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The Somewhat Different Reinsurer September 2021 Agenda

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The Somewhat Different Reinsurer September 2021 Agenda Hannover Re: the somewhat different reinsurer September 2021 Agenda 1 Hannover Re Group 2 2 Property & Casualty reinsurance 32 3 Life & Health reinsurance 47 4 Investment management 61 5 Capital management 68 6 Interim results 1H/2021 81 7 Outlook 91 8 Appendix 95 2 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Key facts about Hannover Re 1966 3rd Founded Largest reinsurer by HDI (P&C in the world reinsurance only) 1990 2020: Start of L&H >3,000 reinsurance as strategic Total staff of growth segment employees 1994 HR share 2020: >170 Initial Public 2004 2013 Subsidiaries, branches/ Offering of representative Hannover Re 50.2% Hannover Rück SE offices worldwide Societas Europaea Majority shareholder, held by Talanx AG 3 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Growth and international expansion mainly organically driven M&A activity not accompanied by high integration cost and complexity Hamburger Internationale RV (L&H incl. US) E+S Rück (Germany) Skandia (portfolios, incl. L&H UK, Hollandia South P&C facultative, aviation) Africa Clarendon (US P&C) ING/Scottish Re portfolio Argenta (Lloyd’s P&C) (US L&H) Acquisitions 1970 - 1979 1980 - 1989 1990 - 1999 2000 - 2009 2010 - 2020 Foundations Inter Hannover Italy France, Ireland, Japan, Bahrain, Brazil, China India, L&H: Canada (P&C), Insurance Sweden P&C: Australia, P&C: Bermuda, Colombia, Corporation of Canada P&C: Malaysia, Spain, Taiwan Hannover Mexico (US P&C) L&H: Bermuda, Korea, L&H: Australia, Hong Malaysia Kong, Taiwan Limited appetite for larger M&A results in lean and efficient structures Overview of main/material transactions (and main parts of acquisitions) without e.g. minority shareholdings All lines of business except those stated separately italic = (at least in part) sold 4 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Group structure supports our business model Free float Talanx AG1) 49.8% 50.2% 64.8% 8 German >170 subsidiaries, primary insurers branch/rep. 35.1% offices worldwide Domestic business International business 1) Majority shareholder HDI V.a.G. 5 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Executive Board of Hannover Rück SE Chief Executive Officer Chief Financial Officer Property & Casualty R/I Life & Health R/I Jean-Jacques Henchoz Clemens Jungsthöfel Dr. Michael Pickel Sven Althoff Silke Sehm Claude Chèvre Dr. Klaus Miller Compliance, Controlling, Finance and APAC & Middle East, North America, Continental Europe Africa, Asia, North America, Innovation Management, Accounting, Germany, Switzerland, Aviation and Marine, and Africa, Australia/ United Kingdom/ Human Resources Information Austria, Italy, Credit, Surety and Catastrophe XL New Zealand, Ireland, Northern, Management, Technology, Latin America, Political Risks, (Cat XL), Latin America, Eastern and Internal Auditing, Investment and Iberian Peninsula and UK, Ireland and Structured R/I and Western and Central Europe Risk Management, Collateral Agricultural Risks, London Market, ILS, Retrocessions Southern Europe, Corporate Development, Management, Group Legal Services, Facultative R/I, Longevity Solutions Corporate Facility Run Off Solutions Coordination of Communications Management Property & Casualty Business Group, Quotations 6 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | We are among the top reinsurers in the world Premium ranking 2020 in m. USD Rank Group Country GWP NPW 1 Munich Re DE 45,846 43,096 2 Swiss Re CH 36,579 34,293 3 Hannover Re1) DE 30,421 26,232 4 SCOR FR 20,106 17,910 5 Berkshire Hathaway Inc. US 19,195 19,195 6 China Re CN 16,665 15,453 7 Lloyd's2) UK 16,511 12,213 8 Canada Life Re CA 14,552 14,497 9 RGA US 12,583 11,694 10 Korean Re KR 7,777 5,432 11 Everest Re BM 7,282 6,768 12 PartnerRe BM 6,876 6,301 13 General Insurance Corporation of India3) IN 6,481 5,773 14 RenaissanceRe BM 5,806 4,096 15 AXA XL US 5,326 4,201 For further information please see A. M. Best “Market Segment Report” September 2021 (© A.M. Best Europe - Information Services Ltd. - used by permission) 1) Net premium written data not reported; net premium earned substituted 2) Reinsurance only 3) Fiscal year-end 31 March 2021 7 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Reinsurance has the character of a specialty market With a share of 7% of the overall insurance market Market size primary insurance vs. reinsurance Global insurance premium ~ EUR 4 trillion Global reinsurance premium ~ EUR 281 billion 