Geschäftsbericht 2015
Key figures
Key figures
Figures in EUR million 2021 2020¹
1.1. - 31.12. +/- previous year 1.1. - 31.12.
Results
Gross written premium 27,762.3 +12.1% 24,770.3
Net premium earned 24,143.7 +13.0% 21,360.8
Net underwriting result ² -211.12 -691.0
Net investment income 1,943.0 +15.3% 1,685.5
Operating profit (EBIT) 1,734.8 +42.9% 1,214.1
Group net income 1,231.3 +39.4% 883.1
Balance sheet
Policyholders' surplus 15,733.6 +11.8% 14,071.0
Equity attributable to shareholders of Hannover Rück SE 11,885.0 +8.1% 10,995.0
Non-controlling interests 871.2 +3.2% 844.4
Hybrid capital 2,977.4 +33.4% 2,231.6
Investments (excl. funds withheld by ceding companies) 56,213.2 +14.7% 49,001.6
Total assets 82,902.3 +16.0% 71,437.5
Share
Earnings per share (basic and diluted) in EUR 10.21 +39.5% 7.32
Book value per share in EUR 98.55 +8.1% 91.17
Dividend 693.4 +27.8% 542.7
Dividend per share in EUR 4,50 +1,25 ³ ⁴ +27.8% 4,50 ⁴
Share price at year-end in EUR 167.15 +28.3% 130.30
Market capitalisation at year-end 20,157.8 +28.3% 15,713.8
Ratios
Combined ratio (property and casualty reinsurance) ² 97.7% 101.6%
Large losses as percentage of net premium earned (property and casualty reinsurance) ⁵ 7.5% 11.2%
Retention 89.5% 90.1%
Return on investment (excl. funds withheld by ceding companies) 3.2% 3.0%
EBIT margin ⁶ 7.2% 5.7%
Return on equity (after tax) 10.8% 8.2%
¹ Restated pursuant to IAS 8
² Including interest on funds withheld and contract deposits
³ Proposed dividend
⁴ Dividend of EUR 4.50 plus special dividend of EUR 1.25 for 2021, Dividend of EUR 4.50 for 2020
⁵ Hannover Re Group's net share for natural catastrophes and other major losses in excess of EUR 10 million gross as a percentage of net premium earned
⁶ Operating result (EBIT)/net premium earned
B-S
Consolidated balance sheet as at 31.12.2021
Assets in EUR thousand 31.12.2021 31.12.20201
Fixed-income securities - held to maturity 48,632 185,577
Fixed-income securities - loans and receivables 2,443,629 2,312,840
Fixed-income securities - available for sale 45,473,677 38,851,723
Fixed-income securities - at fair value through profit or loss 81,308 105,711
Equity securities - available for sale 314,453 378,422
Other financial assets - at fair value through profit or loss 248,233 234,689
Investment property 1,818,754 1,589,238
Real estate funds 805,912 582,296
Investments in associated companies 238,110 361,617
Other invested assets 2,941,633 2,794,016
Short-term investments 443,793 327,426
Cash and cash equivalents 1,355,114 1,278,071
Total investments and cash under own management 56,213,248 49,001,626
Funds withheld 10,803,071 9,659,807
Contract deposits 503,412 298,344
Total investments 67,519,731 58,959,777
Reinsurance recoverables on unpaid claims 2,674,107 1,883,270
Reinsurance recoverables on benefit reserve 192,039 192,135
Prepaid reinsurance premium 204,597 165,916
Reinsurance recoverables on provision on contingent commissions 2,703 1,106
Deferred acquisition costs 3,350,633 3,073,117
Accounts receivable 7,207,750 5,605,803
Goodwill 83,933 80,965
Deferred tax assets 676,344 597,986
Other assets 972,167 859,136
Accrued interest and rent 18,248 18,264
Total assets 82,902,252 71,437,475
Liabilities in EUR thousand 31.12.2021 31.12.20201
Loss and loss adjustment expense reserve 40,777,703 33,929,230
Benefit reserve 7,541,881 7,217,988
Unearned premium reserve 6,195,961 5,070,009
Other technical provisions 841,591 701,577
Funds withheld 632,195 582,316
Contract deposits 3,586,740 3,255,453
Reinsurance payable 2,380,681 1,777,761
Provisions for pensions 208,750 229,252
Taxes 92,023 132,736
Deferred tax liabilities 2,836,374 2,731,648
Other liabilities 681,867 538,813
Financing liabilities 4,370,255 3,431,276
Total liabilities 70,146,021 59,598,059
