Hannover Rueck SE · XETR:HNR1
Hannover Rueck — Hannover Ruck — Q3 2026 Earnings Presentation
27 slides from Hannover Rueck's earnings presentation, Nov 9, 2026
Slide 1: Conference Call on Q3/2026 financial results
Conference Call on Q3/2026 financial results Hannover, 9 November 2026
Slide 2: Agenda
Group overview 3 1 Group overview 3 Property Casualty reinsurance 6 2 Property & Casualty reinsurance 6 Life Health reinsurance 9 3 Life & Health reinsurance 9 Investments 12 4 Investments 12 Outlook 2026 14 5 Outlook 2026 14 Appendix 16 Appendix 16 2 Conference Call on Q3/2026 financial results
Slide 3: Group overview
1 Group overview 3 Conference Call on Q3/2026 financial results
Slide 4: Return on equity at 21.1% despite continued increase in reserve resiliency
| 1 Group overview | 2 | 3 | 4 | 5 | Return on equity at 21.1% despite continued increase in reserve resiliency Strong underlying profitability in both business groups Group P&C reinsurance Reinsurance revenue Group net income Reinsurance revenue (gross) Combined ratio 19,711 19,516 2,101 13.2 bn. 8
Slide 5: Successful value creation for our shareholders
| 1 Group overview | 2 | 3 | 4 | 5 | Successful value creation for our shareholders Increase in CSM reflects successful renewals in P&C and new business generation in L&H Change in shareholders’ equity Contractual Service Margin (CSM) and Risk Adjustment (RA) Total 2,101 935 +6.9% 12,455 497 13,668
Slide 6: Property & Casualty reinsurance
2 Property & Casualty reinsurance 6 Conference Call on Q3/2026 financial results
Slide 7: Strong underlying profitability allowed for additional reserve resiliency
| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Strong underlying profitability allowed for additional reserve resiliency Reinsurance revenue growth in Traditional business improving as expected Property & Casualty R/I Q3/2025 Q3/2026 Q1-3/2025 Q1-3/2026 YTD Reinsurance revenue (gross) 4,393 4
Slide 8: Strong new business CSM of 2.3 bn driven by successful 2026 renewals
| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Strong new business CSM of 2.3 bn driven by successful 2026 renewals Reinsurance service result reflects strong underlying profitability and additional reserve resiliency Reinsurance Service Result Contractual Service Margin (net) 104 112 2,326 2
Slide 9: Life & Health reinsurance
3 Life & Health reinsurance 9 Conference Call on Q3/2026 financial results
Slide 10: L&H performance fully supports full-year target
| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | L&H performance fully supports full-year target and reflects favourable underlying profitability Successful growth reflected in pleasing new CSM generation of 503 m. Life & Health R/I Q3/2025 Q3/2026 Q1-3/2025 Q1-3/2026 YTD Reinsurance revenue (gross)
Slide 11: Reinsurance service result on track to meet full-year target
| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | Reinsurance service result on track to meet full-year target CSM release ahead of expectations driven by favourable contribution from new business Reinsurance Service Result Contractual Service Margin (net) 141 503 146 141 6,275 201 6,522 204 -744 744
Slide 12: Investments
4 Investments 12 Conference Call on Q3/2026 financial results
Slide 13: Resilient investment portfolio delivers RoI of 3.7%
| 1 | 2 | 3 | 4 Investments | 5 | Resilient investment portfolio delivers RoI of 3.7% in m. EUR Q1-3/2025 Q1-3/2026 RoI YTD 1) Ordinary investment income 1,822 2,061 4.0% − Pleasing ordinary income with increasing contribution from fixed Realised gains/losses -302 -26 -0.5% income Depreciations Real
Slide 14: Outlook 2026
5 Outlook 2026 14 Conference Call on Q3/2026 financial results
Slide 15: Unchanged guidance for FY 2026
| 1 | 2 | 3 | 4 | 5 Outlook 2026 | Unchanged guidance for FY 2026 Scope for further balance sheet strengthening if large losses remain below expectations in 2026 Expected contribution Group financial guidance 2026 Revenue growth1) mid-single-digit % Property & Casualty Combined ratio2) < 87% Group n
