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Annual Report Key Figures I 06 Beyond risk sharing – we team up to create opportunities Annual Report Key figures I 06 2019 + / – 2018 2017 2016 1 2015 previous in EUR million year Results Gross written premium 22,597.6 +17.8% 19,176.4 17,790.5 16,353.6 17,068.7 Net premium earned 19,729.7 +14.1% 17,289.1 15,631.7 14,410.3 14,593.0 Net underwriting result 2 (9.7) -106,2% 156.9 (253.6) 448.1 488.9 Net investment income 1,757.1 +14.8% 1,530.0 1,773.9 1,550.4 1,665.1 Operating profit (EBIT) 1,853.2 +16.1% 1,596.6 1,364.4 1,689.3 1,755.2 Group net income 1,284.2 +21.2% 1,059.5 958.6 1,171.2 1,150.7 Balance sheet Policyholders‘ surplus 13,588.9 +23.1% 11,035.1 10,778.5 11,231.4 10,267.3 Equity attributable to shareholders of Hannover Rück SE 10,528.0 +20.0% 8,776.8 8,528.5 8,997.2 8,068.3 Non-controlling interests 826.5 +8.0% 765.2 758.1 743.3 709.1 Hybrid capital 2,234.4 +49.6% 1,493.1 1,492.0 1,490.8 1,489.9 Investments (excl. funds withheld by ceding companies) 47,629.4 +12.9% 42,197.3 40,057.5 41,793.5 39,346.9 Total assets 71,356.4 +10.6% 64,508.6 61,196.8 63,594.5 63,214.9 Share Earnings per share (basic and diluted) in EUR 10.65 +21.2% 8.79 7.95 9.71 9.54 Book value per share in EUR 87.30 +20.0% 72.78 70.72 74.61 66.90 Dividend 663.3 +4.8% 633.1 603.0 603.0 572.8 Dividend per share in EUR 4.00 + 1.50 3, 4 +4.8% 3.75 + 1.50 4 3.50 + 1.50 4 3.50 + 1.50 4 3.25 + 1.50 4 Share price at year-end in EUR 172.30 +46.4% 117.70 104.90 102.80 105.65 Market capitalisation at year- end 20,778.9 +46.4% 14,194.3 12,650.6 12,397.4 12,741.1 Ratios Combined ratio (property and casualty reinsurance) 2 98.2% 96.5% 99.8% 93.7% 94.4% Large losses as percentage of net premium earned (property and casualty reinsurance) 5 7.5% 7.9% 12.3% 7.8% 7.1% Retention 90.0% 90.7% 90.5% 89.3% 87.0% Return on investment (excl. funds withheld by ceding companies) 3.5% 3.2% 3.8% 3.0% 3.4% EBIT margin 6 9.4% 9.2% 8.7% 11.7% 12.0% Return on equity (after tax) 13.3% 12.2% 10.9% 13.7% 14.7% 1 Restated pursuant to IAS 8 2 Including expenses on funds withheld and contract deposits 3 Proposed dividend 4 Dividend of EUR 4.00 plus special dividend of EUR 1.50 for 2019, 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 and dividend of EUR 3.25 plus special dividend of EUR 1.50 for 2015 5 Hannover Re Group’s net share for natural catastrophes and other major losses in excess of EUR 10 million gross as a percentage of net premium earned 6 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 184 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 285 et seq. Strategic business groups I 08 Hannover Re Group Property & Casualty reinsurance Life & Health reinsurance Regional Markets Financial Solutions • North America • Latin America, Iberian Peninsula and Agricultural Risk Solutions Risks • Longevity • Germany, Switzerland, Austria and Italy • Mortality • United Kingdom, Ireland and London Market • Morbidity • Continental Europe and Africa • Asia, Australia and Middle East Global Markets • Structured Reinsurance and Insurance-Linked Securities • Catastrophe XL (Cat XL) • Facultative Reinsurance and Direct Business • Aviation and Marine • Credit, Surety and Political Risks An overview Gross premium I 01 in EUR million 25,000 22,597.6 19,176.4 17,790.5 20,000 17,068.7 16,353.6 13,774.2 13,963.4 14,361.8 15,000 11,428.7 12,096.1 10,000 5,000 0 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 2019 Group net income I 02 in EUR million 1,500 1,284.2 1,171.2 1,150.7 1,059.5 895.5 985.6 958.6 1,000 748.9 849.6 606.0 500 0 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 2019 Policyholders’ surplus I 03 in EUR million 15,000 13,588.9 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 5,000 0 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 2019 Book value per share I 04 in EUR 100 87.30 74.61 72.78 80 66.90 