Shareholders' equity
Common shares 120,597 120,597
Nominal value: 120,597 Conditional capital: 60,299
Additional paid-in capital 724,562 724,562
Common shares and additional paid-in capital 845,159 845,159
Cumulative other comprehensive income
Unrealised gains and losses on investments 1,768,312 2,275,936
Cumulative foreign currency translation adjustment 366,231 -330,693
Changes from hedging instruments -8,618 -8,678
Other changes in cumulative other comprehensive income -71,851 -83,792
Total other comprehensive income 2,054,074 1,852,773
Retained earnings 8,985,770 8,297,114
Equity attributable to shareholders of Hannover Rück SE 11,885,003 10,995,046
Non-controlling interests 871,228 844,370
Total shareholders' equity 12,756,231 11,839,416
Total liabilities 82,902,252 71,437,475
¹ Restated pursuant to IAS 8
P&L (ytd)
Consolidated statement of income
In EUR thousand 01.01.-31.12.2021 01.01.-31.12.2020¹
Gross written premium 27,762,314 24,770,342
Ceded written premium 2,905,054 2,442,720
Change in gross unearned premium -737,631 -1,028,172
Change in ceded unearned premium 24,023 61,345
Net premium earned 24,143,652 21,360,795
Ordinary investment income 1,555,591 1,240,420
Profit/loss from investments in associated companies 35,743 88,129
Realised gains and losses on investments 281,026 329,610
Change in fair value of financial instruments 36,114 63,971
Total depreciation, impairments and appreciation of investments 87,665 129,393
Other investment expenses 146,047 129,034
Net income from investments under own management 1,674,762 1,463,703
Income/expense on funds withheld and contract deposits 268,250 221,765
Net investment income 1,943,012 1,685,468
Other technical income 114 15
Total revenues 26,086,778 23,046,278
Claims and claims expenses 18,617,725 16,782,658
Change in benefit reserves -298,645 -103,487
Commission and brokerage, change in deferred acquisition costs 5,788,582 5,111,753
Other acquisition costs 4,767 4,466
Administrative expenses 510,707 478,182
Total technical expenses 24,623,136 22,273,572
Other income 774,816 823,391
Other expenses 503,631 382,022
Other income/expenses 271,185 441,369
Operating profit/loss (EBIT) 1,734,827 1,214,075
Financial costs 83,037 90,204
Net income before taxes 1,651,790 1,123,871
Taxes 351,569 205,086
Net income 1,300,221 918,785
thereof
Non-controlling interest in profit and loss 68,887 35,712
Group net income 1,231,334 883,073
Earnings per share (in EUR)
Basic earnings per share 10.21 7.32
Diluted earnings per share 10.21 7.32
¹ Restated pursuant to IAS 8
P&L (q)
Consolidated statement of income
In EUR thousand Q4/2021 Q4/2020¹
Gross written premium 6,142,668 5,475,426
Ceded written premium 692,832 528,858
Change in gross unearned premium 1,168,093 741,281
Change in ceded unearned premium -108,131 -98,709
Net premium earned 6,509,799 5,589,140
Ordinary investment income 472,378 321,011
Profit/loss from investments in associated companies 13,159 23,118
Realised gains and losses on investments 43,383 137,537
Change in fair value of financial instruments 84,584 22,523
Total depreciation, impairments and appreciation of investments 35,908 27,822
Other investment expenses 45,224 33,587
Net income from investments under own management 532,372 442,779
Income/expense on funds withheld and contract deposits 53,741 57,705
Net investment income 586,113 500,485
Other technical income 1 15
Total revenues 7,095,912 6,089,640
Claims and claims expenses 4,998,719 4,393,480
Change in benefit reserves -40,195 65,112
Commission and brokerage, change in deferred acquisition costs 1,624,558 1,308,231
Other acquisition costs 1,660 1,128
Administrative expenses 127,150 130,663
Total technical expenses 6,711,892 5,898,614
Other income 223,521 209,763
