Annual Report 2010 - Hannover Re

Contents
For our investors 2 – 15
Letter from the Chairman of the Executive Board 2
Executive Board of Hannover Re 8
The Hannover Re share 10
Our strategy 14
Management report of the Hannover Re Group 16 – 99
Macroeconomic climate 17
Business development 19
Our business groups 20
Non-life reinsurance 21
Life and health reinsurance 36
Investments 46
Human resources 48
Corporate social responsibility 52
Opportunity and risk report 55
Risk report 55
Value-based management 70
Financial position 73
Enterprise management 80
Corporate Governance 81
Remuneration report 83
Forecast 93
Annual financial statements 100 – 111
Consolidated balance sheet 100
Consolidated statement of income 102
Consolidated statement of comprehensive income 103
Consolidated statement of changes
in shareholders’ equity 104
Consolidated cash flow statement 105
Consolidated segmental report 110
Notes 112 –186
1. Company information 113
2. Accounting principles 113
3. Accounting policies 115
4. Consolidation 123
5. Notes on the individual items of the balance sheet 133
6. Notes on the individual items of the statement
of income 166
7. Other notes 174
Auditors’ report 186
Further information 187 – 202
Responsibility statement 187
Report by the Supervisory Board 188
Supervisory Board 192
Branch offices and subsidiaries 193
Glossary 196
Index of key terms 202
Further information Notes
Annual financial statements
Management report
For our investors
Hannover Re Group annual report 2010 Contents
1