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18Annual Report Key Figures I 06 18Annual Report Key figures I 06 2018 + / – 2017 2016 1 2015 2014 previous Figures in EUR million year Results Gross written premium 19,176.4 +7.8% 17,790.5 16,353.6 17,068.7 14,361.8 Net premium earned 17,289.1 +10.6% 15,631.7 14,410.3 14,593.0 12,423.1 Net underwriting result (51.1) (488.5) 115.9 93.8 (23.6) Net investment income 1,530.0 -13.7% 1,773.9 1,550.4 1,665.1 1,471.8 Operating profit (EBIT) 1,596.6 +17.0% 1,364.4 1,689.3 1,755.2 1,466.4 Group net income 1,059.5 +10.5% 958.6 1,171.2 1,150.7 985.6 Balance sheet Policyholders´ surplus 11,035.1 +2.4% 10,778.5 11,231.4 10,267.3 10,239.5 Equity attributable to shareholders of Hannover Rück SE 8,776.8 +2.9% 8,528.5 8,997.2 8,068.3 7,550.8 Non-controlling interests 765.2 +0.9% 758.1 743.3 709.1 702.2 Hybrid capital 1,493.1 +0.1% 1,492.0 1,490.8 1,489.9 1,986.5 Investments (excl. funds withheld by ceding companies) 42,197.3 +5.3% 40,057.5 41,793.5 39,346.9 36,228.0 Total assets 64,508.6 +5.4% 61,196.8 63,594.5 63,214.9 60,457.6 Share Earnings per share (basic and diluted) in EUR 8.79 +10.5% 7.95 9.71 9.54 8.17 Book value per share in EUR 72.78 +2.9% 70.72 74.61 66.90 62.61 Dividend 633.1 +5.0% 603.0 603.0 572.8 512.5 Dividend per share in EUR 3.75 + 1.50 2, 3 +5.0% 3.50 + 1.50 3 3.50 + 1.50 3 3.25 + 1.50 3 3.00 + 1.25 3 Share price at year-end in EUR 117.70 +12.2% 104.90 102.80 105.65 74.97 Market capitalisation at year- end 14,194.3 +12.2% 12,650.6 12,397.4 12,741.1 9,041.2 Ratios Combined ratio (property and casualty reinsurance) 4 96.5% 99.8% 93.7% 94.4% 94.7% Large losses as percentage of net premium earned (property and casualty reinsurance) 5 7.9% 12.3% 7.8% 7.1% 6.1% Retention 90.7% 90.5% 89.3% 87.0% 87.6% Return on investment (excl. funds withheld by ceding companies) 6 3.2% 3.8% 3.0% 3.5% 3.3% EBIT margin 7 9.2% 8.7% 11.7% 12.0% 11.8% Return on equity (after tax) 12.2% 10.9% 13.7% 14.7% 14.7% 1 Restated pursuant to IAS 8 2 Proposed dividend 3 Dividend of EUR 3.75 plus special dividend of EUR 1.50 for 2018, dividend of EUR 3.50 plus special dividend of EUR 1.50 for 2017, dividend of EUR 3.50 plus special dividend of EUR 1.50 for 2016, dividend of EUR 3.25 plus special dividend of EUR 1.50 for 2015 and dividend of EUR 3.00 plus special dividend of EUR 1.25 for 2014 4 Including expenses on funds withheld and contract deposits 5 Hannover Re Group’s net share for natural catastrophes and other major losses in excess of EUR 10 million gross as a per centage of net premium earned 6 Excluding effects from ModCo derivatives 7 Operating result (EBIT) / net premium earned The Group worldwide I 07 Key figures The Group worldwide Strategic business groups A complete list of our shareholdings is provided on page 186 et seq. of the notes. The addresses of the Hannover Re Group’s branch offices and subsidiaries abroad are to be found in the section “Further information” on page 287 et seq. Strategic business groups I 08 Hannover Re Group Property & Casualty reinsurance Life & Health reinsurance Target Markets Financial Solutions • North America • Continental Europe Risk Solutions • Longevity Specialty Lines Worldwide • Mortality • Marine • Morbidity • Aviation • Credit, Surety and Political Risks • United Kingdom, Ireland, London Market and Direct Business • Facultative Reinsurance Global Reinsurance • Worldwide Treaty Reinsurance • Catastrophe XL (Cat XL) • Structured Reinsurance and Insurance-Linked Securities Hannover Re | Annual Report 2018 An overview Gross premium I 01 in EUR million 17,790.5 19,176.4 20,000 17,068.7 16,353.6 13,774.2 13,963.4 14,361.8 15,000 12,096.1 10,274.8 11,428.7 10,000 5,000 0 2009 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 Group net income (loss) I 02 in EUR million 1,500 1,150.7 1,171.2 985.6 958.6 1,059.5 1,000 748.9 849.6 895.5 733.7 606.0 500 0 2009 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 Policyholders’ surplus I 03 in EUR million 15,000 11,231.4 11,035.1 