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14Annual Report Key Figures I 06 14Annual Report Key figures I 06 2014 + / – previous 2013 2012 1 2011 2010 Figures in EUR million year Results Gross written premium 14,361.8 +2.9% 13,963.4 13,774.2 12,096.1 11,428.7 Net premium earned 12,423.1 +1.6% 12,226.7 12,279.2 10,751.5 10,047.0 Net underwriting result (23.6) (83.0) (96.9) (535.8) (185.1) Net investment income 1,471.8 +4.3% 1,411.8 1,655.7 1,384.0 1,258.9 Operating profit (EBIT) 1,466.4 +19.3% 1,229.1 1,393.9 841.4 1,177.9 Group net income 985.6 +10.1% 895.5 849.6 606.0 748.9 Balance sheet Policyholders´ surplus 10,239.5 +16.8% 8,767.9 8,947.2 7,338.2 6,987.0 Equity attributable to shareholders of Hannover Rück SE 7,550.8 +28.2% 5,888.4 6,032.5 4,970.6 4,509.0 Non-controlling interests 702.2 +9.4% 641.6 681.7 636.0 608.9 Hybrid capital 1,986.5 -11.2% 2,237.8 2,233.0 1,731.6 1,869.1 Investments (excl. funds with- held by ceding companies) 36,228.0 +13.7% 31,875.2 31,874.4 28,341.2 25,411.1 Total assets 60,457.6 +12.1% 53,915.5 54,811.7 49,867.0 46,725.3 Share Earnings per share (basic and diluted) in EUR 8.17 +10.1% 7.43 7.04 5.02 6.21 Book value per share in EUR 62.61 +28.2% 48.83 50.02 41.22 37.39 Dividend 512.5 2 +41.7% 361.8 361.8 253.3 277.4 Dividend per share in EUR 3.00 + 1.25 2, 3 +41.7% 3.00 2.60 + 0.40 3 2.10 2.30 Share price at year-end in EUR 74.97 +20.2% 62.38 58.96 38.325 40.135 Market capitalisation at year- end 9,041.2 +20.2% 7,522.8 7,110.4 4,621.9 4,840.2 Ratios Combined ratio (property and casualty reinsurance) 4 94.7% 94.9% 95.8% 104.3% 98.2% Large losses as percentage of net premium earned (property and casualty reinsurance) 5 6.1% 8.4% 7.0% 16.5% 12.3% Retention 87.6% 89.0% 89.8% 91.2% 90.1% Return on investment (excl. funds withheld by ceding companies) 6 3.3% 3.4% 4.1% 4.1% 4.0% EBIT margin 7 11.8% 10.1% 11.4% 7.8% 11.7% Return on equity (after tax) 14.7% 15.0% 15.4% 12.8% 18.2% 1 Adjusted pursuant to IAS 8 2 Proposed dividend 3 Dividend of EUR 3.00 plus special dividend of EUR 1.25 for 2014 as well as EUR 2.60 plus special dividend of EUR 0.40 for 2012 4 Including funds withheld 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 (until 31 December 2011: in excess of EUR 5 million gross) 6 Excluding effects from ModCo derivatives and inflation swaps 7 Operating result (EBIT) / net premium earned The Group worldwide I 07 Key figures Key The Group worldwide The Group Strategic business groups Strategic A complete list of our shareholdings is provided on page 163 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 244 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 An overview Gross premium I 01 * in EUR million 13,774.2 13,963.4 14,361.8 15,00015000 11,428.7 12,096.1 10,274.8 12,00012000 9,317.4 9,289.3 8,258.9 8,120.9 9,0009000 6,0006000 3,0003000 0 0 figures Key 2005 2006 2007 2008 2009 2010 2011 2012 1 2013 2014 The Group worldwide The Group Group net income (loss) I 02 * business groups Strategic in EUR million 985.6 10001,000 849.6 895.5 721.7 733.7 748.9 800800 606.0 514.4 600600 400400 200200 49.3 (127.0) 00 -200 2005 2006 2007 2008 2009 2010 2011 2012 1 2013 2014 Policyholders’ surplus I 03 * in EUR million 12,000 10,239.5 8,947.2 8,767.9 1000010,000 6,987.0 7,338.2 8000 8,000 5,621.6 4,878.4 5,295.1 60006,000 4,579.6 4,708.4 40004,000 20002,000 0 0 2005 2006 2007 2008 2009 2010 2011 2012 1 2013 2014 Book value per share I 04 * in EUR 62.61 60 60 50.02 48.83 50 37.39 41.22 40 40 27.77 30.80 30 21.57 24.03 23.47 20 20 10 0 0 2005 2006 2007 2008 2009 2010 2011 2012 1 2013 2014 Dividend I 05 * in EUR 4.25 2, 3 4,04 2 3,5 3.00 3.00 1.25 3 2 3,0 2.30 2.30 0.40 2,5 2.10 2.10 2,02 1.60 0.50 1,5 2.60 3.00 1,01 1.80 0,5 – – 0,00 2005 2006 2007 2008 2009 2010 2011 2012 1 2013 2014 1 Adjusted pursuant to IAS 8 2 Dividend of EUR 3.00 plus special dividend of EUR 1.25 for 2014 as well as EUR 2.60 plus special dividend of EUR 0.40 for 2012 and EUR 1.80 plus special dividend of EUR 0.50 for 2007 3 Proposed dividend About us Hannover Re, with gross premium of more than EUR 14 billion, is the third-largest reinsurer in the world. We transact all lines of property & casualty and life & health reinsurance and are present on all continents with roughly 2,500 staff. 