategy focus on environmental stewardship

1) CDP = Carbon Disclosure Project

Selected measures

• − Exit from all risks connected with thermal coal and related infrastructure by 2038 in the entire P&C portfolio
• − P&C ESG position paper
• − Further exclusions are defined in accordance with the ESG Manual for the facultative division
• − Climate strategy:
  • Decarbonisation: 70% EVIC-based CO2e intensity by 2030¹
  • Active investment in sustainable assets
  • Engagement: dialog with issuers
  • Application of specific exclusion criteria e.g. thermal coal, oil sands
• − Negative screening / active divestment since 2012
• − Actively reducing our Scope 1 emission through electrification of car fleet (Hannover Office)
• − Actively reducing our Scope 2 emissions by sourcing green electricity in all international operations since FY 2024
• − Raise awareness among staff through selected communication measures

1) base year 2019, applicable for Scope 1 and Scope 2 emissions of our liquid asset portfolio

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78
8	Appendix Appendix	80 80

Hannover Re Group

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |

We are somewhat different Our approach in P&C reinsurance

Underwriting

Empowered underwriters

• − Fast decision-making and strong underwriting culture
• − Contributes to lean operating model

Distribution

Distribution channels

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

Reserving

Conservative reserve policy

• − 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 admin expense ratio
• ‒ Above-average profitability due to stringent underwriting approach with focus on bottom line

Broad portfolio diversification in Property & Casualty across business lines

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

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |

Business mix P&C reinsurance Underwriting year 2024

Estimated premium income excluding Structured Reinsurance & ILS Numbers on the right as of 31.12.2024

35

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |

Margin-oriented U/W approach leads to profitable growth

Supported by the improved P&C reinsurance environment since 2023

All figures in m. EUR unless otherwise stated

Natural and man-made catastrophe losses 1)

Large losses 2024 well within budget of EUR 1,825 m.

37

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |

Undiscounted LIC resiliency reserves further increased to EUR 2,523 m. at year-end 2024 Additional risk adjustment of ~1 bn brings prudency level to 7.7% of nominal net reserves

All figures in m. EUR as at 31 December 2024 unless otherwise stated.

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

Resiliency reserves embedded in best estimate defined as the difference between net of reinsurance undiscounted booked reserves before tax and minority participations (based on

Hannover Re's own best estimates) and WTW's analysis. Up to 2022 the booked reserves are on an IFRS4 basis and from 2023 onwards these are on an undiscounted IFRS 17 LIC basis.

The WTW review is based on data provided by Hannover Re. See appendix for more detail.

1 January 2025 renewals

Prevailing high quality of Hannover Re's P&C business supported by January 2025 renewals

Successful renewal

− Growth supported by superior financial strength, favourable market positioning and long-standing customer relationships

Growing in an attractive market environment

• − Successful expansion of diversified portfolio while maintaining our disciplined underwriting
• − Attractive growth opportunities in Structured Reinsurance/ILS
• − Allocation of shares to Hannover Re almost always protected despite growth ambitions from other market participants

High quality of P&C portfolio supported by third consecutive January renewal in attractive pricing environment

• − Moderate decrease in reinsurance pricing with broadly stable terms and conditions
• − Proportional business benefitting from underlying growth, with commissions broadly stable

Retrocession in line with plan: Reduced cession rate with expanded geographical protection

• − Sufficient NatCat capacity available in the retrocession market
• − Risk-adjusted pricing improving

Successful expansion of strong portfolio in attractive pricing environment

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 | 7 | 8 |

Continued growth in an attractive market environment Premium increase of 7.6% fully supports targets for FY/2025

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2 Jan – 1 Apr 2025

Stable to slightly softening conditions across markets: pricing level remains attractive Overall risk-adjusted price decrease of -2.4%

Figures in EUR m. unless otherwise stated Underwriting year figures at unchanged f/x rates 1) Excluding specialty business mentioned separately

Estimated premium income Americas 1)

• − Overall, pricing remains at attractive level
• − US Property: general downward pressure on pricing offset by double-digit rate increases on LA wildfire-affected reinsurance programmes
• − Pricing on US Casualty business remains mostly stable with few cases of single-digit rate increases
• − Caribbean market renewed at a largely stable level

APAC1)

• − Price reductions observed in Korea and Japan, mainly driven by abundance of capacity
• − Positions retained and selective growth opportunities acted on despite competitive market environment
• − Significant growth focused on Motor and Engineering business in India