10,239.5 10,267.3 10,778.5 10,000 8,947.2 8,767.9 6,987.0 7,338.2 5,621.6 5,000 0 2009 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 Book value per share I 04 in EUR 74.61 80 66.90 70.72 72.78 62.61 60 50.02 48.83 37.39 41.22 40 30.80 20 0 2009 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 Dividend I 05 in EUR 6 5.25 2 Special dividend 4.75 5.00 5.00 5 4.25 Dividend 1.50 1.50 1.50 4 1.50 3.00 3.00 1.25 3 2.10 2.30 2.10 0.40 2 3.50 3.50 3.75 3.00 3.25 1 2.60 0 2009 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 1 Restated pursuant to IAS 8 2 Proposed dividend Hannover Re | Annual Report 2018 About us our investors For Hannover Re, with gross premium of more than EUR 19 billion, is the fourth-largest reinsurer in the world. We transact all lines of property & casualty and life & health reinsurance and are present on all continents with more than 3,300 staff. Established in 1966, the Hannover Re Group today has a network of more than 170 subsidiaries, branches and representative offices worldwide. The German business of the Hannover Re Group is transacted by our subsidiary E+S Rück. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”. Contents For our investors 2 Responsibility statement 280 Letter from the Chairman of the Executive Board 2 Supervisory Board 281 Executive Board of Hannover Rück SE 6 Report of the Supervisory Board 281 The Hannover Re share 12 Supervisory Board of Hannover Rück SE 286 Combined management report 18 Further information 287 Branch offices and subsidiaries of the Annual financial statements 161 Hannover Re Group abroad 287 Glossary 290 Notes 171 List of graphs, tables and charts 296 Imprint 300 Independent Auditor’s Report 270 Contact information 301 Financial calendar 302 Hannover Re | Annual Report 2018 1 Ulrich Wallin, Chairman of the Executive Board Dear Shareholders, Ladies and Gentlemen, For the tenth consecutive year it is my pleasure to present here the annual financial statement of your company, Hannover Re. I am especially delighted that the 2018 financial year proved to be another successful one for Hannover Re: for the tenth year in a row we are reporting a double-digit return on equity and are able to propose a dividend that can be described as thoroughly attractive in light of the company’s market capitalisation. This should not, however, blind us to the fact that 2018 has also posed special challenges. In life and health reinsurance, for example, we had to absorb a substantial one-time strain from our US mortality portfolio relating to a large block of business acquired at the beginning of 2009. In this regard we were compelled to exercise our right to raise reinsurance rates across a broad front; this led to extensive treaty recaptures, which in turn adversely impacted the statement of income for 2018. Allowing for the necessary release of an expense reserve set aside for the same business, we incurred one-off charges in the order of EUR 200 million before tax. In property and casualty reinsurance, too, we were faced with significant major losses that exceeded – albeit only marginally – our large loss budget. The fact that we still generated Group net income of EUR 1.06 billion can be attributed to the outstanding 2 Hannover Re | Annual Report 2018 For our investors For success of our investments as well as the good underlying quality of our portfolio in both property & casualty and life & health reinsurance. This result marks the third occasion – after 2015 and 2016 – that we have achieved Group net income in excess of EUR 1 billion. The return on equity comfortably outperformed our minimum target of 900 basis points above the risk-free interest rate to reach a level of 12.2 percent. Based on this good performance, the Executive Board and Supervisory Board will propose to the Annual General Meeting that an increased dividend of EUR 5.25 per share should be distributed to you, our valued shareholders, for the 2018 financial year.
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