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Annual Report 2007

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Annual Report 2007 Annual Report 2007 hannover re R CONTENTS 1 Boards and officers 7 Management report 8 Economic climate 8 Business development 11 Development of the individual lines of business 17 Investments 19 Human resources 22 Sustainability report 24 Risk report 31 Forecast 35 Other information 37 Proposal for the distribution of profits 38 Accounts 38 Balance sheet 42 Profit and loss account 45 Notes 71 Auditors' report 72 Report of the Supervisory Board 76 Declaration of conformity 77 Glossary KEY FIGURES of Hannover Re +/- previous in Mio. EUR 2007 2006 2005 2004 2003 year Gross written premium 6,652.6 -13.0% 7,644.6 6,340.4 6,095.2 6,539.3 Net premium earned 4,979.3 -12.4% 5,685.3 4,383.8 4,030.8 3,695.3 Underwriting result 5) (111.1) -176.3% 145.6 (95.5) (42.8) 60.7 Allocation to the equalisation reserve and similar provisions (309.1) -312.6% 145.4 228.3 232.5 301.8 Investment result 451.2 -43.6% 799.9 895.7 584.7 578.2 Pre-tax profit 438.1 +69.3% 258.7 376.1 149.1 133.2 Profit or loss for the financial year 272.0 +38.8% 196.0 374.6 120.6 114.9 Investments 18,106.1 -2.1% 18,499.7 16,699.4 13,465.3 11,670.8 Capital and reserve 2,085.83) 2,085.83) 2,085.82)3) 1,215.8 1,292.51) Equalisation reserve and similar provisions 1,406.5 -18.0% 1,715.6 1,570.3 1,342.0 1,109.5 Net technical provisions 13,286.7 +2.0% 13,022.7 12,471.9 9,844.2 8,286.7 Total capital, reserves and technical provisions 16,779.0 -0.3% 16,824.1 16,128.0 12,402.0 10,688.7 Number of employees 660 +6 654 628 599 569 Retention 73.9% 74.2% 68.3% 67.8% 56.8% Loss ratio 4)5) 80.0% 72.7% 76.7% 79.6% 80.3% Expense ratio 4) 25.2% 25.4% 26.4% 20.1% 16.1% Combined ratio 4)5) 105.2% 98.1% 103.1% 99.7% 96.4% 1) including surplus debenture (Genussrechtskapital) 2) including allocation to reserves proposed by the Annual General Meeting 3) including subordinated liabilities 4) excluding life reinsurance 5) 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 Commerzbank Aktiengesellschaft, Frankfurt (since 3 May 2007) Heidelberger Druckmaschinen Aktiengesellschaft, Heidelberg Former Member of the Executive Board Österreichische Industrieholding AG, Vienna, Austria RWE Aktiengesellschaft Dr. Paul Wieandt 2) Chairman of the Advisory Board Königstein i. T. Lincoln International AG, Frankfurt/Main 3) Deputy Chairman MANIC Management Information Consulting GmbH, Dreieich3) (until 20 March 2007) Liquidator of Resba GmbH i. L. 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 Service AG, Hannover der Deutschen Industrie V.a.G. HDI-Gerling Lebensversicherung AG, Cologne HDI-Gerling Leben Serviceholding AG, Cologne HDI-Gerling Leben Betriebsservice GmbH, Cologne HDI-Gerling Sach Serviceholding AG, Hannover Proactiv Holding AG, Hilden Chairman of the Board of Management Gerling Beteiligungs-GmbH, Cologne 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 1 Boards and officers Supervisory Board Uwe Kramp 5) Hannover (since 3 May 2007) Karl Heinz Midunsky 3) Munich Former Corporate Vice President and Treasurer Siemens AG Ass. jur. Otto Müller 5) Member of the Supervisory Board Hannover Talanx AG, Hannover 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. Gerling Beteiligungs-GmbH, Cologne 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 Aspecta Zycie T.U. S.A., Warsaw, Poland E+S Rückversicherung AG, Hannover Euro International Reinsurance S.A., Luxembourg Gerling Polska T.U. Zycie S.A., Warsaw, Poland HDI-Gerling Lebensversicherung AG, Cologne HDI-Gerling Industrie Versicherung AG, Hannover HDI-Gerling Sach Serviceholding AG, Hannover ifb AG, Cologne 4) PB Lebensversicherung AG, Hilden PB Versicherung AG, Hilden Tertia Handelsbeteiligungsgesellschaft mbH, Cologne 4) Member of the Advisory Board Commerzbank AG, Hamburg 4) Ass. jur. Renate Schaper-Stewart 5) Lehrte (until 3 May 2007) 2 Boards and officers Supervisory Board Dr. Erhard Schipporeit 2) Member of the Supervisory Board Hannover CarrerConcept AG, Munich (since 3 May 2007) Deutsche Börse AG, Frankfurt am Main Former Member HDI Haftpflichtverband der Deutschen Industrie V.a.G., Hannover of the Executive Board SAP AG, Walldorf E.ON Aktiengesellschaft Talanx AG, Hannover Member of the Board of Directors TUI Travel, PLC, London, United Kingdom Dipl.-Ing. Hans-Günter Siegerist 5) Nienstädt (until 3 May 2007) Gert Waechtler 5) Großburgwedel (since 3 May 2007) 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 3 Boards and officers Executive Board Executive Board (Vorstand) Wilhelm Zeller Chairman of the Administrative Board Chairman of the Executive Board Euro International Reinsurance S.A., Luxembourg Hannover Rückversicherung AG, Hannover E+S Rückversicherung AG, Hannover Chairman of the Board of Directors Clarendon Insurance Group, Inc., Wilmington, USA Clarendon National Insurance Company, Trenton, USA Hannover Re (Bermuda) Ltd., Hamilton, Bermuda Hannover Reinsurance (Ireland) Ltd., Dublin, Ireland Member of the Board of Directors Hannover Life Re of Australasia Ltd, Sydney, Australia Member of the Supervisory Board Coface Holding 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 Re Gestion de Réassurance France S.A., Paris, France Hannover Rückversicherung AG, Hannover Hannover ReTakaful B.S.C. (c), Manama, Bahrain 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* Mutuelle des Transports Assurances (MTA), Paris, France* Dr. Wolf Becke Member of the Supervisory Board Member of the Executive Board ASPECTA Lebensversicherung AG, Cologne Hannover Rückversicherung AG, Hannover CiV Lebensversicherung AG, Hilden E+S Rückversicherung AG, Hannover HDI-Gerling Lebensversicherung AG, Cologne 4 Boards and officers Executive Board Chairman of the Board of Directors Hannover Life Reassurance 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 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 Zweite 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 (UK) Limited, Virginia Water, United Kingdom Hannover Rückversicherung AG,
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