Annual Report 2010 - Hannover Re

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Consolidated statement of income 2010 Figures in EUR thousand Notes 1.1.– 31. 12. 2010 1.1.– 31. 12. 2009 1 Gross written premium 6.1 11,428,717 10,274,755 Ceded written premium 1,127,465 759,076 Change in gross unearned premium (287,536) (227,161) Change in ceded unearned premium 33,300 18,658 Net premium earned 10,047,016 9,307,176 Ordinary investment income 6.2 880,521 810,547 Profit/loss from investments in associated companies 6.2 3,857 (4,970) Realised gains and losses on investments 6.2 162,003 113,012 Unrealised gains and losses on investments 6.2 (39,893) 100,571 Total depreciation, impairments and appreciation of investments 6.2 (3,448) 122,430 Other investment expenses 6.2 67,409 53,121 Net income from investments under own management 942,527 843,609 Income/expense on funds withheld and contract deposits 6.2 316,368 276,774 Net investment income 1,258,895 1,120,383 Other technical income 6.3 16,845 14,362 Total revenues 11,322,756 10,441,921 Claims and claims expenses 6.3 7,008,055 6,548,093 Change in benefit reserves 6.3 652,711 562,668 Commission and brokerage, change in deferred acquisition costs 6.3 2,257,948 2,011,344 Other acquisition costs 5,302 14,137 Other technical expenses 6.3 44,183 38,788 Administrative expenses 6.3 280,720 246,940 Total technical expenses 10,248,919 9,421,970 Other income and expenses 6.4 99,963 122,528 Operating profit/loss (EBIT) 1,173,800 1,142,479 Interest on hybrid capital 5.12 85,266 76,650 Net income before taxes 1,088,534 1,065,829 Taxes 6.5 257,629 291,770 Net income 830,905 774,059 thereof Minority interest in profit and loss 82,015 40,347 Group net income 748,890 733,712 Earnings per share Basic earnings per share 7.5 6.21 6.08 Diluted earnings per share 7.5 6.21 6.08 1 Adjusted on the basis of IAS 8 102 Consolidated Accounts Consolidated statement of income Hannover Re Group annual report 2010
Consolidated statement of comprehensive income 2010 Figures in EUR thousand 1.1.– 31. 12. 2010 1.1.– 31. 12. 2009 1 Net income 830,905 774,059 Unrealised gains and losses on investments Gains (losses) recognised directly in equity 353,614 121,189 Transferred to the consolidated statement of income (184,823) 29,070 Tax income (expense) (28,933) (19,975) 139,858 130,284 Currency translation Gains (losses) recognised directly in equity 183,883 24,704 Transferred to the consolidated statement of income 3,863 (2,438) Tax income (expense) (10,911) 81 176,835 22,347 Changes from the measurement of associated companies Gains (losses) recognised directly in equity (2,643) 648 (2,643) 648 Other changes Gains (losses) recognised directly in equity (4,240) 2,490 Tax income (expense) 2,517 (2,651) (1,723) (161) Total income and expense recognised directly in equity Gains (losses) recognised directly in equity 530,614 149,031 Transferred to the consolidated statement of income (180,960) 26,632 Tax income (expense) (37,327) (22,545) 312,327 153,118 Consolidated accounts Changes in the consolidated group (23) 47 Total recognised income and expense 1,143,209 927,224 thereof: Attributable to minority interests 94,177 42,477 Attributable to the Group 1,049,032 884,747 1 Adjusted on the basis of IAS 8 Hannover Re Group annual report 2010 Consolidated statement of comprehensive income Consolidated Accounts 103
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Annual Report 2010
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The Hannover Re Group America Europ
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Contents For our investors 2 - 15 L
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Our operational business was impact
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Our life and health reinsurance bus
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years will generate increasing inco
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For our investors Seated from left
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The market capitalisation of the Ha
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Basic information Securities identi
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Strategic objectives 1. Profitable
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Macroeconomic climate The global ec
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Business development We are thoroug
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Non-life reinsurance Accounting for
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Along with the aforementioned natur
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The establishment of the Federal In
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The Die beste volatility Volatilit
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Credit and surety Breakdown of gros
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Thanks not least to a new branch of
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The insurance sector continues to b
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have enlarged our portfolio. In the
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anch in Shanghai concentrates on bu
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Ageing macht creates Märkte market
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Key figures for life and health rei
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new business. Against this backdrop
