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
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
Attachments
Original Link
Original Document
Permalink
Disclaimer
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.
Hannover Rück SE is a world leader in reinsurance. Gross written premiums break down by activity as follows:
- non-life reinsurance (72.9%);
- life and health reinsurance (27.1%).
Gross written premiums are distributed geographically as follows: Germany (7.2%), the United Kingdom (13.4%), France (3.7%), Europe (11.7%), North America (34.9%), Asia (16.1%), Australia (6.7%), Africa (2.2%) and other (4.1%).