Other expenses 153,354 89,566
Other income/expenses 70,166 120,198
Operating profit/loss (EBIT) 454,187 311,224
Financial costs 21,604 18,652
Net income before taxes 432,582 292,573
Taxes 33,371 63,294
Net income 399,211 229,278
thereof
Non-controlling interest in profit and loss 23,796 14,017
Group net income 375,415 215,261
Earnings per share (in EUR)
Basic earnings per share 3.11 1.78
Diluted earnings per share 3.11 1.78
¹ Restated pursuant to IAS 8
B-S Segments
Consolidated segment report
Segmentation of assets Property and casualty reinsurance Life and health reinsurance Consolidation Total
in EUR thousand 31.12.2021 31.12.20201 31.12.2021 31.12.20201 31.12.2021 31.12.20201 31.12.2021 31.12.20201
Assets
Fixed-income securities - held to maturity 48,286 139,867 346 45,710 - - 48,632 185,577
Fixed-income securties - loans and receivables 1,954,457 1,998,611 474,123 299,180 15,049 15,049 2,443,629 2,312,840
Fixed-income securities - available for sale 34,837,639 29,422,685 10,620,228 9,429,038 15,810 - 45,473,677 38,851,723
Equity securities - available for sale 314,453 378,422 - - - - 314,453 378,422
Financial assets at fair value through profit or loss 87,403 110,304 242,138 230,096 - - 329,541 340,400
Other invested assets 5,050,754 4,384,139 753,655 920,960 - 22,068 5,804,409 5,327,167
Short-term investments 379,437 244,474 62,923 82,221 1,433 731 443,793 327,426
Cash and cash equivalents 907,873 901,989 434,657 371,972 12,584 4,110 1,355,114 1,278,071
Total investments and cash under own management 43,580,302 37,580,491 12,588,070 11,379,177 44,876 41,958 56,213,248 49,001,626
Funds withheld 3,247,068 2,569,420 7,556,003 7,090,387 - - 10,803,071 9,659,807
Contract deposits 3,290 5,404 500,122 292,940 - - 503,412 298,344
Total investments 46,830,660 40,155,315 20,644,195 18,762,504 44,876 41,958 67,519,731 58,959,777
Reinsurance recoverables on unpaid claims 2,527,916 1,730,507 146,191 152,763 - - 2,674,107 1,883,270
Reinsurance recoverables on benefit reserve - - 192,039 192,135 - - 192,039 192,135
Prepaid reinsurance premium 204,456 165,834 141 82 - - 204,597 165,916
Reinsurance recoverables on other reserves 1,446 562 1,257 544 - - 2,703 1,106
Deferred acquisition costs 1,474,442 1,169,521 1,876,191 1,903,596 - - 3,350,633 3,073,117
Accounts receivable 5,637,585 4,155,372 1,570,165 1,450,628 - -197 7,207,750 5,605,803
Other assets in the segment 3,157,485 2,788,243 526,930 470,282 -1,933,723 -1,702,174 1,750,692 1,556,351
Total assets 59,833,990 50,165,354 24,957,109 22,932,534 -1,888,847 -1,660,413 82,902,252 71,437,475
Segmentation of liabilities
in EUR thousand
Liabilities
Loss and loss adjustment expense reserve 35,089,423 29,194,354 5,688,280 4,734,876 - - 40,777,703 33,929,230
Benefit reserve - - 7,541,881 7,217,988 - - 7,541,881 7,217,988
Unearned premium reserve 5,795,849 4,709,229 400,112 360,780 - - 6,195,961 5,070,009
Provisions for contingent commissions 513,280 395,296 328,311 306,281 - - 841,591 701,577
Funds withheld 383,106 342,420 249,089 239,896 - - 632,195 582,316
Contract deposits 28,221 80,369 3,558,519 3,175,084 - - 3,586,740 3,255,453
Reinsurance payable 1,630,320 1,157,650 750,361 620,111 - - 2,380,681 1,777,761
Financing liabilities 590,751 420,348 37,787 35,010 3,741,717 2,975,918 4,370,255 3,431,276
Other liabilities in the segment 2,587,905 2,478,161 3,188,682 2,863,934 -1,957,573 -1,709,646 3,819,014 3,632,449
Total liabilities 46,618,855 38,777,827 21,743,022 19,553,960 1,784,144 1,266,272 70,146,021 59,598,059
¹ Restated pursuant to IAS 8
P&L Segments (ytd)
Consolidated segment report
Segment statement of income Property and casualty reinsurance Life and health reinsurance Consolidation Total