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The rating agency Standard & Poor
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Rating of fixed-income securities
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In 2009 Hannover Re launched anothe
Page 55 and 56: Solvency For our company II heißt
Page 57 and 58: Social commitment Hannover Re’s c
Page 59 and 60: Opportunity and risk report Overrid
Page 61 and 62: Available capital and required risk
Page 63 and 64: Internal risk management and contro
Page 65 and 66: The table below lists the catastrop
Page 67 and 68: Sensitivity analysis of the Market
Page 69 and 70: events. Further significant risk ma
Page 71 and 72: Gross written premium retained in %
Page 73 and 74: Strategic risks derive from the ris
Page 75 and 76: Performance Excellence Check The PE
Page 77 and 78: Financial position Asset / liabilit
Page 79 and 80: Financing and Group debt In additio
Page 81 and 82: Financial strength ratings of subsi
Page 83 and 84: Naturkatastrophen Natural catastrop
Page 85 and 86: Corporate Governance The principles
Page 87 and 88: for orderly performance of their ta
Page 89 and 90: in question. With the aim of making
Page 91 and 92: The Annual General Meeting of Hanno
Page 93 and 94: Measurement bases/conditions of pay
Page 95 and 96: Individual remuneration received by
Page 97 and 98: motivation, customer satisfaction,
Page 99 and 100: eversal. Nevertheless, we anticipat
Page 101 and 102: of demand and the diversification o
Page 103 and 104: Profit and growth targets for 2011
Page 105: as at 31 December 2010 Liabilities
Page 109 and 110: Consolidated cash flow statement 20
Page 111 and 112: Figures in EUR thousand 1.1.- 31. 1
Page 113 and 114: as at 31 December 2010 Life/health
Page 115 and 116: as at 31 December 2010 Life/health
Page 117 and 118: 1. Company information The parent c
Page 119 and 120: Standards Applicable to financial y
Page 121 and 122: Impairments: as at each balance she
Page 123 and 124: asis of a five-year detailed plan a
Page 125 and 126: come. Currency translation differen
Page 127 and 128: The projections, which cover variou
Page 129 and 130: The following list of shareholdings
Page 131 and 132: Name and registered office of the c
Page 133 and 134: Name and registered office of the c
Page 135 and 136: Investments Within the scope of its
Page 137 and 138: 5. Notes on the individual items of
Page 139 and 140: The stated maturities may in indivi
Page 141 and 142: Amortised cost, unrealised gains an
Page 143 and 144: Carrying amounts before impairment
Page 145 and 146: Breakdown of investments by currenc
Page 147 and 148: In addition, we held indirect real
Page 149 and 150: Development of level 3 financial in
Page 151 and 152: Development of deferred acquisition
Page 153 and 154: This item principally consists of t
Page 155 and 156: Technical provisions in EUR thousan
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Net loss reserve and its run-off in
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Liabilities in liability and motor
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From 1997 onwards it has been possi
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The recognised provision for pensio
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in EUR thousand Other reclassificat
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Debt and subordinated capital in EU
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Furthermore, a long-term unsecured
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6.2 Investment income Investment in
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6.3 Reinsurance result Reinsurance
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Tax-relevant bookings on the Group
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The following table presents a reco
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Maturity structure of derivative fi
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Business assumed and ceded in Germa
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last twenty trading days prior to t
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On this basis the aggregate provisi
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7.7 Contingent liabilities and comm
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7.11 Events after the balance sheet
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Responsibility statement To the bes
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ated by a reinsurance subsidiary do
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- in each case drawn up as at 31 De
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Branch offices and subsidiaries of
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Spain United Kingdom USA HR Hannove
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Corporate Governance: serves to ens
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Life and health (re-)insurance: col
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Segmental reporting: presentation o
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Financial calendar 2011/2012 9 Marc
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Contact information Corporate Commu
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Annual Report 2010 - Hannover Re

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