Hannover Rück : PDF (370 KB)

Hannover Rück SE

Annual Report

2021

Key figures

		2021		+ / -	2020	2019	2018	2017
					previous
in EUR million				year
Results
Gross written premium	21,941.5	+14.2%		19,217.0	18,072.9	14,640.8	13,292.9
Net premium earned	14,768.3	+14.3%		12,923.3	12,226.6	10,412.9	10,208.9
Underwriting result	(126.9)				(209.1)		(23.1)		(0.2)	(12.7)
Change in the equalisation reserve and
similar provisions	(545.7)	-21.4%		(694.0)		(210.6)		25.3	165.9
Investment result	1,687.4	+0.8%		1,673.3		1,325.8		1,231.7	1,197.5
Pre-tax profit	776.0	+97.1%		393.8		799.8		869.7	968.0
Profit for the financial year	701.2	+81.3%		386.8		674.5		665.4	843.4
Investments	45,535.4	+16.9%		38,944.1		40,597.3		36,874.1	34,460.8
Capital and reserves 1	1,631.7				1,631.7		1,631.7		1,631.7	1,631.7
Subordinated liabilities	3,000.0	+33.3%		2,250.0		2,250.0		1,500.0	1,500.0
Equalisation reserve and similar
provisions	4,317.0	+14.5%		3,771.4		3,077.4		2,866.8	2,892.1
Net technical provisions	35,233.4	+17.7%		29,933.3		30,921.8		28,676.3	27,334.6
Total capital, reserves and
technical provisions	44,182.1	+17.5%		37,586.4		37,880.9		34,674.8	33,358.4
Number of employees	1,611	+4.5%		1,542		1,464		1,402	1,292
Retention	69.0%				68.3%		69.7%		71.8%	78.4%
Loss ratio 2	71.1%				71.4%		71.2%		73.2%	69.7%
Expense ratio 2	29.0%				30.6%		30.1%		31.0%	30.7%
Combined ratio 2	100.1%				102.0%		101.3%		104.2%	100.4%
1	Excluding disposable profit

2	Excluding life and health reinsurance

Hannover Rück SE | Annual Report 2021

Contents

Boards and officers	2
Note on the combined
management report	6
Accounts	7
Balance sheet	8
Profit and loss account	12
Notes	14
Valuation of assets	14
Valuation of liabilities	15
Further accounting policies	16
Notes on assets	17
Notes on liabilities	24
Notes on the profit and loss account	29
Proposal for the appropriation
of the disposable profit	32
Other notes	32
Independent Auditor's Report	35
Responsibility statement	43
Report of the Supervisory Board	44

Boards and officers

Accounts

Notes

Independent Auditor's Report

Report of the Supervisory Board

Hannover Rück SE | Annual Report 2021

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Boards and officers

Executive Board

Jean-Jacques Henchoz

Chairman of the Executive Board Hannover Rück SE, Hannover, Germany

Member of the Board of Management Talanx AG, Hannover, Germany

Chairman of the Board of Directors Hannover Re (Bermuda) Ltd., Hamilton, Bermuda Member of the Board of Directors Hannover Life Re of Australasia Ltd, Sydney, Australia

Member of the Board of Directors Hannover Life Reassurance Company of America (Bermuda) Ltd., Hamilton, Bermuda

Sven Althoff

Member of the Executive Board Hannover Rück SE, Hannover, Germany

Chairman of the Board of Directors Argenta Holdings Limited, London, United Kingdom Chairman of the Board of Directors Glencar Insurance Company, Orlando, USA Chairman of the Board of Directors Hannover Re Services USA, Inc., Illinois, USA

Member of the Board of Directors Argenta Syndicate Management Limited, London, United Kingdom

Claude Chèvre

Member of the Executive Board Hannover Rück SE, Hannover, Germany

Chairman of the Board of Directors Hannover ReTakaful B.S.C. (c), Manama, Bahrain

Deputy Chairman of the Board of Directors Hannover Life Re of Australasia Ltd, Sydney, Australia

Deputy Chairman of the Board of Directors Hannover Reinsurance Group Africa (Pty) Ltd., Johannesburg, South Africa Deputy Chairman of the Board of Directors Hannover Re South Africa Limited, Johannesburg, South Africa Member of the Board of Directors Bristol Re Ltd., Hamilton, Bermuda

