Annual Report 2010 - Hannover Re

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Auditors’ report We have audited the consolidated financial statements prepared by Hannover Rückversicherung AG, Hannover – comprising the consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income, notes to the consolidated financial statements, consolidated cash flow statement and consolidated statement of changes in equity – as well as the group management report for the business year from 1 January to 31 December 2010. The preparation of the consolidated financial statements and the group management report in accordance with IFRS, as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315a Para 1 HGB are the responsibility of the parent company’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with § 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRS, as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315a Abs. 1 HGB and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development. Hannover, 7 March 2011 KPMG AG Wirtschaftsprüfungsgesellschaft Husch Wirtschaftsprüfer Busch Wirtschaftsprüfer 186 Notes Auditors‘ report Hannover Re Group annual report 2010
Responsibility statement To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group. Hannover, 7 March 2011 Executive Board Wallin Arrago Dr. Becke Gräber Dr. Miller Dr. Pickel Vogel Further information Hannover Re Group annual report 2010 Report BY THE SuPERVISORY BOARD 187
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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
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Name and registered office of the c
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Investments Within the scope of its
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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 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: 7.11 Events after the balance sheet
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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