Annual Report 2010 - Hannover Re

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Development of the stock appreciation rights of Hannover Re Allocation year Number of options 2009 2007 2006 2004 2003 2002 2000 Granted in 2001 – – – – – – 1,138,005 Exercised in 2001 – – – – – – – Lapsed in 2001 – – – – – – – Number of options at 31.12.2001 – – – – – – 1,138,005 Granted in 2002 – – – – – – – Exercised in 2002 – – – – – – – Lapsed in 2002 – – – – – – 40,770 Number of options at 31.12.2002 – – – – – – 1,097,235 Granted in 2003 – – – – – 710,429 – Exercised in 2003 – – – – – – – Lapsed in 2003 – – – – – 23,765 110,400 Number of options at 31.12.2003 – – – – – 686,664 986,835 Granted in 2004 – – – – 904,234 – – Exercised in 2004 – – – – – – 80,137 Lapsed in 2004 – – – – 59,961 59,836 57,516 Number of options at 31.12.2004 – – – – 844,273 626,828 849,182 Granted in 2005 – – – 211,171 – – – Exercised in 2005 – – – – – 193,572 647,081 Lapsed in 2005 – – – 6,397 59,834 23,421 25,974 Number of options at 31.12.2005 – – – 204,774 784,439 409,835 176,127 Granted in 2006 – – – – – – – Exercised in 2006 – – – – 278,257 160,824 153,879 Lapsed in 2006 – – – 14,511 53,578 22,896 10,467 Number of options at 31.12.2006 – – – 190,263 452,604 226,115 11,781 Granted in 2007 – – 817,788 – – – – Exercised in 2007 – – – 12,956 155,840 110,426 3,753 Lapsed in 2007 – – 8,754 13,019 38,326 10,391 – Number of options at 31.12.2007 – – 809,034 164,288 258,438 105,298 8,028 Granted in 2008 – 926,565 – – – – – Exercised in 2008 – – – 1,699 121,117 93,747 – Lapsed in 2008 – – 3,103 1,443 2,162 944 – Number of options at 31.12.2008 – 926,565 805,931 161,146 135,159 10,607 8,028 Granted in 2009 – – – – – – – Exercised in 2009 – – – 1,500 79,262 560 6,525 Lapsed in 2009 – 17,928 16,158 3,192 – – – Number of options at 31.12.2009 – 908,637 789,773 156,454 55,897 10,047 1,503 Granted in 2010 1,569,855 – – – – – – Exercised in 2010 – 10,399 95,380 29,832 52,581 7,682 1,503 Lapsed in 2010 34,255 8,380 2,642 – – – – Number of options at 31.12.2010 1,535,600 889,858 691,751 126,622 3,316 2,365 – 180 Notes 7.3 Share-based payment Hannover Re Group annual report 2010
On this basis the aggregate provisions – included in the sundry non-technical provisions – amounted to EUR 18.6 million for the 2010 financial year (EUR 10.5 million). The expense totalled altogether EUR 9.4 million (EUR 7.5 million). 7.4 Staff and expenditures on personnel Staff The average number of staff at the companies included in the consolidated financial statement of the Hannover Re Group during the reporting period was 2,130 (1,984). As at the balance sheet date altogether 2,192 (2,069) staff were employed by the Hannover Re Group, with 1,089 (1,032) employed in Germany and 1,103 (1,037) working for the consolidated Group companies abroad. Personnel information 2010 2009 31.03. 30.06. 30.09. 31.12. Average 31.12. Average Number of employees (excluding Board members) 2,099 2,133 2,159 2,192 2,130 2,069 1,984 Nationality of employees 2010 German US South African UK Irish Other Total Number of employees 1,017 341 165 165 31 473 2,192 Expenditures on personnel The expenditures on insurance business, claims expenses (claims settlement) and expenditures on the administration of investments include the following personnel expenditures: Personnel expenditures in EUR thousand 2010 2009 a) Wages and salaries aa) Expenditures on insurance business 144,546 118,495 ab) Expenditures on the administration of investments 10,578 9,742 155,124 128,237 b) Social security contributions and expenditure on provisions and assistance ba) Social security contributions 18,787 17,327 bb) Expenditures for pension provision 16,404 11,819 bc) Expenditures for assistance 2,530 1,922 37,721 31,068 Total 192,845 159,305 Notes Hannover Re Group annual report 2010 7.4 Staff and expenditures on personnel Notes 181
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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
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Measurement bases/conditions of pay
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Individual remuneration received by
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motivation, customer satisfaction,
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eversal. Nevertheless, we anticipat
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of demand and the diversification o
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Profit and growth targets for 2011
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as at 31 December 2010 Liabilities
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Consolidated statement of comprehen
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Consolidated cash flow statement 20
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Figures in EUR thousand 1.1.- 31. 1
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as at 31 December 2010 Life/health
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as at 31 December 2010 Life/health
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1. Company information The parent c
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Standards Applicable to financial y
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Impairments: as at each balance she
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asis of a five-year detailed plan a
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come. Currency translation differen
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The projections, which cover variou
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The following list of shareholdings
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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
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: last twenty trading days prior to t
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
Page 195 and 196: - in each case drawn up as at 31 De
Page 197 and 198: Branch offices and subsidiaries of
Page 199 and 200: Spain United Kingdom USA HR Hannove
Page 201 and 202: Corporate Governance: serves to ens
Page 203 and 204: Life and health (re-)insurance: col
Page 205 and 206: Segmental reporting: presentation o
Page 207 and 208: Financial calendar 2011/2012 9 Marc
Page 209 and 210: Contact information Corporate Commu
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Annual Report 2010 - Hannover Re

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