Annual Report 2003 - Hannover Re

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WE OPERATE IN GROWTH SEGMENTS – SO AS TO KEEP ON GROWING OUR PROFITABILITY.
Who could have predicted such a development 118 years ago? Back in 1886, the automobile sector in Germany was limited to wealthy customers and just a few vehicles. By <strong>2003</strong>, the global market had grown to almost 59 million new vehicles. As the market has evolved, so the challenges facing property and casualty reinsurers have changed. Every day, we strive to find the right solutions for our clients.
Page 1 and 2: Annual Report 2003 Highest operatin
Page 3 and 4: CONTENTS 1 Address of the Chairman
Page 5 and 6: It is my pleasant duty to report th
Page 7 and 8: All in all, then, we are in every r
Page 9 and 10: BOARDS AND OFFICERS of Hannover Re
Page 11 and 12: Boards and officers Executive Board
Page 13 and 14: The Hannover Re share The Hannover
Page 15 and 16: The Hannover Re share Last but not
Page 17 and 18: The Hannover Re share Share informa
Page 19 and 20: Strategy and self-image Strategic p
Page 21 and 22: E+S Reinsurance (Ireland) Ltd. Dubl
Page 23 and 24: Management report economic climate
Page 25: Management report business developm
Page 29 and 30: Management report property and casu
Page 37 and 38: Management report life and health r
Page 39 and 40: Life and good health are the most v
Page 47 and 48: Management report financial reinsur
Page 49 and 50: People and businesses want to be su
Page 51 and 52: Management report program business
Page 53 and 54: Unusual risks offer unusual rewards
Page 55 and 56: Management report investments Inves
Page 57 and 58: Management report investments the p
Page 59 and 60: Management report risk report Globa
Page 61 and 62: Management report risk report revie
Page 63 and 64: Management report risk report Combi
Page 65 and 66: Management report risk report Ratin
Page 67 and 68: Management report human resources B
Page 69 and 70: Management report outlook Manager S
Page 71 and 72: Management report outlook their cov
Page 73: Management report proposal for the
Page 76 and 77:
CONSOLIDATED BALANCE SHEET as at 31
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CONSOLIDATED STATEMENT OF INCOME fo
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CASH FLOW STATEMENT for the 2003 fi
Page 82 and 83:
SEGMENTAL REPORT as at 31 December
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SEGMENTAL REPORT as at 31 December
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NOTES Contents 1. General accountin
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Notes general accounting principles
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Notes consolidated companies 3. Con
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Notes consolidated companies Name a
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Notes major acquisitions Capital co
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Notes notes on the individual items
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Notes related party disclosures As
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Notes related party disclosures Mem
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Notes other notes 6.4 Mortgages and
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Notes other notes The fair values o
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Notes other notes 7.7 Currency conv
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REPORT OF THE SUPERVISORY BOARD of
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CORPORATE GOVERNANCE report Good an
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Corporate Governance report Separat
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Branch offices and subsidiaries Vir
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GLOSSARY Accumulation loss: sum of
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Glossary Fair value: price at which
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Glossary Portfolio: a) all risks as
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Glossary Surplus reinsurance: form
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Index of key terms Hannover Re shar
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YOUR OPINION matters to us Dear Rea
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STRATEGIC BUSINESS GROUPS of the Ha
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Hannover Rückversicherung AG Karl-
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Annual Report 2003 - Hannover Re

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