Hannover Rueck Se · XETR:HNR1
Hannover Rueck — Hannover Ruck — Q1 2026 Earnings Presentation
29 slides from Hannover Rueck's earnings presentation, May 11, 2026
Slide 1: Conference Call on Q1/2026 financial results
Hannover Re Conference Call on Q1/2026 financial results Hannover, 11 May 2026 somewhat diyerent
Slide 2: Agenda
1 Group overview 3 ? Property & Casualty reinsurance 6 3 Life S Health reinsurance 9 4 Investments 12 5 Reserving update 14 6 Outlook 2026 16 Appendix 19 Conference Call on Q1/2026 financial results
Slide 3: Group overview
Group overview Conference Calll on Q1/2026 financial results Hannover Re
Slide 4: Group overview: strong underlying profitability, business supports 2026 targets
| 1 Group overview | 2|3|4|5/6| Strong underlying profitability allowed for continued increase in reserve resiliency Business development in Q1/2026 supports targets for 2026 Group Reinsurance revenue Group net income 2200 6,523 vit 480 a +47. 9% Q1/2025 Q1/2026 Q1/2025 Q1/2026 Target 2026: > 2.7 bn
Slide 5: Shareholders' equity and CSM development
| 1 Group overview | 2|3|4/5|6| Shareholder’s equity increased by 7.3%, driven by Q1 earnings and currency translation Increase in CSM and RA mainly reflects successful January renewals in P&C Change in shareholders’ equity Contractual Service Margin (CSM) and Risk Adjustment (RA) Total +8.2% 7 333
Slide 6: Property & Casualty reinsurance
Property & Casualty reinsurance Conference Calll on Q1/2026 financial results Hannover Re
Slide 7: Property & Casualty reinsurance: strong underlying profitability
| 1 | 2 Property & Casualty reinsurance | 3 | 4| 5 | 6 | Strong underlying profitability allowed for additional reserve resiliency Growth target in traditional business remains achievable, supported by strong April 2026 renewals Property & Casualty R/I Q1/2025 Q1/2026 A-% YTD Reinsurance revenue (gr
Slide 8: Seasonal strong increase in CSM driven by January renewals
| 1 | 2 Property & Casualty reinsurance | 3 | 4| 5 | 6 | Seasonal strong increase in CSM driven by January 2026 renewals Reinsurance service result reflects strong underlying profitability and additional reserve resiliency Reinsurance Service Result 731 636 41 -48 6 CSM release Experience Run-off re
Slide 9: Life & Health reinsurance
Life S Health reinsurance Conference Calll on Q1/2026 financial results Hannover Re
Slide 10: L&H performance supports full-year target
| 1 | 2| 3 Life & Health reinsurance | 4 | 5 | 6 | L&SH performance fully supports full-year target and reflects favourable underlying profitability Strong growth reflected in pleasing new CSM generation of 249 m. Life & Health R/l Q1/2025 Q1/2026 b-% YTD Reinsurance revenue (gross) 1,883 2,043 48.5
Slide 11: Reinsurance service result on track to meet full-year target
| 1 | 2| 3 Life & Health reinsurance | 4 | 5 | 6 | Reinsurance Service result on track to meet full-year target CSM release slightly ahead of expectations Reinsurance Service Result Contractual Service Margin (net) 46 16 — 6275 100 249 6,461 49 -225 225 254 -133 CSM release RA change Experience LC n
Slide 12: Investments
Investments Conference Calll on Q1/2026 financial results Hannover Re
Slide 13: Resilient investment portfolio delivers RoI above target
|1| 2/3] 4 Investments | 5 | 6 | Resilient investment portfolio delivers Rol above target inm. EUR 1/2025 Q1/2026 Rol Ordinary investment income” 645, 625 .7% Realised gains/losses 6 13 0.1% Depreciations Real Assets, Impairments -16 15 0.1% Change in ECL 6 a 0.0% Fair Value Through P/L 6 32 0.2% In
Slide 14: Reserving update
Reserving update Conference Calll on Q1/2026 financial results Hannover Re
Slide 15: Undiscounted LIC resiliency reserves substantially increased
|112| 31 4| 5 Reserving update | 6 | Undiscounted LIC resiliency reserves substantially increased to EUR 3,237 m. Additional risk adjustment of 850m. brings prudency level to 8.6% of nominal net reserves Development of resiliency reserves reviewed by WTW. 3,237 2,523 2,057 1,887 1,865 1,813 2 1,694
Slide 16: Outlook 2026
