Hannover Rück : PDF (984 KB)

Conference Call on Half-year report 2022

Hannover, 4 August 2022

Agenda

1	Group overview	2
2	Property & Casualty reinsurance	6
3	Life & Health reinsurance	11
4	Investments	14
5	Target Matrix	17
6	Outlook 2022	19
	Appendix	22

2 Conference Call on Half-year report 2022

| 1 Group overview | 2 | 3 | 4 | 5 | 6 | 7 |

Strong premium growth of ~20%; 12.4% return on equity clearly above target

Consistently high capital adequacy ratio

GWP	F/x-adj. +13.0%
14,465	17,342
	+19.9%
1H/2021	1H/2022

NPE	F/x-adj. +12.9%

11,515	13,767
	+19.6%
1H/2021	1H/2022

EBIT
956	919
	-3.9%
1H/2021	1H/2022

Group net income

671	649
	-3.3%
1H/2021	1H/2022

12.4%	EUR 74.37	235%
Return on Equity	Book value per share	Solvency II ratio
above target of 8.8%	-24.5%; lower OCI for unrealised gains and losses	30.06.2022

P&C R/I

EBIT: 586 m.

• Strong and diversified premium growth +25.9% (f/x adjusted +18.2%)
• Precautionary reserves for potential losses related to war in Ukraine of EUR 316 m.
• Combined ratio of 99.0%; large losses excl. Russia/Ukraine within budget of EUR 611 m.
• Covid-19reserve releases of EUR 88 m.
• PYD negatively affected by nat-cat losses (incl. EUR 130 m. for drought in Brazil)

L&H R/I

EBIT: 334 m.

• Overall stable premium development +5.3% (f/x adjusted +0.3%)
• Very strong underlying performance particularly in our focus business Financial Solutions and Longevity
• EBIT impacted by declining Covid-19 mortality claims of EUR 194 m. partly offset by positive effect of EUR 88 m. from extreme mortality retro cover

Investments

NII: 853 m.

• AuM stable at EUR 56.2 bn.; strong cash flow and f/x-development compensate effect of higher interest rates
• RoI from AuM 3.0%, above target
• Ordinary investment income +27.6%, supported by increased contribution from inflation-linked bonds and real estate as well as rising reinvestment yields

Figures in m. EUR, unless otherwise stated

3 Conference Call on Half-year report 2022

| 1 Group overview | 2 | 3 | 4 | 5 | 6 | 7 |

Strong operating cash flow driven by profitable premium growth

AuM stable despite negative valuation effect due to rising interest rates

Operating cash flow			in m. EUR Assets under own management (AuM)		in m. EUR
					4,940						56,213	56,231
					747				47,629	49,002
								42,197
				3,018	1,513
			2,509	429
2,225			39			2,120
					994
515			941	919
						850
692				736
			821
390					1,686	1,269
				935
627			709
2018			2019	2020	2021	2022		2018	2019	2020	2021	1H/2022
Q1	Q2	Q3	Q4

Figures in m. EUR

4 Conference Call on Half-year report 2022

| 1 Group overview | 2 | 3 | 4 | 5 | 6 | 7 |

Shareholders' equity impacted by interest rate effects in OCI

Stable capitalisation under Solvency II due to economic view

Policyholders' surplus

in m. EUR Change in shareholders' equity

in m. EUR

15,734

13,589	14,071	2,977
	2,232	12,661
2,234	871
11,035	844	2,979
826
1,493
765		713

		10,995	11,885
	10,528
8,777			8,969

2018	2019	2020	2021	1H/2022
Shareholders' equity	Non-controlling interests	Hybrid

11,885	649
		(693)
				721	8,969
			(3,592)
Shareholders'	Net	Dividend	Change in	Currency	Shareholders'
equity	income	payment	unrealised	translation	equity
31.12.2021			gains/losses	and other	30.06.2022

5 Conference Call on Half-year report 2022