Marine

• − Successful renewal in a challenging market environment characterised by an abundance of capacity and single-digit rate reductions
• − Leading position was safeguarded across several strategic partners' reinsurance programmes
• − Slightly increased market share in Japan as a good basis for future growth and closer cooperation with strategic partners

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78
8	Appendix Appendix	80 80

Hannover Re Group

We are somewhat different Our approach in L&H reinsurance

Solution-driven

We strive to achieve exceptional results

• ‒ Strong entrepreneurial spirit
• ‒ Appetite to innovate industry solutions

Efficient

We foster an effective organisational set-up

• ‒ >1,200 experts in 23 offices on all continents
• ‒ Highly empowered and qualified staff

Responsive

We prioritise fast time-to-market

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

Flexible

We have a highly agile mindset

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

Well-balanced diversification across Life & Health segments

Favourable growth in profitability after Covid-19 impacts in 2020 and 2021 2024: Strong operating performance in L&H reinsurance, well above target

All figures in m. EUR unless otherwise stated

Successful new business generation will contribute to future earnings

CSM = Contractual Service Margin, LC = Loss Component

All figures in m. EUR unless otherwise stated

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

47 Hannover Re: The somewhat different reinsurer

Complete offerings Risk and financial solutions & services

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

Mortality

Risk of paying more death benefits than expected

Longevity Risk of paying annuities longer than expected Risks

Longevity: enhanced annuities1) Illustration: 50k single premium, male 65, 3% interest
Status of health	Healthy	Obesity	Diabetes	Cancer
Annuity increase	+0% (standard)	+9%	+23%	+85%
Monthly annuity	244	267	300	452

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

49

Example risk solution Morbidity – critical illness

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

Product: Critical illness insurance Helps consumers to protect their life quality by providing the sum insured in case of a life-threatening disease

Payment

50

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 U/W systems Processes Biometrics Risk assessment

Innovative, e.g. products with little or no underwriting

Lean, e.g. distribution directly to individuals, without advisers

Cover of death, disease or disability risks at an appropriate cost

Support for proper medical & claims assessment

hr | Quirc, hr | ReFlex or hr | Ascent

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

Property & Casualty business Life & Health business

Takeaways for the Life & Health Business Group

Lines of business ⁰¹ Life, health & annuities

Focus Biometric risks 02

Service Important component

Reinsurance Risk and financial solutions

Partnership ⁰³ Long term relationship

Around the globe

23 offices at the service of our clients

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78
8	Appendix Appendix	80 80

Hannover Re Group

| 1 | 2 | 3 | 4 Investment management | 5 | 6 | 7 | 8 |

Growth in AUM driven by strong operating cash-flow generation

Increase in ordinary investment income predominantly due to higher locked-in yields

All figures in m. EUR unless otherwise stated

Stringent Asset-Liability-Matching

Moderate increase in 2024 in credits utilising selective market opportunities
Asset class	2019	2020	2021	2022	2023	2024
Fixed Income	87%	85%	86%	83%	85%	86%
Governments	42%	42%	40%	42%	41%	38%
Semi-governments	8%	7 %	8%	8%	9%	10%
Corporates	31%	30%	32%	27%	29%	32%
Investment grade	26%	25%	28%	23%	25%	27%
Non-Investment grade	4 %	4 %	4 %	4 %	4 %	4 %
Covered Bonds	4 %	4 %	4 %	4 %	4 %	4 %
ABS/MBS/CDO	2 %	2 %	2 %	3%	3%	3%
Equities	3%	3%	4%	3%	3%	3%
Listed	<0.1%	1%	1%	0%	0%	0%
Private Equities	2 %	3%	3%	3%	3%	3%
Real Assets (without Infra-Debt)	5%	5%	5%	7%	7%	7%
Others	2%	3%	2%	3%	3%	2%
Cash/STI	3%	3%	3%	3%	2%	2%
MV AuM in EUR bn.1 )	48.2	49.8	56.2	57.4	60.6	66.4

Economic view based on market values without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR 1,909.0 m. (EUR 1,161.6 m.) as at 31 December 2024 1) 2019 – 2022 IAS 39 incl. Cash / >2023 IFRS9 excl. Cash

| 1 | 2 | 3 | 4 Investment management | 5 | 6 | 7 | 8 |

Currency allocation strategy to neutralise effects from SII liability profile

Duration-neutral strategy; modified duration changes rather result of yield curve deviations