2020 or latest. Global reinsurance premium: gross written premium of the Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (September 2021) Source: © A.M. Best Europe - Information Services Ltd. - used by permission, own research 8 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Growing Property and Casualty reinsurance market Hannover Re outperforms the market Market size and concentration 2020 in bn. EUR 4-year CAGR 135 1551) 149 175 187 Market +8.5% 36% Top 10 Other +8.0% 64% 37% Other 36% HR Top 10 +8.8% 10% 54% 57% HR +19.5% 6% 10% 2016 2017 2018 2019 2020 Market: Sum of Non-life GWP of Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (Sept 2021) Top 10 in 2020: Munich Re, Swiss Re, Hannover Re, Lloyd’s, Berkshire Hathaway, SCOR, Everest Re, Korean Re, China Re, General Insurance Corporation of India Source: © A.M. Best Europe - Information Services Ltd. - used by permission 1) Includes one-off Berkshire Hathaway AIG transaction 9 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Life and Health reinsurance in a global perspective Concentrated market due to high entry barriers Market size and concentration 2020 in bn. EUR 4-year CAGR 69 77 74 82 94 Market +7.9% 17% Other 17% 14% Other +12.0% HR 9% Top 7 83% 74% 76% Top 7 +7.1% HR +5.9% 10% 9% 2016 2017 2018 2019 2020 Market: Sum of Life GWP of Top 50 Global Reinsurance Groups according to A.M. Best "Segment Report" (Sept 2021) Top 7 in 2020: Munich Re, Swiss Re, Canada Life Re, RGA, SCOR, China Re, Hannover Re Source: © A.M. Best Europe - Information Services Ltd. - used by permission 10 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Reinsurance industry returns in recent years highlight the need for further improvements in reinsurance pricing Development of return on equity and Guy Carpenter Global Property Cat RoL Index 237% 233% 229% 350 225% 221% 217% 213% 209% 205% 201% 197% 193% 189% 185% 181% 177% 173% 17.0% 169% 300 165% 161% 157% 153% 149% 145% 13.7% 141% 14.0% 137% 12.8% 133% 12.5% 129% 125% 121% 11.4% 117% 113% 10.8% 109% 9.6% 250 105% 9.2% 101% 9.4% 97% 93% 89% 85% 81% 77% 73% 69% 65% 5.1% 61% 57% 53% 49% 3.2% 4.6% 200 45% 41% 37% 33% 3.8% 29% 25% 21% 17% 13% 9% 5% 1% 0.5% -3% -7% -11% -15% (1.2%) 150 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Return on equity GC Global Property Cat RoL Index Source: Artemis GC RoL Index Return on equity based on company data (Top 10 of the Global Reinsurance Index (GloRe) with more than 50% reinsurance business 2005 - 2020), own calculation 11 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Reinsurance is and will be an attractive product Drivers for reinsurance demand Drivers Impact on insurance Value proposition R/I Global trends • Increasing demand for • Strong capital base • Value concentration insurance of non-diversifying • Diversification • Protection gap risks • Expertise in risk • Demographic change management • New risks lead to higher New products/markets volatility and need for • Support and expertise • Emerging markets additional know-how in product development • Digitalisation/Cyber and pricing for • Emerging risks • High cost of capital/need for • Optimising capital capital management Capital requirement requirements • Regulatory changes • Reducing cost of capital Demand reinsurance • Risk-based capital models • Managing earnings volatility • Ratings, local GAAP, IFRS • Support in distributing Volatile earnings products • Expectations of shareholders, in new markets regulators and rating agencies 12 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Favourable premium growth accelerates in last 3 years 10-year CAGR: +8.0% Gross written premium in m. EUR 24,770 22,598 19,176 32% 17,791 35% 17,069 16,354 13,963 14,362 38% 13,774 40% 12,096 45% 44% 45% 44% 44% 44% 68% 65% 62% 60% 55% 55% 56% 56% 56% 56% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Property & Casualty reinsurance Life & Health reinsurance 13 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Well-balanced international portfolio growth Gross written premium in m. EUR Africa 24,770 2.1% 22,598 6.7% Australia 4.3% 19,176 17,791 17.5% Latin America 17,069 16,354 14,362 15.5% Asia 13,774 13,963 12,096 3.9% 7.1% Other European countries 5.1% 6.8% 13.8% 11.0% Germany 17.3% 9.7% United Kingdom 20.0% 33.0% 26.2% North America 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 14 Hannover Re: the somewhat different reinsurer | 1 Hannover Re Group | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Strong earnings track record 2020: favourable result in a year dominated by the Covid-19 pandemic Operating profit (EBIT) in m.
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