Hannover Rueck Se · XETR:HNR1
Hannover Rueck — Hannover Ruck — FY2025 Earnings Presentation
32 slides from Hannover Rueck's earnings presentation, Mar 12, 2026
Slide 1: Conference Call on 2025 Annual Results
Conference Call on 2025 Annual Results Hannover, 12 March 2026
Slide 2: Agenda
Group overview 3 1 Group overview 3 Property Casualty reinsurance 8 2 Property & Casualty reinsurance 8 Life Health reinsurance 11 3 Life & Health reinsurance 11 Investments 14 4 Investments 14 Guidance 2026 16 5 Guidance 2026 16 Appendix 18 Appendix 18 2 Conference Call on 2025 Annual Results
Slide 3: Group overview
1 Group overview 3 Conference Call on 2025 Annual Results
Slide 4: Delivering strong net income while strengthening balance sheet to support future earnings
| 1 Group overview | 2 | 3 | 4 | 5 | Delivering strong net income while strengthening balance sheet to support future earnings Dividend proposal of EUR 12.50 (+38.9% vs. prior year) Group P&C reinsurance Reinsurance revenue Group net income Reinsurance revenue (gross) Combined ratio 26,379 26,786 2,
Slide 5: Substantial dividend increase reflects strong performance and capitalisation
| 1 Group overview | 2 | 3 | 4 | 5 | Substantial dividend increase reflects strong performance and capitalisation Confidence in future growth supported by retained earnings Dividend per share in EUR 12.50 +38.9% 9.00 7.20 2.00 5.75 6.00 1.20 5.25 5.50 5.00 5.00 1.00 4.50 1.25 1.50 1.50 1.50 1.50 7.0
Slide 6: Increase in shareholders' equity driven by strong earnings
| 1 Group overview | 2 | 3 | 4 | 5 | Increase in shareholders' equity driven by strong earnings Favourable f/x-adjusted CSM growth of 4.4% Change in shareholders' equity Contractual Service Margin (CSM) and Risk Adjustment (RA) Total 2,641 -4.3% 503 12,166 11,648 12,929 -1,085 -136 11,794 -789 RA L&
Slide 7: Long-term track record of high and stable return on equity
| 1 Group overview | 2 | 3 | 4 | 5 | Long-term track record of high and stable return on equity RoE of 21.4% well above strategic ambition for 2025 Return on Equity: average1) Average RoE and standard deviation 2016 – 2025 RoE 21.4% 16% Hannover Re -2.0%p 17.3% 14% 14.5% 14.5% 12% +5.6%p Peer 14.0%
Slide 8: Property & Casualty reinsurance
2 Property & Casualty reinsurance 8 Conference Call on 2025 Annual Results
Slide 9: Underlying growth of ~10% in a favourable market environment
| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Underlying growth of ~10% in a favourable market environment Strong result allowed for increase in resiliency to ~3.2 bn.1) and loss realisation in investment portfolio Property & Casualty R/I Q4/2024 Q4/2025 2024 2025 YTD Reinsurance revenue (gr
Slide 10: Strong and diversified new business CSM in an attractive market environment
| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | Strong and diversified new business CSM in an attractive market environment Reinsurance service result reflects strong underlying profitability and additional reserve prudency Reinsurance Service Result Contractual Service Margin (net) 3,178 51 3
Slide 11: Life & Health reinsurance
3 Life & Health reinsurance 11 Conference Call on 2025 Annual Results
Slide 12: Reinsurance service result above target
| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | Reinsurance service result above target Pleasing new CSM generation of 766 m. (+22.8%) Life & Health R/I Q4/2024 Q4/2025 2024 2025 YTD Reinsurance revenue (gross) 1,952 2,237 7,715 8,015 Reinsurance revenue − Revenue +3.9% (f/x-adjusted +6.8%), based o
Slide 13: Favourable underlying growth in CSM
| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | Favourable underlying growth in CSM F/x-adjusted CSM growth of 3.4% above target Reinsurance Service Result Contractual Service Margin (net) 104 217 186 185 6,517 766 6,275 917 903 -462 -917 -335 +6.6% CSM release RA change Experience LC new business R
Slide 14: Investments
4 Investments 14 Conference Call on 2025 Annual Results
Slide 15: 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 2024 2025 RoI YTD 1) Ordinary investment income 2,381 2,511 3.8% − Favourable ordinary income from fixed income supp
Slide 16: Guidance 2026
5 Guidance 2026 16 Conference Call on 2025 Annual Results
Slide 17: Guidance for FY 2026