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

High-quality fixed-income book well-balanced

Geographical allocation mainly in accordance with our broad business diversification

				Pfandbriefe,	Short-term
	Governments	Semi-governments	Corporates	Covered bonds, ABS	investments, cash	Total
AAA	24%	53%	1%	66%	-	24%
AA	58%	25%	9%	8%	-	31%
A	11%	8%	41%	9%	-	21%
BBB	5%	2%	39%	14%	-	17%
<BBB	3%	12%	10%	3%	-	7 %
Total	100%	100%	100%	100%	-	100%
Germany	18%	23%	9%	16%	8%	15%
U K	6%	5%	9%	5%	7 %	7 %
France	3%	1%	6%	9%	0%	4%
GIIPS	0%	0%	6%	2%	0%	2%
Rest of Europe	4%	14%	15%	24%	12%	11%
USA	48%	16%	29%	21%	26%	33%
Australia	5%	8%	8%	9%	5%	7 %
Asia	12%	14%	8%	0%	32%	11%
Rest of World	5%	19%	11%	15%	9%	10%
Total	100%	100%	100%	100%	100%	100%
Total b/s values in m. EUR	22,059	9,771	20,265	4,332	1,366	57,793

IFRS figures as at 31 December 2024

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78

Hannover Re Group

Our capital structure consists not only of equity

Use of hybrids, securitizations 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

Nominal amount	Issue date	Issue ratings S&P/A.M. Best	First call date	Maturity	Coupon rate
EUR 750 m.	2022-11-14	A/-	2033-02- 26	2043-08-26	Until 2033-08-26: 5.88% p. a. and thereafter 3.75% p. a. above 3 months EURIBOR
EUR 750 m.	2021-03-22	A/-	2031-12- 30	2042-06-30	Until 2032-06-30: 1.38% p. a. and thereafter 2.33% p. a. above 3 months EURIBOR
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
EUR 750 m.	2019-10-09	A/-	2029-07- 09	2039-10-09	Until 2029-10-09: 1.12% p. a. and thereafter 2.38% p. a. above 3 months EURIBOR

Competitive advantage through low cost of capital (WACC)

Long-standing retrocession strategy …

…protects balance sheet, reduces earnings volatility and lowers cost-of-capital

1) Plus expected premium As at January 2025

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

1) in m. EUR 2) Index-linked securitisation 3) Aggregate XL cover (P&C) 4) Credit-linked floating rate note 5) EMS = Extreme Mortality Swap

In 1994

Hannover Re pioneered the first securitisation of natural catastrophe risks (Kover) followed by further transactions (K2-K6 & K-Cessions)

In 1998

we started with the first-ever transfer of acquisition costs from L&H business to the capital market ( "L" deals, L1-L7)

Financial strength ratings

Group	S&P	AM Best
Berkshire Hathaway	AA+	A++
Munich Re	AA	A+
Hannover Re	AA-	A+
Swiss Re	AA-	A+
XL Bermuda	2) AA	A+
Lloyd's	AA-	A+
Partner Re	1) AA	A+
Everest Re	A+1)	A+
SCOR	A+	A

As at 2nd June 2025

1) Negative Outlook

2) Positive Outlook

Benefits of an above-average rating

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

64 Hannover Re: The somewhat different reinsurer

The risk is manageable

Stress tests for natural catastrophes after retrocessions

Effect on forecast net income		2023	2024
in m. EUR
Hurricane US	100-year loss	-1,426	-1,854
	250-year loss	-1,946	-2,510
Earthquake US West Coast	100-year loss	-782	-1,030
	250-year loss	-1,425	-1,900
Winter storm Europe	100-year loss	-823	-988
	250-year loss	-1,185	-1,467
Earthquake Japan	100-year loss	-609	-620
	250-year loss	-978	-1,053
Earthquake Chile	100-year loss	-505	-587
	250-year loss	-1,345	-1,522

65 Hannover Re: The somewhat different reinsurer

Capital adequacy ratio remains very strong Significant growth of 11% in Own Funds as well as 14% in SCR

Development of the Solvency II ratio

1) Excluding minority shareholdings of EUR 636 m.

Eligible Own Funds Solvency Capital Requirements (SCR)

2) Hannover Re has implemented a minimum acceptable Solvency II ratio of 180% and a threshold of 200% All figures in m. EUR unless otherwise stated

Increase in eligible own funds driven by favourable new business development and investment income.