Slide 16: Appendix
Appendix 16 Conference Call on Q3/2026 financial results
Slide 17: Our business groups at a glance Q3/2025 vs. Q3/2026
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance Q3/2025 vs. Q3/2026 Property & Casualty R/I Life & Health R/I Total Stand alone in m. EUR Q3/2025 Q3/2026 D-% Q3/2025 Q3/2026 D-% Q3/2025 Q3/2026 D-% Reinsurance revenue (gross) 4,393 4,474 1.9% 1,979 2,123 7.3% 6,372 6,598 3.5% Reinsu
Slide 18: Our business groups at a glance Q1-3/2025 vs. Q1-3/2026
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance Q1-3/2025 vs. Q1-3/2026 Property & Casualty R/I Life & Health R/I Total Stand alone in m. EUR Q1-3/2025 Q1-3/2026 D-% Q1-3/2025 Q1-3/2026 D-% Q1-3/2025 Q1-3/2026 D-% Reinsurance revenue (gross) 13,932 13,247 -4.9% 5,779 6,269 8.5% 19,7
Slide 19: Net large losses Q1-3/2026 below budget
| 1 | 2 | 3 | 4 | 5 | Appendix | Net large losses Q1-3/2026 EUR 470 m. below budget of EUR 1,787 m. Natural and man-made catastrophe losses in excess of EUR 10 m. gross in m. EUR Gross Net Large loss budget (net) Large loss budget YTD (net) 2,944 2,649 2700 2,506 2,563 2,127 1,970 1,790 1,722 1,725
Slide 20: Large losses from natural catastrophes remain below budget
| 1 | 2 | 3 | 4 | 5 | Appendix | Large losses from natural catastrophes remain below budget despite increase in frequency Catastrophe losses 1) in m. EUR Date Gross Net Wildfires, Australia 7 - 16 Jan 14.6 14.4 Flood, Southern Africa 9 - 19 Jan 11.8 11.8 Storm "Fern", US, Canada 23 Jan - 12 Feb 140.
Slide 21: Man-made losses higher than expected due to Iran war
| 1 | 2 | 3 | 4 | 5 | Appendix | Man-made losses higher than expected due to Iran war Catastrophe losses 1) in m. EUR Date Gross Net Earthquake, Japan 28 Jul 31.7 31.6 Earthquake, Colombia 10 Aug 222.1 215.7 Floods, Nepal, China 26 Aug 30.0 30.0 Hail, Flood and Storm, Central Europe 26 - 29 Aug 28.0
Slide 22: Ordinary income reflects higher interest rates and loss realisation in 2025
| 1 | 2 | 3 | 4 | 5 | Appendix | Ordinary income reflects higher interest rates and loss realisation in 2025 Asset class 2024 2025 Q1-3/2026 Ordinary income split Q1-3/2026 Fixed Income 86% 87% 87% STI / Others Governments 38% 36% 35% 3% Real Assets Semi-governments 10% 12% 11% 11 % Governments Corp
Slide 23: High-quality fixed-income book well-balanced
| 1 | 2 | 3 | 4 | 5 | Appendix | High-quality fixed-income book well-balanced Geographical allocation mainly in accordance with our broad business diversification Pfandbriefe, Short-term Governments Semi-governments Corporates Covered bonds, ABS investments Total AAA 24% 62% 0% 80% - 26% AA 52% 22%
Slide 24: Duration and currency mix of assets driven by asset-liability management
| 1 | 2 | 3 | 4 | 5 | Appendix | Duration and currency mix of assets driven by asset-liability management Currency split of investments Others − Modified duration of fixed-income mainly congruent 11% with liability- and capital-driven targets CAD EUR 4% 26% 4.2 AUD 7% 3.5 5.0 5.0 Modified duration M
Slide 25: Scenario analysis
| 1 | 2 | 3 | 4 | 5 | Appendix | Scenario analysis Unchanged focus on Credit and Alternatives risks Change in market value Change in market value Portfolio Scenario through P&L in m. EUR in m. EUR +50 bps -1,297 -30 Fixed-income securities +100 bps -2,535 -60 Credit spreads +50% -890 -81 Equity (lis
Slide 26: Our Investor Relations contacts and financial calendar
| 1 | 2 | 3 | 4 | 5 | Appendix | Our Investor Relations contacts and financial calendar 24 - 25 November 2026 Karl Steinle Investors’ Day 2026, London Director Investor & Rating Agency Relations Tel: +49 511 5604 - 1500 4 February 2027 karl.steinle@hannover-re.com Conference Call on Treaty Renewals
Slide 27: Disclaimer
| 1 | 2 | 3 | 4 | 5 | Appendix | Disclaimer This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of investing in