Hannover Rueck SE · XETR:HNR1
Hannover Rueck — Hannover Re — H1 2005 Earnings Presentation
17 slides from Hannover Rueck's earnings presentation, Aug 11, 2005
Slide 1: Conference Call on Interim Report 2/2005
Conference Call on Interim Report 2/2005 0 Hannover, 11 August 2005
Slide 2: Group: Solidly on track for 2005 earnings target
Highlights Key figures Targets Outlook 2005 1H/2005 GROUP Solidly on track for 2005 earnings target Æ All four business groups contribute to earnings Æ Return on equity remains very strong. . . 16.9%1) Æ . . . despite increase in shareholders' equity + 12.3% ¬ Dividend "neutralized" net earnings in
Slide 3: Business Groups: Growth in P/C and L/H, reductions in FinRe and Specialty
Highlights Key figures Targets Outlook 2005 1H/2005 BUSINESS GROUPS Growth in P/C and L/H, reductions in FinRe and Specialty Æ Property/Cas. R/I • Strong GWP/NPE growth +13.3%/+23.7% • Net income again improved +32.9% • Combined ratio on track 96.5% Æ Life/Health R/I • GWP/NPE growth above plan +19.
Slide 4: Cash flow and balance sheet are very healthy
Highlights Key figures Targets Outlook 2005 1H/2005 CASH FLOW AND BALANCE SHEET ARE VERY HEALTHY in m. € 31 Dec 04 Variance 30 Jun 05 Operating cash flow (Y-o-Y) 955 -7.8% 881 Invested assets1) 24,736 +10.4% 27,318 Stockholders' equity 2,557 +12.3% 2,871 - Book value per share 21,20 +12.3% 23,81 Pol
Slide 5: Group
Highlights Key figures Targets Outlook 2005 GROUP 2004 2005 in m. € 1H Q1 Q2 1H Variance Gross written premiums 4,795 2,617 2,213 4,830 +0.7% Net premiums earned 3,461 1,780 1,895 3,675 +6.2% Net underwriting result (92) (41) (47) (88) -3.8% - Net underwriting result incl. funds withheld 140 58 43 1
Slide 6: Property/Casualty R/I
Highlights Key figures Targets Outlook 2005 PROPERTY/CASUALTY R/I 2004 2005 in m. € 1H Q1 Q2 1H Variance Gross written premiums 2,115 1,319 1,077 2,396 +13.3% Net premiums earned 1,491 850 995 1,845 +23.7% Net underwriting result 85 25 40 65 -23.7% Net investment income 227 109 134 243 +7.0% - From
Slide 7: Property/Casualty R/I: 2005 catastrophe losses
Highlights Key figures Targets Outlook 2005 PROPERTY/CASUALTY R/I 2005 catastrophe losses 1) in m. € 1,867 970 724 493 496 460 341 341 244 192 170 154 99 112 80 71 71 75 24 37 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2) Cat. loss ratio 3% 3% 12% 19% 15% 38% 6% 2% 24% 6% 1% 2% 3% 12% 7% 24%
Slide 8: Property/Casualty R/I: 2005 catastrophe losses (cont'd)
Highlights Key figures Targets Outlook 2005 PROPERTY/CASUALTY R/I 2005 catastrophe losses (cont'd) 1) in m. € Property/Casualty R/I Catastrophe loss/Date Gross Net Winterstorm Erwin/Gudrun 7 - 9 Jan 51.0 39.1 1 Natural catastrophe 51.0 39.1 2 Fire claims 85.8 56.5 1 Marine claim 7.1 7.1 1 Credit cla
Slide 9: Life/Health R/I
Highlights Key figures Targets Outlook 2005 LIFE/HEALTH R/I 2004 2005 in m. € 1H Q1 Q2 1H Variance Gross written premiums 939 539 583 1,122 +19.4% Net premiums earned 858 506 538 1,044 +21.7% Net underwriting result (66) (32) (42) (74) +11.6% - Net underwriting result incl. funds withheld 13 16 2 18
Slide 10: Financial R/I
Highlights Key figures Targets Outlook 2005 FINANCIAL R/I 2004 2005 in m. € 1H Q1 Q2 1H Variance Gross written premiums 675 353 156 509 -24.6% Net premiums earned 552 196 178 374 -32.3% Net underwriting result (130) (43) (40) (83) -36.3% - Net underwriting result incl. funds withheld 18 7 6 13 -27.6
Slide 11: Specialty Insurance
Highlights Key figures Targets Outlook 2005 SPECIALTY INSURANCE 2004 2005 in m. € 1H Q1 Q2 1H Variance Gross written premiums 1,066 407 397 805 -24.5% Net premiums earned 560 228 184 412 -26.5% Net underwriting result 19 9 (5) 3 -82.9% Net investment income 28 11 17 28 -0.2% - From assets under own
Slide 12: Investment Income
Highlights Key figures Targets Outlook 2005 INVESTMENT INCOME in m. € H1/2004 Variance H1/2005 Ordinary investment income 533 -5.3% 505 - From assets under own management 301 +4.5% 315 - From funds withheld 232 -17.9% 190 Realized gains/losses 83 -27.1% 61 Impairments (20) -70.1% (6) Unrealized gain
Slide 13: All strategic business groups: At a glance
Highlights Key figures Targets Outlook 2005 ALL STRATEGIC BUSINESS GROUPS At a glance Property/Casualty Life/Health Financial Specialty Total R/I R/I R/I Insurance in m. € 1H/2004 1H/2005 1H/2004 1H/2005 1H/2004 1H/2005 1H/2004 1H/2005 1H/2004 1H/2005 Gross written premiums 2,115 2,396 939 1,122 675
Slide 14: Target Matrix
Highlights Key figures Targets Outlook 2005 TARGET MATRIX Several new metrics have entered our "scorecard" 2005 Historical data Business Group Key figures Target 1H 2004 2003 2002 Property/Casualty R/I Gross-premium growth none 13.3% (14.4%) (20.5%) 21.9% Combined ratio - assuming a ≤ 100% 1) 96.5%9
Slide 15: Outlook for 2005
alent Outlook for 2005 hannover re
Slide 16: Guidance unchanged
Highlights Key figures Targets Outlook 2005 GUIDANCE* UNCHANGED Æ Property/Casualty R/I: Double-digit earnings growth Æ Life/Health R/I: (Significant) double-digit premium & earnings growth Æ Financial R/I: Low double-digit premium & earnings reduction Æ Specialty Insurance: Low double-digit reducti
Slide 17: Financial Calendar
Highlights Key figures Targets Outlook 2005 FINANCIAL CALENDAR 9 February 2005 Conference Call on 2005 Renewals 29 March 2005 Press Conference on 2004 Annual Results 30 March 2005 Frankfurt Analysts' Meeting 30 March 2005 London Analysts' Meeting 12 May 2005 Interim Report 1/2005 14 June 2005 Annual