Increase in SCR mainly driven by business growth.

Very good capitalisation supports further business growth.

Individual events with limited impact on Solvency ratio

Solvency ratio robust under stressed conditions

Sensitivities and stress tests

Solvency II ratio 31.12.2024

1) 250-year return period acc. to our internal model which is equivalent to an occurrence probability of 0.4% 2) Average stress level of +50 bps, differing by corporate bond issuer rating. Excl. government bonds and incl. impact of changes in dynamic volatility adjustment

67 Hannover Re: The somewhat different reinsurer

Solvency Capital Requirements

in m. EUR

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

11,080 8,051 21,032 6,920 2,618 6,083 405 711 5,657 3,029 Property & Casualty Life & Health Market Counterparty default Operational Required capital before tax Deferred taxes Required capital after tax Eligible own funds (2,604) (6,085) (5,244) (432) (654) (15,156) (7,033) (18,952) (2,741) 3%(3%) 34% (36%) diversification 44%(44%) 12%(14%) 42%(39%) 0%(0%) (9,636) (5,520) 16,736

As at 31 December 2024 (2023) Solvency capital requirements based on the internal model Capital allocation based on Tail Value-at-Risk taking account of the dependencies between risk categories

Our capital structure consists not only of equity Unutilised Tier 2 provides additional flexibility

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

As at 31 December 2024 1) Foreseeable dividends and distributions incl. non-controlling interests 2) Net deferred tax assets

69 Hannover Re: The somewhat different reinsurer

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78
8	Appendix Appendix	80 80

Hannover Re: The somewhat different reinsurer

Hannover Re Group

Group net income target for 2025 confirmed despite impact from LA wildfires

Figures in EUR unless otherwise stated

1) Subject to no major distortions in capital markets and/or major losses not exceeding the large loss budget of EUR 2.1 bn. in 2025

2) At unchanged f/x rates

71

3) Including foreseeable ordinary dividend recognized on a pro-rata basis

Continued strong growth in an attractive market environment

Strong underlying profitability; Q1 result impacted by LA wildfires and prudent reserving

Property & Casualty R/I	Q1/2024	Q1/2025	∆-%
Reinsurance revenue (gross)	4,743	5,087	+7.2%
Reinsurance revenue (net)	4,240	4,478	+5.6%
Reinsurance service result	509	272	-46.6%
Reinsurance finance result	-228	-283	+23.9%
Investment income	421	469	+11.2%
Other result	-73	-14	-81.1%
Operating profit/loss (EBIT)	629	444	-29.4%
Combined ratio (net)	88.0%	93.9%
New business CSM (net)	1,453	1,538
New business LC (net)	-23	-18

All figures in m. EUR unless otherwise stated

LC = loss component, NDIC = non-distinct investment component

YTD

Reinsurance revenue

• − Strong and diversified underlying growth in line with expectation
• − Reinsurance revenue (f/x-adjusted +5.1%) impacted by refinement in NDIC calculation with no impact on reinsurance service result, adjusted revenue growth >10%
• − Reported revenue growth rate expected to increase to targeted level (>7%) over the course of the year, base effect from prior year diminishing

Reinsurance service result

• − Net large losses of 765 m. vs. budget of 435 m., mainly driven by LA wildfires (631 m.)
• − Result reflects strong underlying profitability and continued prudency in reserving
• − C/R above target due to LA wildfires, discounting effect ~8.0 %

Reinsurance finance result

− Further increase reflects continued high interest rates

Investment result

− Strong ordinary income supported by higher fixed-income yields and very solid returns from alternative investments

Other result

− Currency result of 66 m (-7 m.)., mainly driven by weakening of USD

Continued strong profitability in L&H

Reinsurance service result provides good support for full-year target

Life & Health R/I	Q1/2024	Q1/2025	∆-%
Reinsurance revenue (gross)	1,929	1,883	-2.4%
Reinsurance revenue (net)	1,762	1,740	-1.3%
Reinsurance service result	211	243	+15.3%
Reinsurance finance result	-33	-51	+52.7%
Investment income	76	108	+41.1%
Other result	-73	-47	-35.2%
Operating profit/loss (EBIT)	181	253	+39.7%
New business CSM (net)	97	132
New business LC (net)	-8	-8
NB CSM & LC incl. extensions on existing contracts	176	215

YTD

Reinsurance revenue

− Decrease in revenue (f/x-adjusted -4.1%), mainly driven by US mortality

Reinsurance service result

− Positive experience variance mainly driven by Mortality business, including one-off effect of 20 m.

