Hannover Rueck Se · XETR:HNR1
Hannover Rueck — Hannover Re — Q1 2003 Earnings Presentation
14 slides from Hannover Rueck's earnings presentation, May 27, 2003
Slide 1: Conference Call on Interim Report 1/2003
Conference Call on Interim Report 1/2003 May 27, 2003 hannover re ®
Slide 2: Highlights Q1/2003
HIGHLIGHTS Q1/2003 à Euro strengthens again vis-à-vis all major currencies: Highlights Q1/2003 • EUR/USD*: -20.1% Key Figures Q1/2003 • EUR/GBP*: -11.2% Property/Casualty R/I • EUR/CAD*: -13.1% • EUR/JPY*: -11.5% Life/Health R/I à Forex development impacts all important parameters: Financial R/I • G
Slide 3: Highlights Q1/2003 (cont'd)
HIGHLIGHTS Q1/2003 (cont'd) à Property/Casualty R/I on track Highlights Q1/2003 • Strong decrease of top line (Forex, HDI, ICH) Key Figures Q1/2003 • No (man-made or natural) cat. losses Property/Casualty R/I • Non-recurrence of 2002 „windfall“ profits increased C/R • Strongly increased Casualty por
Slide 4: Key Figures
KEY FIGURES Q1/2003 Variance Q1/2002 in m. € Gross written premiums 3,152 (0.9%) 3,180 Highlights Q1/2003 Net premiums earned 1,676 (8.9%) 1,840 Key Figures Q1/2003 Underwriting result (94) (499.1%) (16) Net investment income 208 +10.8% 188 Property/Casualty R/I • From assets under own management 84
Slide 5: Property/Casualty R/I: Results Q1/2003
PROPERTY/CASUALTY R/I: Results Q1/2003 Q1/2003 Variance Q1/2002 in m. € Gross written premiums 1,479 (15.2%) 1,744 Highlights Q1/2003 Net premiums earned 716 (29.6%) 1,016 Key Figures Q1/2003 Underwriting result (2) (102.5%) 77 Net investment income 56 (10.3%) 62 Property/Casualty R/I • From assets
Slide 6: Life/Health R/I: Results Q1/2003
LIFE/HEALTH R/I: Results Q1/2003 Q1/2003 Variance Q1/2002 in m. € Gross written premiums 571 (1.2%) 578 Highlights Q1/2003 Net premiums earned 487 (5.5%) 516 Key Figures Q1/2003 Underwriting result (56) (63.3%) (34) Net investment income 71 +90.6% 37 Property/Casualty R/I • From assets under own man
Slide 7: Financial R/I: Results Q1/2003
FINANCIAL R/I: Results Q1/2003 Q1/2003 Variance Q1/2002 in m. € Gross written premiums 458 +110.8% 217 Highlights Q1/2003 Net premiums earned 237 +122.6% 106 Key Figures Q1/2003 Underwriting result (55) +24.5% (73) Property/Casualty R/I Net investment income 72 (9.5%) 80 • From assets under own mana
Slide 8: Program Business: Results Q1/2003
PROGRAM BUSINESS: Results Q1/2003 in m. € Q1/2003 Variance Q1/2002 Gross written premiums 645 +0.7% 640 Highlights Q1/2003 Net premiums earned 236 +17.0% 202 Underwriting result 19 +32.3% 14 Key Figures Q1/2003 Net investment income 9 +3.8% 8 Property/Casualty R/I • From assets under own management
Slide 9: Investment Income at a glance
INVESTMENT INCOME at a glance Q1/2003 Variance Q1/2002 in m. € Ordinary investment income 260 +12.4% 232 Highlights Q1/2003 • From assets under own management 136 (8.3%) 149 • From funds withheld 124 +49.5% 83 Key Figures Q1/2003 Realized gains/losses 41 +297.3% (21) Property/Casualty R/I Depreciati
Slide 10: Equity impairments determine the extraordinary result
EQUITY IMPAIRMENTS determine the extraordinary result Highlights Q1/2003 Impairments Q1/2003 2002 2001 Key Figures Q1/2003 in m. € (YTD) Property/Casualty R/I Equities 46.0 164.6 12.9 Life/Health R/I Bonds 27.0 25.6 10.0 Financial R/I Private Equity 2.3 16.8 6.3 Program Business Total impairments 75
Slide 11: 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. € Q1/2003 Q1/2002 Q1/2003 Q1/2002 Q1/2003 Q1/2002 Q1/2003 Q1/2002 Q1/2003 Q1/2002 Gross written premiums 1,479 1,744 571 578 458 217 645 640 3,152 3,180 Highlights Q1/2003 Chang
Slide 12: Outlook on 2003
Outlook on 2003 hannover re® Pe
Slide 13: Outlook on 2003: Unchanged from 4/15/03
OUTLOOK ON 2003: Unchanged from 4/15/03 à Gross premium € 12.7 bn. (+2%) Highlights Q1/2003 • Forex effects?? • FinRe only business group with considerable growth Key Figures Q1/2003 à Property&Casualty R/I Property/Casualty R/I • 2003 first year with full hard market impact Life/Health R/I • Highly
Slide 14: Outlook on 2003 (cont'd)
OUTLOOK ON 2003 (cont'd) à Life&Health R/I • Increasing demand of Highlights Q1/2003 individual life insurance and annuities • No change in premium volume Key Figures Q1/2003 • Considerable growth in net income expected Property/Casualty R/I à Financial R/I • Double-digit premium growth Life/Health