| 1 | 2 | 3 | 4 | 5 Guidance 2026 | 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 & Health Rein
Slide 18: Appendix
Appendix 18 Conference Call on 2025 Annual Results
Slide 19: Our business groups at a glance (Q4)
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance Q4/2024 vs. Q4/2025 Property & Casualty R/I Life & Health R/I Total in m. EUR Q4/2024 Q4/2025 D-% Q4/2024 Q4/2025 D-% Q4/2024 Q4/2025 D-% Reinsurance revenue (gross) 4,726 4,839 2.4% 1,952 2,237 14.6% 6,678 7,075 5.9% Reinsurance servi
Slide 20: Our business groups at a glance (full year)
| 1 | 2 | 3 | 4 | 5 | Appendix | Our business groups at a glance 2024 vs. 2025 Property & Casualty R/I Life & Health R/I Total in m. EUR 2024 2025 D-% 2024 2025 D-% 2024 2025 D-% Reinsurance revenue (gross) 18,665 18,770 0.6% 7,715 8,015 3.9% 26,379 26,786 1.5% Reinsurance service expenses -14,893 -
Slide 21: Large losses in 2025 EUR m. below budget
| 1 | 2 | 3 | 4 | 5 | Appendix | Large losses in 2025 EUR 375 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) 2,944 2,649 2700 2,506 2,563 2,127 1,970 1,790 1,722 1,725 1800 1,706 1,595 1,621 1,629 1,497 1,250 1,127 956
Slide 22: NatCat losses clearly below expectation
| 1 | 2 | 3 | 4 | 5 | Appendix | NatCat losses clearly below expectation Catastrophe losses 1) in m. EUR Date Gross Net California Wildfires, US 7 - 31 Jan 1,343 595 Storm Éowyn, UK, Ireland 21 - 25 Jan 10 10 Storms, US 14 - 19 Mar 13 11 Earthquake, Myanmar 28 Mar 119 118 Storms, US 28 Mar - 7 Apr 1
Slide 23: Man-made losses slightly above budget
| 1 | 2 | 3 | 4 | 5 | Appendix | Man-made losses slightly above budget Catastrophe losses 1) in m. EUR Date Gross Net 13 Natural catastrophes 2,110 1,314 11 Property losses 285 282 3 Aviation losses 119 90 2 Marine losses 27 19 1 Political risk loss 12 10 1 Credit loss 10 10 18 Man-made losses 453 4
Slide 24: Pleasing ordinary investment income
| 1 | 2 | 3 | 4 | 5 | Appendix | Pleasing ordinary investment income Asset class 2023 2024 2025 Ordinary income split 2025 Fixed Income 85% 86% 87% STI / Others Governments 41% 38% 36% 2% Real Assets Semi-governments 9% 10% 12% 11 % Governments Corporates 29% 32% 33% Private and 26 % listed equities
Slide 25: 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 Semi- Pfandbriefe, Short-term Governments governments Corporates Covered bonds, ABS investments Total AAA 25% 63% 0% 78% - 27% AA 53% 21%
Slide 26: 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 12% with liability- and capital-driven targets CAD 2% EUR 3.5 30% AUD 6% 3.1 4.8 4.7 Modified duration*
Slide 27: 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 -1,183 -31 Fixed-income securities +100 bps -2,315 -62 Credit spreads +50% -810 -74 Equity (listed and pr
Slide 28: Capital adequacy ratio remains very strong
| 1 | 2 | 3 | 4 | 5 | Appendix | Capital adequacy ratio remains very strong Capital from business growth put to work Development of the Solvency II ratio 269% 261% 256% 3.7 bn. operating capital generation (Own Funds), mainly from insurance and investment income. F/x-adjusted growth in Own Funds of
Slide 29: Efficient capital deployment supported by significant diversification
| 1 | 2 | 3 | 4 | 5 | Appendix | Efficient capital deployment supported by significant diversification Required capital growth in line with business growth, partly offset by appreciation of EUR Solvency Capital Requirements in m. EUR Property & Casualty 7,110 (6,920) Life & Health 2,525 (2,618) Mark
Slide 30: Our capital structure consists not only of equity
| 1 | 2 | 3 | 4 | 5 | Appendix | Our capital structure consists not only of equity Unutilised Tier 2 provides additional flexibility Reconciliation of IFRS Shareholders’ equity vs. Solvency II own funds in m. EUR 7,908 20,340 20,673 1% -1,498 20,340 2,581 6% -1,552 18,789 6% -697 17,976 17,976 Tier
Slide 31: Our Investor Relations contacts and financial calendar
| 1 | 2 | 3 | 4 | 5 | Appendix | Our Investor Relations contacts and financial calendar 17 March 2026 Karl Steinle Roadshow Frankfurt Director Investor & Rating Agency Relations Tel: +49 511 5604 - 1500 17-18 March 2026 karl.steinle@hannover-re.com Morgan Stanley European Financials Conference 2026,
Slide 32: 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