Investment result

− Strong ordinary result, prior year impacted derivative valuation

Other result

− Currency result improved to 1 m. (-30 m.)

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

Return on investment of 3.5% above target Resilient portfolio with minor extraordinary effects

in m. EUR	Q1/2024	Q1/2025	RoI
Ordinary investment income1 )	578	645	3.9%
Realised gains/losses	- 5	6	0.0%
Depreciations Real Assets, Impairments	-15	-16	-0.1%
Change in ECL	3	- 5	0.0%
FVTPL - valuation2)	-15	- 5	0.0%
Investment expenses	-47	-49	-0.3%
Investment result	498	577	3.5%

Investment result	498	577
Unrealised gains/losses on investments (OCI)	31 Dec 24	31 Mar 25
Fixed Income	-3,299	-3,037
Equities (non-recycling)	- 1	- 1
Real Assets	529	519
Others (Participations etc.)	355	-52
Total	-2,415	-2,571

All figures in m. EUR unless otherwise stated

1) Incl. results from associated companies

2) Fair Value Through P/L of financial instruments

YTD

• − Increase in ordinary income mainly driven by higher locked-in yields and strong cash flow; very solid contribution from alternative investments; contribution from inflation-linked bonds at EUR 42 m.
• − Realised gains/losses reflect regular portfolio maintenance and some positive contribution from real estate sales
• − Minor effect from change in ECL
• − Balanced result from change in fair value of financial instruments
• − Change in unrealised gains for participations reflects assets held for sale

Our business groups at a glance Q1/2024 vs. Q1/2025

	Property & Casualty R/I			Life & Health R/I			Total
Stand alone in m. EUR	Q1/2024	Q1/2025	D-%	Q1/2024	Q1/2025	D-%	Q1/2024	Q1/2025	D-%
Reinsurance revenue (gross)	4,743	5,087	7.2%	1,929	1,883	-2.4%	6,673	6,970	4.5%
Reinsurance service expenses	-3,825	-4,869	27.3%	-1,699	-1,627	-4.2%	-5,524	-6,495	17.6%
Reinsurance service result (gross)	918	218	-76.2%	231	256	11.1%	1,149	474	-58.7%
Reinsurance result (ceded)	-409	53	-113.1%	-20	-13	-34.1%	-429	41	-109.5%
Reinsurance service result	509	272	-46.6%	211	243	15.3%	720	515	-28.5%
Reinsurance finance result	-228	-283	23.9%	-33	-51	52.7%	-261	-333	27.6%
Investment result	421	469	11.2%	7 6	108	41.1%	498	577	15.8%
Currency result	-7	66	-	-30	1	-102.9%	-37	66	-279.1%
Other result	-66	-79	20.4%	-44	-48	10.8%	-109	-128	17.4%
Operating profit/loss (EBIT)	629	444	-29.4%	181	253	39.7%	811	696	-14.1%
Net income before taxes							785	671	-14.5%
Taxes							-213	-178	-16.3%
Net income							571	492	-13.8%
Non-controlling interest							13	12	-11.0%
Group net income							558	480	-13.9%

Large losses in Q1/2025 above budget of EUR 435 m.

0

900

1800

2700

| 1 | 2 | 3 | 4 | 5 | 6 Interim results Q1/2025 | 7 | 8 |

High NatCat losses driven by LA wildfires Man-made losses below budget of EUR 100 m.

Catastrophe losses1) in m. EUR	Date	Gross	Net
California Wildfires, US	7 - 31 Jan	1,306.3	631.4
Flood, Australia	1 - 3 Feb	12.0	10.9
Cyclone Alfred, Australia	7 - 10 Mar	17.3	17.3
Storms, US	14 - 19 Mar	14.5	14.5
Earthquake, Myanmar	28 Mar	25.0	25.0
5 Natural catastrophes		1,375.1	699.1
1 Aviation		38.4	28.8
2 Property		36.8	36.8
3 Man-made losses		75.2	65.6
8 Major losses		1,450.3	764.7

1) Major losses in excess of EUR 10 m. gross Large loss budget 2025: EUR 2,100 m., thereof EUR 400 m. man-made and EUR 1,700 m. NatCat

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78
8	Appendix Appendix	80 80

Hannover Re: The somewhat different reinsurer

Hannover Re Group

Unchanged guidance for FY 2025

2) Incl. discount effect of 6-7%, partly mitigated by prudent reserving

3) Subject to no major distortions in capital markets and/or major losses in 2025 not exceeding the large loss budget of EUR 2.1 bn.

