Hannover Rueck Se · XETR:HNR1
Hannover Rueck — Hannover Ruck — Q3 2025 Earnings Presentation
27 slides from Hannover Rueck's earnings presentation, Nov 11, 2025
Slide 1: Conference Call on Q3/2025 financial results
Conference Call on Q3/2025 financial results Hannover, 10 November 2025
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 2025 and 2026 14 5 Outlook 2025 and 2026 14 Appendix 17 Appendix 17 2 Conference Call on Q3/2025 fin
Slide 3: Group overview
1 Group overview 3 Conference Call on Q3/2025 financial results
Slide 4: Net income guidance raised to EUR ~2.6 bn. after strong Q1-3/2025 result
| 1 Group overview | 2 | 3 | 4 | 5 | Net income guidance raised to EUR ~2.6 bn. after strong Q1-3/2025 result Additional prudency and active loss realisation in fixed-income portfolio Group P&C reinsurance Reinsurance revenue Group net income Reinsurance revenue (gross) Combined ratio 19,701 19,711
Slide 5: Increase in shareholders' equity driven by strong Q1-3/2025 earnings
| 1 Group overview | 2 | 3 | 4 | 5 | Increase in shareholders' equity driven by strong Q1-3/2025 earnings Favourable underlying CSM growth dampened by currency effects Change in shareholders' equity Contractual Service Margin (CSM) and Risk Adjustment (RA) Total -1.2% 1,965 12,166 12,027 423 11,794
Slide 6: Property & Casualty reinsurance
2 Property & Casualty reinsurance 6 Conference Call on Q3/2025 financial results
Slide 7: Continued growth in a favourable market environment
| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Continued growth in a favourable market environment Strong result allowed for additional prudency and active loss realisation in fixed-income portfolio Property & Casualty R/I Q3/2024 Q3/2025 Q1-3/2024 Q1-3/2025 YTD Reinsurance revenue (gross) 4,
Slide 8: Strong and diversified new business CSM reflects attractive market environment
| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Strong and diversified new business CSM reflects attractive market environment Positive underlying run-off result offset by additional prudency in reserving Reinsurance Service Result Contractual Service Margin (net) 184 2,435 2,639 89 -225 1,717
Slide 9: Life & Health reinsurance
3 Life & Health reinsurance 9 Conference Call on Q3/2025 financial results
Slide 10: Reinsurance service result fully in line with target
| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | Reinsurance service result fully in line with target Pleasing new business generation of 575 m. Life & Health R/I Q3/2024 Q3/2025 Q1-3/2024 Q1-3/2025 YTD Reinsurance revenue (gross) 1,945 1,979 5,762 5,779 Reinsurance revenue Reinsurance revenue (net)
Slide 11: Favourable underlying growth in CSM
| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | Favourable underlying growth in CSM F/x-adjusted CSM growth of 5.2% above full-year target Reinsurance Service Result Contractual Service Margin (net) 88 188 135 315 6,517 373 212 6,369 697 671 -486 -697 -302 +6.6% CSM release RA change Experience LC n
Slide 12: Investments
4 Investments 12 Conference Call on Q3/2025 financial results
Slide 13: Pleasing ordinary investment income above previous year
| 1 | 2 | 3 | 4 Investments | 5 | Pleasing ordinary investment income above previous year Active loss realisation in fixed-income portfolio supports future investment income in m. EUR Q1-3/2024 Q1-3/2025 RoI YTD Ordinary investment income1) 1,735 1,822 3.7% − Increase in ordinary income supported by
Slide 14: Outlook 2025 and 2026
5 Outlook 2025 and 2026 14 Conference Call on Q3/2025 financial results
Slide 15: Group net income guidance for FY 2025 increased to ~ EUR 2.6 bn.
