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Annual Report 2008

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Annual Report 2008 Annual Report 2008 hannover re R CONTENTS 1 Boards and officers 6 Management report 6 Economic climate 7 Business development 10 Development of the individual lines of business 15 Investments 17 Human resources 20 Sustainability report 22 Risk report 28 Forecast 33 Other information 35 Accounts 36 Balance sheet 40 Profit and loss account 43 Notes 69 Auditors' report 70 Report of the Supervisory Board 74 Declaration of conformity 75 Glossary KEY FIGURES of Hannover Re +/- previous Figures in EUR million 2008 2007 2006 2005 2004 year Gross written premium 7,328.7 +10.2% 6,652.6 7,644.6 6,340.4 6,095.2 Net premium earned 5,429.4 +9.0% 4,979.3 5,685.3 4,383.8 4,030.8 Underwriting result 1) 78.9 -171.0% (111.1) 145.6 (95.5) (42.8) Allocation to the equalisation 33.6 110.9% (309.1) 145.4 228.3 232.5 reserve and similar provisions Investment result 66.9 -85.2% 451.2 799.9 895.7 584.7 Pre-tax profit (104.2) -123.8% 438.1 258.7 376.1 149.1 Profit or loss for the financial year (209.6) -177.1% 272.0 196.0 374.6 120.6 Investments 17,885.1 -1.2% 18,106.1 18,499.7 16,699.4 13,465.3 Capital and reserve 1,878.82) -9.9% 2,085.82) 2,085.82) 2,085.82)3) 1,215.8 Equalisation reserve and similar provisions 1,440.1 +2.4% 1,406.5 1,715.6 1,570.3 1,342.0 Net technical provisions 14,145.0 +6.5% 13,286.7 13,022.7 12,471.9 9,844.2 Total capital, reserves and technical provisions 17,463.9 +4.1% 16,779.0 16,824.1 16,128.0 12,402.0 Number of employees 708 +48 660 654 628 599 Retention 75.2% 73.9% 74.2% 68.3% 67.8% Loss ratio 1)4) 74.0% 80.0% 72.7% 76.7% 79.6% Expense ratio 4) 24.5% 25.2% 25.4% 26.4% 20.1% Combined ratio 1)4) 98.5% 105.2% 98.1% 103.1% 99.7% 1) including allocation to reserves proposed by the Annual General Meeting 2) including subordinated liabilities 3) excluding life reinsurance 4) from the 2006 financial year onwards the option of including special allocations to the provisions for outstanding claims in the non-technical account rather than the technical account will no longer be exercised. The figures for previous years have been adjusted accordingly for the sake of improved comparability. BOARDS AND OFFICERS of Hannover Re Supervisory Board (Aufsichtsrat) Wolf-Dieter Baumgartl 1) 2)3) Member of the Advisory Board Berg E+S Rückversicherung AG, Hannover Chairman Chairman of the Supervisory Board Talanx AG HDI Haftpflichtverband der Deutschen Industrie V.a.G. Member of the Administrative Board HDI Assicurazioni S.p.A., Rome, Italy Dr. Klaus Sturany 1) Member of the Supervisory Board Dortmund Bayer AG, Leverkusen Deputy Chairman Heidelberger Druckmaschinen Aktiengesellschaft, Heidelberg Former Member of the Executive Board Österreichische Industrieholding AG, Vienna, Austria RWE Aktiengesellschaft Herbert K. Haas 1) 2)3) Chairman of the Supervisory Board Burgwedel E+S Rückversicherung AG, Hannover Chairman of the Executive Board HDI-Gerling Industrie Versicherung AG, Hannover Talanx AG HDI-Gerling International Holding AG, Hannover HDI Haftpflichtverband HDI-Gerling Lebensversicherung AG, Cologne der Deutschen Industrie V.a.G. HDI-Gerling Leben Serviceholding AG, Cologne HDI-Gerling Leben Betriebsservice GmbH, Cologne HDI-Gerling Sach Serviceholding AG, Hannover Proactiv Holding AG, Hilden Member of the Supervisory Board AmpegaGerling Asset Management GmbH, Cologne Member of the Advisory Board Norddeutsche Landesbank Girozentrale, Hannover 3) Member of the Administrative Board ASPECTA Assurance International AG, Luxembourg S.A., Luxembourg Talanx Finanz ( Luxembourg) S.A., Luxembourg Uwe Kramp 5) Hannover Karl Heinz Midunsky 3) Gauting Former Corporate Vice President and Treasurer Siemens AG Ass. jur. Otto Müller 5) Member of the Supervisory Board Hannover Talanx AG, Hannover 1 Boards and officers Supervisory Board Dr. Immo Querner Chairman of the Supervisory Board Ehlershausen AmpegaGerling Asset Management GmbH, Cologne Member of the Executive Board ASPECTA Lebensversicherung AG, Cologne Talanx AG Protection Reinsurance Intermediaries AG, Hannover HDI Haftpflichtverband der Deutschen Industrie V.a.G. Deputy Chairman of the Supervisory Board AmpegaGerling Immobilien Management GmbH, Cologne AmpegaGerling Investment GmbH, Cologne ASPECTA Assurance International AG (Liechtenstein), Liechtenstein HDI-Gerling Leben Serviceholding AG, Cologne Member of the Supervisory Board E+S Rückversicherung AG, Hannover Euro International Reinsurance S.A., Luxembourg HDI-Gerling Industrie Versicherung AG, Hannover HDI-Gerling International Holding AG, Hannover HDI-Gerling Lebensversicherung AG, Cologne HDI-Gerling Leben Betriebsservice GmbH, Cologne HDI-Gerling Sach Serviceholding AG, Hannover HDI-Gerling Zycie T.U.S.A., Warsaw, Poland ifb AG, Cologne 4) Pro Activ Holding, Hilden Tertia