in EUR thousand 01.01.-31.12.2021 01.01.-31.12.2020¹ 01.01.-31.12.2021 01.01.-31.12.2020¹ 01.01.-31.12.2021 01.01.-31.12.2020¹ 01.01.-31.12.2021 01.01.-31.12.2020¹
Gross written premium 19,224,174 16,744,058 8,538,140 8,026,284 - - 27,762,314 24,770,342
Net premium earned 16,623,863 14,205,380 7,519,457 7,155,189 332 226 24,143,652 21,360,795
Net investment income 1,343,056 987,489 598,759 695,260 1,197 2,719 1,943,012 1,685,468
thereof
Change in fair value of financial instruments 2,279 964 33,835 63,007 - - 36,114 63,971
Total depreciation, impairments and appreciation of investments 87,634 127,600 31 1,793 - - 87,665 129,393
Income/expense on funds withheld and contract deposits 48,527 50,452 219,723 171,313 - - 268,250 221,765
Claims and claims expenses 11,514,353 10,344,343 7,103,372 6,438,315 - - 18,617,725 16,782,658
Change in benefit reserve - - -298,645 -103,487 - - -298,645 -103,487
Commission and brokerage, change in deferred acquisition costs and other technical income/expenses 4,529,517 3,911,440 1,263,718 1,204,764 - - 5,793,235 5,116,204
Administrative expenses 245,050 223,557 265,243 254,107 414 518 510,707 478,182
Other income/expenses -165,713 109,495 438,729 336,267 -1,831 -4,393 271,185 441,369
Operating profit/loss (EBIT) 1,512,286 823,024 223,257 393,017 -716 -1,966 1,734,827 1,214,075
Financing costs 2,082 2,096 1,501 1,512 79,454 86,596 83,037 90,204
Net income before taxes 1,510,204 820,928 221,756 391,505 -80,170 -88,562 1,651,790 1,123,871
Taxes 359,911 172,223 24,107 60,842 -32,449 -27,979 351,569 205,086
Net income 1,150,293 648,705 197,649 330,663 -47,721 -60,583 1,300,221 918,785
thereof
Non-controlling interest in profit or loss 67,848 33,927 1,039 1,785 - - 68,887 35,712
Group net income 1,082,445 614,778 196,610 328,878 -47,721 -60,583 1,231,334 883,073
¹ Restated pursuant to IAS 8
P&L Segments (q)
Consolidated segment report
Segment statement of income Property and casualty reinsurance Life and health reinsurance Consolidation Total
in EUR thousand Q4/2021 Q4/2020¹ Q4/2021 Q4/2020¹ Q4/2021 Q4/2020¹ Q4/2021 Q4/2020¹
Gross written premium 3,954,835 3,396,452 2,187,834 2,078,974 - - 6,142,668 5,475,426
Net premium earned 4,547,933 3,693,340 1,961,780 1,895,746 86 54 6,509,799 5,589,140
Net investment income 353,761 279,238 232,124 220,646 227 601 586,113 500,485
thereof
Change in fair value of financial instruments -1,810 -131 86,394 22,654 - - 84,584 22,523
Total depreciation, impairments and appreciation of investments 35,900 27,839 8 -18 - - 35,908 27,822
Income/expense on funds withheld and contract deposits 16,137 9,341 37,603 48,364 - - 53,741 57,705
Claims and claims expenses 3,077,648 2,686,158 1,921,071 1,707,322 - - 4,998,719 4,393,480
Change in benefit reserve - - 40,195 -65,112 - - 40,195 -65,112
Commission and brokerage, change in deferred acquisition costs and other technical income/expenses 1,295,879 1,029,638 330,338 279,705 - - 1,626,216 1,309,343
Administrative expenses 59,695 64,611 67,387 65,929 68 124 127,150 130,663
Other income/expenses -17,353 42,333 87,839 79,236 -320 -1,372 70,166 120,198
Operating profit/loss (EBIT) 451,120 234,504 3,141 77,561 -75 -841 454,187 311,224
Financing costs 537 519 364 415 20,703 17,717 21,604 18,652
Net income before taxes 450,583 233,985 2,777 77,145 -20,778 -18,557 432,582 292,573
Taxes 83,868 24,144 -44,423 44,077 -6,073 -4,926 33,371 63,294
Net income 366,715 209,841 47,201 33,069 -14,705 -13,632 399,211 229,278
thereof
Non-controlling interest in profit or loss 23,507 13,240 289 776 - - 23,796 14,017
Group net income 343,209 196,601 46,912 32,292 -14,705 -13,632 375,415 215,261
¹ Restated pursuant to IAS 8

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Hannover Rück SE published this content on 10 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2022 09:02:04 UTC.