1	Hannover Re Group	2
2	Property Casualty reinsurance Property & Casualty reinsurance	32 32
3	Life Health reinsurance Life & Health reinsurance	42 42
4	Investment management Investment management	54 54
5	Capital and risk management Capital and risk management	59 59
6	Interim results Q1/2025 Interim results Q1/2025	70 70
7	Outlook Outlook	78 78
8	Appendix Appendix	80 80

Hannover Re Group

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

Our Investor Relations contacts and financial calendar

3 July 2025 Roadshow Zurich

12 August 2025 Conference Call on Q2/2025 financial results

3 September 2025

Commerzbank & ODDO BHF Corporate Conference 2025, Frankfurt

9 September 2025

Barclays Global Financial Conference, New York

11 September 2025 Natixis 2025 FIG Conference, Paris

Karl Steinle

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

Axel Bock Senior Investor Relations Manager Tel: +49 511 5604 - 1736 axel.bock@hannover-re.com

Rebekka Brust

Investor Relations Manager Tel: +49 511 5604 - 1530 rebekka.brust@hannover-re.com

Basic information on 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; 6 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

• − WTW's review of the LIC claim reserves as at 31 December 2024 covered 97.4% of the gross and 99.2% of the net undiscounted Liability for Incurred Claims ("LIC"). Life reinsurance and health reinsurance business are excluded from the scope of this review
• − The scope of WTW's work was to review the nominal and discounted claims cash flows for the non-life LIC under IFRS17, gross and net of outwards reinsurance, from Hannover Rück SE's consolidated IFRS17 financial statements and the implicit resiliency reserve margin as at 31 December 2024. WTW concludes that the reviewed LIC claims reserves, net of reinsurance, less the resiliency margin is reasonable in that it falls within WTW's range of reasonable estimates. The scope of WTW's reviews is aligned with IFRS 17 from 31 December 2023 onwards with the prior reviews being aligned with IFRS 4.
• − WTW's analysis relies on data provided by Hannover Rück SE as of each 31 December. WTW's analysis may not reflect claim development or all information that became available after the valuation dates and WTW's results, opinions and conclusions presented herein may be rendered inaccurate by developments after the valuation dates.
• − The results shown in 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.
• − 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.
• − 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.
• − WTW's analysis includes asbestos, environmental and other health hazard (APH) exposures which are subject to greater uncertainty than other general liability exposures. WTW's analysis of the APH exposures assumes that the reporting and handling of APH claims is consistent with industry benchmarks. However, there is scope for wide variation in actual experience relative to these benchmarks. The actual fully developed losses for these claim exposures could prove to be significantly different to both the held and indicated amounts.
• − Sharp increases in inflation in many economies worldwide have resulted from rises in energy, food, component, and raw material prices since 2021, driven by wider economic effects of the Russia-Ukraine conflict combined with factors such as supply chain disruptions caused by the Covid-19 pandemic, labour shortages and geopolitical tensions. Generally, inflation has remained elevated since 2021 despite mitigating policy responses by central banks and governments. However, inflation rates appear to have peaked and have declined with an expectation of normalising in 2025. Prospective inflationary risks remain high due to the current heightened geopolitical tensions with increased possibilities of hitherto unexpected conflict escalation. Uncertainty around possible changes to tariffs applied by the US on other countries, and any reciprocal actions that they take, could result in economic shocks that cause increases in inflation which have not been anticipated in the WTW analysis. WTW's analysis makes no explicit allowance for extraordinary future effects that may result from the above factors or other emerging shocks on the projection results.
• − In accordance with its scope WTW's estimates are on the basis that all of Hannover Rück SE'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 Rück SE as at 31 December 2024. 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 Rück SE's current asset portfolio, nor has WTW reviewed the adequacy of the balance sheet position 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 Rück SE, 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. Rights of third parties that are used under a Creative Commons licence and are to be guaranteed accordingly remain unaffected and are not to be restricted in any way. Hannover Re is the registered service mark of Hannover Rück SE.