Hannover Rueck Se · XETR:HNR1
Hannover Rueck — Hannover Ruck — Q2 2026 Earnings Presentation
27 slides from Hannover Rueck's earnings presentation, Aug 12, 2026
Slide 1: Conference Call on Q2/2026 financial results
Conference Call on Q2/2026 financial results Hannover, 12 August 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 17 Appendix 17 2 Conference Call on Q2/2026 financial results
Slide 3: Group overview
1 Group overview 3 Conference Call on Q2/2026 financial results
Slide 4: Strong underlying profitability allowed for continued increase in reserve resiliency
| 1 Group overview | 2 | 3 | 4 | 5 | Strong underlying profitability allowed for continued increase in reserve resiliency Business development in 1H/2026 fully supports net income target for 2026 Group P&C reinsurance Reinsurance revenue Group net income Reinsurance revenue (gross) Combined ratio 13
Slide 5: Strong earnings driving growth in shareholders' equity, despite dividend payout in Q2
| 1 Group overview | 2 | 3 | 4 | 5 | Strong earnings driving growth in shareholders’ equity, despite dividend payout in Q2 Increase in CSM mainly reflects successful renewals in P&C and new business generation in L&H Change in shareholders’ equity Contractual Service Margin (CSM) and Risk Adjustment
Slide 6: Property & Casualty reinsurance
2 Property & Casualty reinsurance 6 Conference Call on Q2/2026 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 Growth target in traditional business challenging, but achievable due to expected catch-up in 2H/2026 Property & Casualty R/I Q2/2025 Q2/2026 1H/2025 1H/2026 YTD Reinsuranc
Slide 8: Strong New Business CSM of 1.7 bn driven by successful 2026 renewals
| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Strong New Business CSM of 1.7 bn driven by successful 2026 renewals Reinsurance service result reflects strong underlying profitability and additional reserve resiliency Reinsurance Service Result Contractual Service Margin (net) 187 1,506 1,729
Slide 9: Life & Health reinsurance
3 Life & Health reinsurance 9 Conference Call on Q2/2026 financial results
Slide 10: L&H performance fully supports full-year target and reflects favourable underlying profitability
| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | L&H performance fully supports full-year target and reflects favourable underlying profitability Strong growth reflected in pleasing new CSM generation of 385 m. Life & Health R/I Q2/2025 Q2/2026 1H/2025 1H/2026 YTD Reinsurance revenue (gross) 1,916 2,
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 slightly ahead of expectations Reinsurance Service Result Contractual Service Margin (net) 61 385 94 223 158 6,659 88 6,275 477 478 -477 -148 CSM release RA change Experience LC n
Slide 12: Investments
4 Investments 12 Conference Call on Q2/2026 financial results
Slide 13: Resilient investment portfolio delivers RoI above target
| 1 | 2 | 3 | 4 Investments | 5 | Resilient investment portfolio delivers RoI above target in m. EUR 1H/2025 1H/2026 RoI YTD 1) Ordinary investment income 1,239 1,369 4.0% − Pleasing ordinary income with increasing contribution from fixed Realised gains/losses -70 -3 0.0% income Depreciations Real A
Slide 14: Outlook 2026
5 Outlook 2026 14 Conference Call on Q2/2026 financial results
Slide 15: Continued growth opportunities in mid-year renewals
| 1 | 2 | 3 | 4 | 5 Outlook 2026 | Continued growth opportunities in mid-year renewals, YTD 2026 renewals growth of 7.2% Reinsurance rates remain adequate despite overall risk-adjusted price change of -3.9% 2 Apr – 1 Jul 2026: Traditional Treaty Business Estimated premium income Americas1) − US: • C
Slide 16: Unchanged guidance for FY 2026
| 1 | 2 | 3 | 4 | 5 Outlook 2026 | Unchanged guidance for FY 2026 Strong earnings contribution from all three “profit engines” Expected contribution Group financial guidance 2026 Revenue growth1) mid-single-digit % Property & Casualty Combined ratio2) < 87% Group net income3) EUR ≥ 2.7 bn. Life & He
Slide 17: Appendix
Appendix 17 Conference Call on Q2/2026 financial results
Slide 18: Our business groups at a glance (Q2/2025 vs. Q2/2026)
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance Q2/2025 vs. Q2/2026 Property & Casualty R/I Life & Health R/I Total Stand alone in m. EUR Q2/2025 Q2/2026 D-% Q2/2025 Q2/2026 D-% Q2/2025 Q2/2026 D-% Reinsurance revenue (gross) 4,453 4,293 -3.6% 1,916 2,103 9.7% 6,369 6,395 0.4% Reins
Slide 19: Our business groups at a glance (1H/2025 vs. 1H/2026)
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance 1H/2025 vs. 1H/2026 Property & Casualty R/I Life & Health R/I Total Stand alone in m. EUR 1H/2025 1H/2026 D-% 1H/2025 1H/2026 D-% 1H/2025 1H/2026 D-% Reinsurance revenue (gross) 9,539 8,773 -8.0% 3,799 4,145 9.1% 13,338 12,918 -3.1% Re
Slide 20: Net large losses 1H/2026 below budget
| 1 | 2 | 3 | 4 | 5 | Appendix | Net large losses 1H/2026 EUR 240 m. below budget of EUR 1,025 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 18
Slide 21: NatCat losses below expectation offset elevated man-made losses
| 1 | 2 | 3 | 4 | 5 | Appendix | NatCat losses below expectation offset elevated man-made losses, keeping overall large losses within budget Catastrophe losses 1) in m. EUR Date Gross Net Wildfires, Australia 7 - 16 Jan 10.1 9.8 Flood, Southern Africa 9 - 19 Jan 10.3 10.3 Storm "Fern", US, Canada 23
Slide 22: Ordinary income from fixed income benefiting from loss realisation in 2025
| 1 | 2 | 3 | 4 | 5 | Appendix | Ordinary income from fixed income benefiting from loss realisation in 2025 Asset class 2024 2025 1H/2026 Ordinary income split 1H/2026 Fixed Income 86% 87% 87% STI / Others Governments 38% 36% 36% Real Assets 1% Semi-governments 10% 12% 11% 13 % Private and listed Go
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 3.5 7% 5.0 5.0 Modified duration*
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 -1,302 -31 Fixed-income securities +100 bps -2,546 -62 Credit spreads +50% -883 -82 Equity (lis
Slide 26: Our Investor Relations contacts and financial calendar
| 1 | 2 | 3 | 4 | 5 | Appendix | Our Investor Relations contacts and financial calendar 1 September 2026 Karl Steinle Commerzbank & ODDO BHF Corporate Conference, Director Investor & Rating Agency Relations Frankfurt Tel: +49 511 5604 - 1500 2 September 2026 karl.steinle@hannover-re.com Roadshow Lon
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