| 1 | 2 | 3 | 4 | 5 Outlook 2025 and 2026 | Group net income guidance for FY 2025 increased to ~ EUR 2.6 bn. Based on full utilisation of large-loss budget and option for further loss realisation in fixed-income Expected contribution Group financial guidance 2025 Property & Casualty Revenue (gross)
Slide 16: Guidance for FY 2026
| 1 | 2 | 3 | 4 | 5 Outlook 2025 and 2026 | Guidance for FY 2026 Strong earnings contribution from all three “profit engines” Expected contribution Group financial guidance 2026 Revenue growth1) mid-single Property & Casualty (gross, excl. Structured R/I) digit % Combined ratio2) < 87% Group net inc
Slide 17: Appendix
Appendix 17 Conference Call on Q3/2025 financial results
Slide 18: Our business groups at a glance Q3/2024 vs. Q3/2025
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance Q3/2024 vs. Q3/2025 Property & Casualty R/I Life & Health R/I Total Stand alone in m. EUR Q3/2024 Q3/2025 D-% Q3/2024 Q3/2025 D-% Q3/2024 Q3/2025 D-% Reinsurance revenue (gross) 4,840 4,393 -9.2% 1,945 1,979 1.8% 6,785 6,372 -6.1% Rein
Slide 19: Our business groups at a glance Q1-3/2024 vs. Q1-3/2025
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance Q1-3/2024 vs. Q1-3/2025 Property & Casualty R/I Life & Health R/I Total Stand alone in m. EUR Q1-3/2024 Q1-3/2025 D-% Q1-3/2024 Q1-3/2025 D-% Q1-3/2024 Q1-3/2025 D-% Reinsurance revenue (gross) 13,939 13,932 -0.1% 5,762 5,779 0.3% 19,7
Slide 20: Large losses in Q1-3/2025 EUR 459 m. below budget
| 1 | 2 | 3 | 4 | 5 | Appendix | Large losses in Q1-3/2025 EUR 459 m. below budget 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 2700 2,649 2,506 2,127 1,970 1,891 1,790 1,722 1800 1,706 1,595 1,621
Slide 21: NatCat losses clearly below expectation
| 1 | 2 | 3 | 4 | 5 | Appendix | NatCat losses clearly below expectation Man-made losses above budget of 300 m. Catastrophe losses 1) in m. EUR Date Gross Net California Wildfires, US 7 - 31 Jan 1,291.0 614.8 Earthquake, Taiwan 21 Jan 11.0 11.0 Storms, US 14 - 19 Mar 12.6 11.3 Earthquake, Myanmar 28
Slide 22: Ordinary income almost back to normal levels in areas of fixed income portfolio
| 1 | 2 | 3 | 4 | 5 | Appendix | Ordinary income almost back to normal levels in areas of fixed income portfolio Asset class 2023 2024 Q1-3/2025 Ordinary income split Q1-3/2025 Fixed Income 85% 86% 86% STI / Others Governments 41% 38% 38% 2% Real Assets Semi-governments 9% 10% 10% 10% Governments Co
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, cash Total AAA 25% 62% 1% 75% - 26% AA 56
Slide 24: Currency allocation strategy to neutralise effects from Solvency II liability profile
| 1 | 2 | 3 | 4 | 5 | Appendix | Currency allocation strategy to neutralise effects from Solvency II liability profile Duration-neutral strategy targeted by simultaneausly keeping IFRS effects in certain ranges Currency split of investments Others − Modified duration of fixed-income mainly congruent
Slide 25: Scenario analysis
| 1 | 2 | 3 | 4 | 5 | Appendix | Scenario analysis Credit and Alternatives risks in focus Change in market Change in market Portfolio Scenario value value through P&L in m. EUR in m. EUR +50 bps -1,208 -28 Fixed-income securities +100 bps -2,359 -55 Credit spreads +50% -871 -68 Equity (listed and pr
Slide 26: Our Investor Relations contacts and financial calendar
| 1 | 2 | 3 | 4 | 5 | Appendix | Our Investor Relations contacts and financial calendar 11 November 2025 Karl Steinle UBS European Conference, London Director Investor & Rating Agency Relations Tel: +49 511 5604 - 1500 19 November 2025 karl.steinle@hannover-re.com DZ BANK Equity Conference, Frankfur
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