Handelsbeteiligungsgesellschaft mbH, Cologne 4) Member of the Advisory Board Commerzbank AG, Hamburg 4) Dr. Erhard Schipporeit 2) Member of the Supervisory Board Hannover CarrerConcept AG, Munich Former Member Deutsche Börse AG, Frankfurt am Main of the Executive Board Fuchs Petrolub AG, Mannheim E.ON Aktiengesellschaft HDI Haftpflichtverband der Deutschen Industrie V.a.G., Hannover SAP AG, Walldorf Talanx AG, Hannover Member of the Board of Directors TUI Travel, PLC, London, United Kingdom Gert Waechtler 5) Burgwedel 1) Member of the Standing Committee 2) Member of the Balance Sheet Committee 3) Member of the Nomination Committee 4) Memberships of supervisory boards and comparable control boards required by law at other companies in Germany and abroad 5) Staff representative 2 Boards and officers Executive Board Executive Board (Vorstand) Wilhelm Zeller Chairman of the Board of Directors Chairman of the Executive Board Clarendon Insurance Group, Inc., Wilmington, USA Hannover Rückversicherung AG, Hannover Clarendon National Insurance Company, Trenton, USA E+S Rückversicherung AG, Hannover Euro International Reinsurance S.A., Luxembourg Hannover Re (Bermuda) Ltd., Hamilton, Bermuda Hannover Reinsurance (Ireland) Ltd., Dublin, Ireland Chairman of the Supervisory Board Hannover Life Re AG, Hannover Member of the Board of Directors Hannover Life Re of Australasia Ltd, Sydney, Australia Member of the Supervisory Board Coface Deutschland AG, Mainz* Coface Kreditversicherung AG, Mainz* Protection Reinsurance Intermediaries AG, Hannover Member of the Advisory Board Barmenia Allgemeine Versicherungs-AG, Wuppertal* Barmenia Krankenversicherung a.G., Wuppertal* Barmenia Lebensversicherung a.G., Wuppertal* Hannover Finanz GmbH, Hannover Member of the Executive Board Talanx AG, Hannover André Arrago Chairman of the Board of Directors Member of the Executive Board Hannover ReTakaful B.S.C. (c), Manama, Bahrain Hannover Rückversicherung AG, Hannover E+S Rückversicherung AG, Hannover Deputy Chairman of the Board of Directors Hannover Re (Bermuda) Ltd., Hamilton, Bermuda Member of the Board of Directors Hannover Re Services Japan KK, Tokyo, Japan Member of the Supervisory Board April Group, Lyon, France* Groupement Français de Caution, Grenoble, France* Mutuelle des Transports Assurances (MTA), Paris, France* Dr. Wolf Becke Member of the Supervisory Board Member of the Executive Board Hannover Life Re AG, Hannover Hannover Rückversicherung AG, Hannover E+S Rückversicherung AG, Hannover 3 Boards and officers Executive Board Chairman of the Board of Directors Hannover Life Re (Bermuda) Ltd., Hamilton, Bermuda Hannover Life Reassurance (Ireland) Limited, Dublin, Ireland Hannover Life Reassurance (UK) Limited, Virginia Water, United Kingdom Hannover Life Reassurance Africa Ltd., Johannesburg, South Africa Hannover Life Reassurance Company of America, Orlando, USA Deputy Chairman of the Board of Directors Hannover Life Re of Australasia Ltd, Sydney, Australia Member of the Supervisory Board ASPECTA Lebensversicherung AG, Cologne CiV Lebensversicherung AG, Hilden HDI-Gerling Lebensversicherung AG, Cologne Member of the Board of Directors Hannover Re Services Japan KK, Tokyo, Japan Hannover Reinsurance Group Africa (Pty) Limited Johannesburg, South Africa Managing Director Hannover Rück Beteiligung Verwaltungs-GmbH, Hannover Jürgen Gräber Chairman of the Board of Directors Member of the Executive Board Compass Insurance Company Limited, Johannesburg, South Africa Hannover Rückversicherung AG, Hannover Hannover Re Services USA, Inc., Itasca, USA E+S Rückversicherung AG, Hannover Hannover Reinsurance Africa Limited, Johannesburg, South Africa Hannover Reinsurance Group Africa (Pty) Limited, Johannesburg, South Africa Member of the Board of Directors E+S Reinsurance (Ireland) Ltd., Dublin, Ireland Hannover Re (Guernsey) PCC Ltd., St. Peter Port, Guernsey Hannover Reinsurance (Dublin) Ltd., Dublin, Ireland Hannover Reinsurance (Ireland) Ltd., Dublin, Ireland Dr. Elke König Chairperson of the Board of Directors Member of the Executive Board Hannover Finance (Luxembourg) S.A., Luxembourg Hannover Rückversicherung AG, Hannover Hannover Finance (UK) Limited, Virginia Water, United Kingdom E+S Rückversicherung AG, Hannover Hannover Finance, Inc., Wilmington, USA Chairperson of the Advisory Board Hannover Finanz GmbH, Hannover Deputy Chairperson of the Board of Directors Hannover Life Re (Bermuda) Ltd., Hamilton, Bermuda Member of the Supervisory Board AmpegaGerling Asset Management GmbH, Cologne Hannover Life Re AG, Hannover 4 Boards and officers Executive Board Member of the Advisory Board WeHaCo Unternehmensbeteiligungs-GmbH, Hannover Member of the Board of Directors Clarendon Insurance Group, Inc., Wilmington, USA Clarendon National Insurance Company, Trenton, USA Hannover Life Re of Australasia
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