Annual Report 2010 - Hannover Re

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Rating structure of fixed-income securities Figures in EUR thousand AAA AA A BBB BB B C Other Total Fixed-income securities – held-to-maturity 1,685,201 723,446 496,375 115,027 4,000 3,969 – – 3,028,018 Fixed-income securities – loans and receivables 1,118,414 776,712 241,609 94,831 5,303 – – 77,560 2,314,429 Fixed-income securities – available-for-sale 8,444,249 2,542,309 3,441,409 1,092,359 133,890 59,984 10,643 152,791 15,877,634 Fixed-income securities – at fair value through profit or loss 3,306 10,075 26,130 73,000 57,963 39,656 51 7,416 217,597 Total fixed-income securities 11,251,170 4,052,542 4,205,523 1,375,217 201,156 103,609 10,694 237,767 21,437,678 Derivatives 18,121 1,243 (33,080) 4,200 (2,387) 51 25 (10,622) (22,449) Total fixed-income securities incl. derivatives 11,269,291 4,053,785 4,172,443 1,379,417 198,769 103,660 10,719 227,145 21,415,229 2010 Rating structure of fixed-income securities Figures in EUR thousand AAA AA A BBB BB B C Other Total Fixed-income securities – held-to-maturity 1,776,146 579,187 473,858 120,373 3,925 – – – 2,953,489 Fixed-income securities – loans and receivables 1,047,059 972,062 499,329 109,637 161 – – 73,583 2,701,831 Fixed-income securities – available-for-sale 7,946,449 2,432,341 2,276,065 779,432 90,317 221,813 7,594 51,037 13,805,048 Fixed-income securities – at fair value through profit or loss 4,494 10,475 40,392 80,633 46,391 33,442 8,404 10,918 235,149 Total fixed-income securities 10,774,148 3,994,065 3,289,644 1,090,075 140,794 255,255 15,998 135,538 19,695,517 Derivatives 12,757 2,903 18,829 3,347 (513) 7 8 765 38,103 Total fixed-income securities incl. derivatives 10,786,905 3,996,968 3,308,473 1,093,422 140,281 255,262 16,006 136,303 19,733,620 2009 The maximum credit risk of the items shown here corresponds to their carrying amounts. 140 NOTES 5.1 investments under own management Hannover Re Group annual report 2010
Breakdown of investments by currencies Figures in EUR thousand 2010 AUD CAD EUR GBP JPY USD ZAR Other Total Fixed-income securities – held to maturity 15,593 22,766 1,917,315 81,476 – 986,863 4,005 – 3,028,018 Fixed-income securities – loans and receivables – 6,916 1,683,975 6,280 – 593,892 – 23,366 2,314,429 Fixed-income securities – available-for-sale 1,223,302 455,694 5,973,882 1,478,993 100,013 5,772,300 282,866 590,584 15,877,634 Fixed-income securities – at fair value through profit or loss – – 67,433 – – 116,699 33,465 – 217,597 Equity securities – available-for-sale – 11,515 276,625 41,725 6,528 178,737 – 21,625 536,755 Other financial assets – at fair value through profit or loss – – 9,495 – – 45,261 – – 54,756 Other invested assets – – 510,792 19 – 850,963 1,853 – 1,363,627 Short-term investments, cash 145,714 42,632 883,049 131,932 18,432 442,878 120,004 233,614 2,018,255 Total investments and cash 1,384,609 539,523 11,322,566 1,740,425 124,973 8,987,593 442,193 869,189 25,411,071 Breakdown of investments by currencies Figures in EUR thousand 2009 AUD CAD EUR GBP JPY USD ZAR Other Total Fixed-income securities – held to maturity 12,693 31,479 1,915,290 77,534 – 908,228 8,265 – 2,953,489 Fixed-income securities – loans and receivables – 6,094 2,172,073 17,188 – 483,745 – 22,731 2,701,831 Fixed-income securities – available-for-sale 890,838 364,124 4,709,837 1,250,538 96,553 5,836,171 202,180 454,807 13,805,048 Fixed-income securities – at fair value through profit or loss – – 89,587 – – 119,977 25,585 – 235,149 Equity securities – available-for-sale – – 14,799 3,734 – 691 133 – 19,357 Other financial assets – at fair value through profit or loss – – 26,161 29,553 – 2,559 – – 58,273 Other invested assets – – 435,905 445 – 486,223 1,403 2 923,978 Short-term investments, cash 120,612 33,822 675,471 88,474 5,810 694,878 88,688 102,132 1,809,887 Total investments and cash 1,024,143 435,519 10,039,123 1,467,466 102,363 8,532,472 326,254 579,672 22,507,012 Notes The maximum credit risk of the items shown here corresponds to their carrying amounts. Hannover Re Group annual report 2010 5.1 investments under own management Notes 141
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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
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Solvency For our company II heißt
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Social commitment Hannover Re’s c
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Opportunity and risk report Overrid
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Available capital and required risk
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Internal risk management and contro
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The table below lists the catastrop
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Sensitivity analysis of the Market
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events. Further significant risk ma
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Gross written premium retained in %
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Strategic risks derive from the ris
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Performance Excellence Check The PE
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Financial position Asset / liabilit
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Financing and Group debt In additio
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Financial strength ratings of subsi
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Naturkatastrophen Natural catastrop
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Corporate Governance The principles
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for orderly performance of their ta
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in question. With the aim of making
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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 and 106: as at 31 December 2010 Liabilities
Page 107 and 108: Consolidated statement of comprehen
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: Carrying amounts before impairment
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
Page 157 and 158: Net loss reserve and its run-off in
Page 159 and 160: Liabilities in liability and motor
Page 161 and 162: From 1997 onwards it has been possi
Page 163 and 164: The recognised provision for pensio
Page 165 and 166: in EUR thousand Other reclassificat
Page 167 and 168: Debt and subordinated capital in EU
Page 169 and 170: Furthermore, a long-term unsecured
Page 171 and 172: 6.2 Investment income Investment in
Page 173 and 174: 6.3 Reinsurance result Reinsurance
Page 175 and 176: Tax-relevant bookings on the Group
Page 177 and 178: The following table presents a reco
Page 179 and 180: Maturity structure of derivative fi
Page 181 and 182: Business assumed and ceded in Germa
Page 183 and 184: last twenty trading days prior to t
Page 185 and 186: On this basis the aggregate provisi
Page 187 and 188: 7.7 Contingent liabilities and comm
Page 189 and 190: 7.11 Events after the balance sheet
Page 191 and 192: Responsibility statement To the bes
Page 193 and 194: 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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