Annual Report 2010 - Hannover Re

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Investors toren lieben love the die ups Aufs and und downs Abs … 26 Hannover Re Group annual report 2010
The Die beste volatility Volatilität is no volatility ist keine … allerdings but only nur on the auf roller der Achterbahn. coaster. Nobody Starke Ergebnisschwankungen likes sharp fluctuations in stimmen results – niemanden least of all fröhlich. our investors. Am allerwenigsten Hannover Re has unsere applied Investoren. profit-stabilising An drei neuralgischen measures to three Punkten sensitive hat die points: Hannover Rück ergebnisstabilisierende Maßnahmen angesetzt: We have scaled back our underwriting volume Unser for Zeichnungsvolumen natural catastrophe für Naturkatastrophen and haben in peak wir insgesamt zones while und at the in Hoch same risks both overall time risikogebieten extending (PeakZones) it in non-peak reduziert zones. What und is dafür more, in NonPeakZones growth in other ausgebaut. lines has caused Durch the Wachstum relative in weight anderen of catastrophe Sparten sank business zudem within das Gewicht our portfolio des Katastrophengeschäfts to diminish. As a matter innerhalb of principle, unseres our Portfolios. investment Die portfolio Zusammensetzung prudently unseres structured. Kapitalanlagebestan We have catego- is very rised des ist significant grundsätzlich positions sehr konservativ. such that they Wir are haben recognised größere Positionen at cost and so hence kategorisiert, reduce volatility dass sie in zu the Anschaffungskosten income statement. bewertet This new investment werden und strategy damit die will GuVVolatilität stabilise our reduzieren. thereby Diese neue smoothing Anlagestrategie volatility wird and returns, soothing unsere Renditen nerves. stabilisieren. Thirdly, we Das continue beruhigt to boost Volatilität the share und Nerven of life and zugleich. health Drittens reinsurance erhöhen in our wir total unseren portfolio. Anteil It now der Personen generates almost Rückver 50% sicherung of premiums am Gesamtportfolio and around onethirter. Sie of the erwirtschaftet operating result nun fast (EBIT). 50 % Since der wei these Prämien earnings und rund are very ein Drittel stable des our operativen income Ergebnisses. will be Da less diese volatile Erträge in sehr the Group net future. stabil sind, wird unser Konzernergebnis künftig weniger volatil sein. Going forward, as in the past, we shall make Wir werden the most auch of in our Zukunft opportunities unsere Chancen zu with wahren an eye wissen. to stable Immer results mit and Blick divi- auf – alwaydends. stabile Ergebnisse Investors seeking und Dividenden. a long-term Insbesondere Investoren, will particularly die langfristige value Enga this involvement strategy gements of suchen, sustainable werden growth. diese Strategie des nachhaltigen Wachstums honorieren. ROLAND VOGEL Chief MITGLIED FiNANCial DES VORSTANDS Officer Hannover Re Group annual report 2010 27
Page 1 and 2: Annual Report 2010
Page 3 and 4: The Hannover Re Group America Europ
Page 5 and 6: Contents For our investors 2 - 15 L
Page 7 and 8: Our operational business was impact
Page 9 and 10: Our life and health reinsurance bus
Page 11 and 12: years will generate increasing inco
Page 13 and 14: For our investors Seated from left
Page 15 and 16: The market capitalisation of the Ha
Page 17 and 18: Basic information Securities identi
Page 19 and 20: Strategic objectives 1. Profitable
Page 21 and 22: Macroeconomic climate The global ec
Page 23 and 24: Business development We are thoroug
Page 25 and 26: Non-life reinsurance Accounting for
Page 27 and 28: Along with the aforementioned natur
Page 29: The establishment of the Federal In
Page 33 and 34: Credit and surety Breakdown of gros
Page 35 and 36: Thanks not least to a new branch of
Page 37 and 38: The insurance sector continues to b
Page 39 and 40: have enlarged our portfolio. In the
Page 41 and 42: anch in Shanghai concentrates on bu
Page 43 and 44: Ageing macht creates Märkte market
Page 45 and 46: Key figures for life and health rei
Page 47 and 48: new business. Against this backdrop
Page 49 and 50: The rating agency Standard & Poor
Page 51 and 52: Rating of fixed-income securities
Page 53 and 54: 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 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 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 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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