Member of the Board of Directors Hannover Re Services Japan, Tokyo, Japan

Member of the Board of Directors Hannover Life Reassurance Company of America, Orlando, USA

Clemens Jungsthöfel

Member of the Executive Board Hannover Rück SE, Hannover, Germany

Member of the Executive Board E+S Rückversicherung AG, Hannover, Germany

Chairman of the Board of Directors Hannover Finance, Inc., Wilmington, USA

Chairman of the Board of Directors Hannover Finance (Luxembourg) S.A., Leudelange, Luxembourg Deputy Chairman of the Supervisory Board Ampega Asset Management GmbH, Cologne, Germany Member of the Board of Directors Hannover Life Reassurance Company of America, Orlando, USA

Member of the Board of Directors Hannover Life Reassurance Company of America (Bermuda) Ltd., Hamilton, Bermuda Member of the Board of Directors Hannover Re (Bermuda) Ltd., Hamilton, Bermuda

Member of the Board of Directors Hannover Re (Ireland) Designated Activity Company, Dublin, Ireland Member of the Board of Directors HDI Global Specialty SE, Hannover, Germany 1

2	Hannover Rück SE | Annual Report 2021

Dr. Klaus Miller

Member of the Executive Board Hannover Rück SE, Hannover, Germany

Member of the Executive Board E+S Rückversicherung AG, Hannover, Germany

Chairman of the Board of Directors Bristol Re Ltd., Hamilton, Bermuda

Chairman of the Board of Directors Hannover Life Reassurance Company of America, Orlando, USA

Chairman of the Board of Directors Hannover Life Reassurance Company of America (Bermuda) Ltd., Hamilton, Bermuda Chairman of the Board of Directors Kubera Insurance (SAC) Ltd., Hamilton, Bermuda

Member of the Board of Directors Hannover Re (Bermuda) Ltd., Hamilton, Bermuda

Member of the Board of Directors Hannover Re (Ireland) Designated Activity Company, Dublin, Ireland Member of the Supervisory Board Proxalto Lebensversicherung AG, Munich, Germany 1

Member of the Supervisory Board Viridium Holding AG, Neu-Isenburg, Germany 1 Member of the Advisory Board Viridium Group GmbH & Co. KG, Neu-Isenburg, Germany Alternate Director of the Board of Directors Monument Finco Limited, Georgetown, Cayman Islands Alternate Director of the Board of Directors Monument Insurance Group Limited, Hamilton, Bermuda Alternate Director of the Board of Directors Monument Midco Limited, Hamilton, Bermuda Alternate Director of the Board of Directors Monument Re Limited, Hamilton, Bermuda

Dr. Michael Pickel

Member of the Executive Board Hannover Rück SE, Hannover, Germany

Chairman of the Executive Board E+S Rückversicherung AG, Hannover, Germany

Chairman of the Board of Directors Hannover Re Services Italy S.r.l., Milan, Italy

Deputy Chairman of the Board of Directors Hannover ReTakaful B.S.C. (c), Manama, Bahrain Member of the Board of Directors Hannover Re Holdings (UK) Limited, London, United Kingdom Member of the Board of Directors Hannover Re Services Japan, Tokyo, Japan

Member of the Supervisory Board Delvag Luftversicherungs-AG, Cologne, Germany 1 Member of the Advisory Board Barmenia Versicherungsunternehmen, Wuppertal, Germany

Silke Sehm

Member of the Executive Board Hannover Rück SE, Hannover, Germany

Chairwoman of the Board of Directors Hannover Re (Ireland) Designated Activity Company, Dublin, Ireland Chairwoman of the Board of Directors Hannover Re South Africa Limited, Johannesburg, South Africa Chairwoman of the Board of Directors Hannover Reinsurance Group Africa (Pty) Limited, Johannesburg, South Africa Member of the Board of Directors Hannover Re (Bermuda) Ltd., Hamilton, Bermuda

1 Details of supervisory board memberships within the meaning of § 125 (1) Sentence 5, first half-sentence of the Stock Corporation Act (AktG). The other details are those on comparable control boards at other domestic and foreign business enterprises pursuant to § 125 (1) Sentence 5, second half-sentence of the Stock Corporation Act (AktG).

Boards and officers

Hannover Rück SE | Annual Report 2021

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