Hannover Rueck SE · XETR:HNR1
Hannover Rueck — Hannover Re — Q1 2005 Earnings Presentation
17 slides from Hannover Rueck's earnings presentation, May 12, 2005
Slide 1: Conference Call on Interim Report 1/2005
Conference Call on Interim Report 1/2005 12 May 2005 ® hannover re
Slide 2: Highlights Q1/2005: Group
HIGHLIGHTS Q1/2005: Group Æ Good start into 2005 Highlights Q1/2005 Æ All biz groups with positive earnings, (strongly) above CoC Key figures Æ Return on equity back to our standards 16.5% Property/Casualty R/I Life/Health R/I Æ Premium growth picks up as expected Financial R/I • Gross (in original
Slide 3: Highlights Q1/2005: Strategic Business Groups
HIGHLIGHTS Q1/2005: Strategic Business Groups Æ Property/Casualty R/I: • GWP with strong growth + 11.8% • Excellent profitability, net income + 56.8% Highlights Q1/2005 • Combined ratio 97.1% Key figures Æ Life/Health R/I: • Premium growth resumed + 21.3% • EBIT again improved + 12.8% Property/Casua
Slide 4: Highlights Q1/2005: Cash flow and balance sheet
HIGHLIGHTS Q1/2005: Cash flow and balance sheet Æ Strong operating cash flow leading to invested asset growth Highlights Q1/2005 Æ Stockholders' equity and policyholders' surplus further improved Æ Reinsurance recoverables slightly higher due to fx effects Key figures Property/Casualty R/I 31 Dec 04
Slide 5: Key Figures: Results
KEY FIGURES: Results Q1/2005 in m. € Q1/2004 Variance Q1/2005 Gross written premiums 2,464 +6.2% 2,617 Highlights Q1/2005 Net premiums earned 1,601 +11.1% 1,780 Key figures Net underwriting result (55) -25.8% (41) - Net underwriting result incl. funds withheld 58 +1.2% 58 Property/Casualty R/I Net i
Slide 6: Property/Casualty R/I: Results Q1/2005
PROPERTY/CASUALTY R/I: Results Q1/2005 in m. € Q1/2004 Variance Q1/2005 Highlights Q1/2005 Gross written premiums 1,180 +11.8% 1,319 Net premiums earned 670 +26.9% 850 Key figures Net underwriting result 31 -19.4% 25 Property/Casualty R/I Net investment income 122 -11.1% 109 - From assets under own
Slide 7: 2005 Catastrophe Losses: Property/Casualty R/I
2005 CATASTROPHE LOSSES1): Property/Casualty R/I 1,811 in m. € 898 682 Highlights Q1/2005 Key figures 494 477 Property/Casualty R/I 435 340 Life/Health R/I 326 238 Financial R/I 167 178 Program Business 116 86 93 70 69 69 63 21 35 Investment Income All Business Groups 1996 1997 1998 1999 2000 2001 2
Slide 8: 2005 Catastrophe Losses: Property/Casualty R/I
2005 CATASTROPHE LOSSES1): Property/Casualty R/I in m. € Economic Insured Property/Casualty R/I Highlights Q1/2005 Catastrophe loss/Date Losses2) Gross Net Key figures Winterstorm Erwin/Gudrun 7 - 9 Jan 3.1 1.1 44.9 34.8 Property/Casualty R/I 1 Natural catastrophe 3.1 1.1 44.9 34.8 Life/Health R/I 2
Slide 9: Life/Health R/I: Results
LIFE/HEALTH R/I: Results Q1/2005 in m. € Q1/2004 Variance Q1/2005 Gross written premiums 444 +21.3% 539 Highlights Q1/2005 Net premiums earned 400 +26.5% 506 Key figures Net underwriting result (34) -7.0% (32) - Net underwriting result incl. funds withheld 10 +71.2% 16 Property/Casualty R/I Net inve
Slide 10: Financial R/I: Results
FINANCIAL R/I: Results Q1/2005 in m. € Q1/2004 Variance Q1/2005 Gross written premiums 354 -0.3% 353 Highlights Q1/2005 Net premiums earned 249 -21.2% 196 Key figures Net underwriting result (59) -28.1% (43) - Net underwriting result incl. funds withheld 8 -16.9% 7 Property/Casualty R/I Net investme
Slide 11: Program Business: Results
PROGRAM BUSINESS: Results Q1/2005 in m. € Q1/2004 Variance Q1/2005 Gross written premiums 487 -16.3% 407 Highlights Q1/2005 Net premiums earned 282 -19.4% 228 Key figures Net underwriting result 7 +15.4% 9 Property/Casualty R/I Net investment income 15 -28.8% 11 - From assets under own management 15
Slide 12: Investment Income at a glance
INVESTMENT INCOME at a glance in m. € Q1/2004 Variance Q1/2005 Ordinary investment income 257 -6.8% 240 Highlights Q1/2005 - From assets under own management 144 -2.8% 140 - From funds withheld 113 -12.0% 99 Key figures Realized gains/losses 71 -79.9% 14 Property/Casualty R/I Impairments (14) -97.2%
Slide 13: All Strategic Business Groups at a glance
ALL STRATEGIC BUSINESS GROUPS at a glance Property/Casualty Life/Health Financial Program Total R/I R/I R/I Business in m. € Q1/2004 Q1/2005 Q1/2004 Q1/2005 Q1/2004 Q1/2005 Q1/2004 Q1/2005 Q1/2004 Q1/2005 Highlights Q1/2005 Gross written premiums 1,180 1,319 444 539 354 353 487 407 2,464 2,617 Chang
Slide 14: Target Matrix
TARGET MATRIX Historical Data Biz Group Key figures Target Q1/2005 2004 2003 2002 P/C R/I Gross-premium growth - 11.8% -14.4% -20.5% 21.9% Combined ratio - assuming a ≤ 100% 1) 97.1%9 97.0% 96.0% 96.3% Highlights Q1/2005 net cat-loss ratio (natural & man-made) up to 5% 11.0% 8.3% 1.5% 5.2% EBIT grow
Slide 15: Outlook for 2005
Outlook for 2005 ® hannover re
Slide 16: Guidance for 2005
GUIDANCE* for 2005 Æ Property/Casualty R/I: Double-digit earnings growth Highlights Q1/2005 Æ Life/Health R/I: (Significant) double-digit premium & Key figures earnings growth Property/Casualty R/I Æ Financial R/I: Low double-digit premium & earnings reduction Life/Health R/I Financial R/I Æ Program
Slide 17: Financial Calendar
FINANCIAL CALENDAR 9 February 2005 Conference Call on 2005 Renewals Highlights Q1/2005 29 March 2005 Press Conference on 2004 Annual Results Key figures 30 March 2005 Frankfurt Analysts' Meeting Property/Casualty R/I Life/Health R/I 30 March 2005 London Analysts' Meeting Financial R/I 12 May 2005 In