Outlook 2026 Conference Calll on Q1/2026 financial results Hannover Re
Slide 17: Continued opportunities for profitable growth
1112|314|5 | 6 Outlook 2026 | Continued opportunities for profitable growth (+18.8%), ytd 2026 renewals growth of 5.6% Reinsurance rates remain adequate despite overall risk-adjusted price change of -3.6% 2 Jan-1 Apr 2026: Traditional Treaty Business Estimated premium income Change in price: -3.6% —
Slide 18: Unchanged guidance for FY 2026
1112|314|5 | 6 Outlook 2026 | Unchanged guidance for FY 2026 Strong earnings contribution from all three “profit engines” Property & Casualty Life S Health wn Investments 1) Gross, excl. Structured Ri, fx-adjusted 2) Assumed discount effect of ~ 9 - 10% Expected contribution va Revenue growth?) Comb
Slide 19: Appendix
Appendix Conference Calll on Q1/2026 financial results Hannover Re
Slide 20: Our business groups at a glance
1112|314]5|6| Appendix] Our business groups ata glance Q1/2025 vs. Q1/2026 Property & Casualty R/I Life & Health R/I Total inm. EUR Q1/2025 Q1/2026 A-% Q1/2025 Q1/2026 A-% Q1/2025 Q1/2026 A-% Reinsurance revenue (gross) 5,087 4,480 -11.9% 1,883 2,043 8.5% 6,970 6,523 64% Reinsurance service expenses
Slide 21: Large losses Q1/2026 below budget
1112|314]5|6| Appendix] Large losses Q1/2026 EUR 273 m. below budget of EUR 480 m. Natural and man-made catastrophe losses in excess of EUR 10 m. gross inm. EUR =Gross =Net —Large loss budget (net) Large loss budget YTD (net) 2.94 2,649 S666 2,663 2,127 Le 1,970 1,790 1,722 ae 1,706 1,725 1,497 : 1,
Slide 22: Large losses from natural catastrophes and man-made losses
1112|314]5|6| Appendix] Large losses from natural catastrophes and man-made large losses below expectation Catastrophe losses” inm. EUR Date Gross Net Wildfires, Australia 7-16 Jan 119 118 Flood, Southern Africa 9-19 Jan 15 115 Storm "Fern", USA, Canada 23-27 Jan 1668 poate Storms, Spain, Portugal,
Slide 23: Ordinary income from fixed income
1112|314]5|6| Appendix] Ordinary income from fixed income benefiting from loss realisation in 2025 Assetclass 2024 2025 Q1/2026 Fixed Income 86% 87% 86% Governments 38% 36% 36% Semi-governments 10% 12% 11% Corporates 32% 33% 33% Investment grade 24% 29% 28% Non-Investment grade 4% 4% 4% Covered Bond
Slide 24: High-quality fixed-income book well-balanced
1112|314]5|6| Appendix] High-quality fixed-income book well-balanced Geographical allocation mainly in accordance with our broad business diversification Semi- Pfandbriefe, Short-term Governments governments Corporates Covered bonds, ABS investments Total AAA 24% 62% 0% 80% . 27% AA 55% 21% 12% 6% .
Slide 25: Duration and currency mix of assets
1112|314]5|6| Appendix] Duration and currency mix of assets driven by asset-liability management Currency split of investments Others 11% CAD EUR 4% 26% 3.7 AUD 3.4 7% 4.9 Modified ay 3.6 duration per portfolio currency* USD 48% * Effective 25 Conference Call on Q1/2026 financial results — Modified
Slide 26: Scenario analysis
1112|314]5|6| Appendix] Scenario analysis Credit and Alternatives risks in focus Change in market Change in market Portfolio Scenario value value through P&L inm.EUR inm.EUR +50 bps -1,235 -31 Fixed-income securities +100 bps -2,415 -62 Credit spreads +50% -810 -74 Equity (listed and private equity)
Slide 27: Our Investor Relations contacts and financial calendar
1112|314]5|6| Appendix] Our Investor Relations contacts and financial calendar 27 12-13 May 2026 UBS Best of Europe Virtual One-on-One Conference 2026 20 May 2026 Berenberg European Conference 2026, Manhattan 21 May 2026 Roadshow Toronto 2 June 2026 Goldman Sachs 30th Annual European Financials Conf
Slide 28: Details on reserve review by WTW
1112131415161 Appendix| Details on reserve review by WTW — WTW's review of the LIC claim reserves as at 31 December 2025 covered 98.7% of the gross and 99.7% of the net undiscounted Liability for Incurred Claims (“LIC”). Life reinsurance and health reinsurance business are excluded from the scope of
Slide 29: Disclaimer
1112|314]5|6| 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 any of o