70.72 62.61 60 50.02 48.83 37.39 41.22 40 20 0 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 2019 Dividend I 05 in EUR 2 6 5.25 5.50 Special dividend 4.75 5.00 5.00 5 4.25 Dividend 1.50 1.50 1.50 1.50 4 1.50 3.00 3.00 1.25 3 2.30 2.10 0.40 2 3.50 3.50 3.75 4.00 3.00 3.25 1 2.60 0 2010 2011 2012 1 2013 2014 2015 2016 2017 2018 2019 1 Restated pursuant to IAS 8 2 Proposed dividend Our self-image Contents 14 For our investors 14 Letter from the Chairman of Our values the Executive Board 18 Executive Board of Hannover Rück SE 20 The Hannover Re share 24 Combined management report 25 Foundations of the Group 30 Report on economic position 70 Combined non-financial Drive information statement 92 Opportunity and risk report 120 Enterprise management 147 Outlook Beyond 157 Consolidated financial risk sharing – statements R we team up 158 Consolidated balance sheet e as at 31 December 2019 s t 160 Consolidated statement of p to create i o r i income 2019 n opportunities p 161 Consolidated statement of s s ib - comprehensive income 2019 i e li W 162 Consolidated statement of ty changes in shareholders’ equity 2019 164 Consolidated cash flow state- ment 2019 167 Notes to the consolidated financial statements 2019 268 Independent Auditor’s Report 278 Responsibility statement 279 Supervisory Board 279 Report of the Supervisory Board 284 Supervisory Board of Hannover Rück SE 285 Further information 285 Branch offices and subsidiaries of the Hannover Re Group abroad 288 Glossary 294 List of graphs, tables and charts 298 Imprint 299 Contact information 300 Financial calendar Hannover Re | Annual Report 2019 1 2 Hannover Re | Annual Report 2019 A value structure for the future When it comes to leading an enterprise successfully into the future, the pursuit of profits is not a suffi- cient raison d’être. That was the consensus at the Global Management Forum 2019. In response, the Executive Board launched a project to define the self-image and values of Hannover Re. Some 560 employees from all areas and 13 locations of the Hannover Re Group contributed their views and experiences. Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re, and Roland Vogel, Chief Financial Officer, backed the project in the role of sponsors. We asked them why it is important for a company to be aware of its own self-image – and what value-added its actions create for customers and society. Roland Vogel and Jean-Jacques Henchoz Hannover Re | Annual Report 2019 3 By defining our company’s purpose we have accomplished something very significant: we have identified the factors in our past success and embraced them on our path into the future. Jean-Jacques Henchoz Vogel: Looked at from the perspective of my thirty-year career with Hannover Re, I can state with confidence: our actions have always been driven by the self-image of an entrepreneur – and that will remain so going forward. By defining our self-image and codifying our values, we have put a good basis in place. Henchoz: By defining our company’s purpose we have ac- complished something very significant: we have identified the factors in our past success and embraced them on our path into the future. How do you experience Hannover Re’s self-image in concrete terms? Could you cite an example by way of illustration? Vogel: There was one situation that left a really deep impres- sion on me: our response to the September 11 attacks of Why did Hannover Re engage with its self-image and 2001. At the time we were searching for innovative solutions its core values in 2019? to improve our capital position. We had drawn some of our inspiration from ideas outside our own industry. So we Henchoz: We can look back on a history of success: for ten assembled a team, created the first securitisation of reinsur- years we have clearly outperformed the market average.
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