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 very good financial strength ratings: Standard & Poor’s “AA-” (Very Strong) and A.M. Best “A+” (Superior). Contents For our investors 2 Further information 244 Letter from the Chairman of the Executive Board 2 Branch offices and subsidiaries Executive Board of Hannover Rück SE 6 of the Hannover Re Group abroad 244 The Hannover Re share 8 Glossary 247 Our strategy 12 List of graphs, tables and charts * 252 Financial calendar 255 Contact information 256 Combined management report 20 Imprint 257 Annual financial statements 137 Notes 147 Supervisory Board 240 * Graphs, tables and charts are numbered and listed on page 252 et seq. Report by the Supervisory Board 240 Supervisory Board of Hannover Rück SE 243 Hannover Rück | Annual Report 2014 1 Ulrich Wallin, Chairman of the Executive Board Dear Shareholders, Ladies and Gentlemen, When we published our results for the first nine months of 2013 in November of that year we provided a first preview of our expectations for your company’s performance in the 2014 financial year. At the same time, we had explained in considerable detail why we anticipated good results for 2014 despite a challenging climate characterised by significantly increased competition in property and casualty reinsurance and a protracted period of low interest rates. It is with great pleasure that I can now inform you that our performance in 2014 did indeed live up to these expectations – and in many areas actually ­surpassed­them.­Net­income­in­life­and­health­reinsurance­improved,­for­example,­by­EUR 41 million­ or­25 percent.­Despite­the­rather­soft­market,­we­also­further­boosted­the­underwriting­profit­in­prop- erty and casualty reinsurance and not only recorded stable investment income, but even appreciably increased it in absolute terms. All this means that we surpassed the record result of 2013 by another 10 percent­to­deliver­net­income­of­EUR 986 million.­Hannover­Re’s­financial­strength­also­developed­ favourably in the year under review. Shareholders’ equity excluding non-controlling interests rose by 28 percent­from­EUR 5.9 billion­to­EUR 7.6 billion.­The­key­factors­here­were­a­substantial­increase­in­ retained­earnings­due­to­the­good­result­as­well­as­a­rise­of­more­than­EUR 1 billion­in­the­valuation­ reserves. Despite this substantial surge in shareholders’ equity, the return on equity remained virtually on­a­par­with­the­previous­year­at­14.7­percent.­The­book­value­per­share­climbed­to­EUR 62.61,­the­ first­time­it­has­exceeded­the­EUR 60­level.­ This­gratifying­business­development­enables­us­in­turn­to­distribute­to­you,­our­valued­shareholders,­ an­attractive­dividend.­The­Supervisory­Board­and­Executive­Board­will­propose­to­the­Annual­General­ Meeting­that­you­should­be­paid­a­dividend­of­EUR 3.00­and­a­special­dividend­of­EUR 1.25­per­share.­ This­is­a­reflection­of­the­fact­that­your­company’s­capitalisation­now­comfortably­exceeds­the­required­ capital.­With­this­in­mind,­such­a­special­dividend­makes­sense­as­a­capital­management­measure.­ I­would­now­like­to­explore­below­in­greater­detail­the­developments­in­our­business­groups­of­ ­Property­&­Casualty­reinsurance­and­Life­&­Health­reinsurance­as­well­as­on­the­investments­side.
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