Annual Report 2010 - Hannover Re

government and semi-government bonds was reduced. The
quality of the bonds – measured in terms of rating categories
– was maintained on a consistently high level. The proportion
of securities rated “A” or better stood at 91.0% (91.7%) in the
year under review.
We held a total amount of EUR 2.0 billion (EUR 1.8 billion) in
short-term assets and current assets at the end of the year
under review. Funds withheld by ceding companies amounted
to EUR 12.6 billion (EUR 10.8 billion).
Holdings of alternative investments remained on a broadly
stable level. As at 31 December 2010 an amount of EUR 469.3
million (EUR 375.3 million) was invested in private equity
funds, a further EUR 155.0 million (EUR 353.2 million) in
high-return bond funds and loans as well as CDOs, and altogether
EUR 149.7 million (EUR 108.6 million) in structured
real estate investments. The uncalled capital with respect to
the aforementioned alternative investments totalled EUR
272.6 million (EUR 328.8 million).
In the year under review we consistently pursued our strategy
of investing more heavily in real estate. To this end, various
properties were acquired in Germany and the United States,
and further projects are under review; the real estate allocation
will therefore keep rising steadily as planned, and currently
stands at 1.9% (1.2%).
Human resources
Our staff
A reinsurer’s success is crucially dependent on the skills and
expertise of its staff and their willingness to assume responsibility.
Hannover Re is well aware of this performance factor
and took a number of steps in 2010 to ensure its continued
success going forward. For the fifth time we surveyed our
employees on their attitude towards their company in 2010.
We were delighted to find that they are highly satisfied overall
with their own workplace; nine out of ten described Hannover
Re as a very good employer. Compared to the level in 2007
(90%), overall satisfaction (93%) has thus further increased.
Key personnel ratios
The Hannover Re Group employed 2,192 (2,069) staff as at
31 December 2010. The turnover ratio at Home Office in Hannover
of 1.9% was lower than in the previous year (2.3%).
The rate of absenteeism – at 3.0% – was slightly lower than
in the previous year (3.2%). The turnover ratio and rate of
absenteeism thus continued to be below the industry average.
Staff turnover/absenteeism Hannover Home Office (in %)
4.4
5
3.7
2.5
2.5
3.3
2.7
3.2 3.0
2.3 1.9
4
3
2
1
2006
Turnover
2007 2008 2009 2010
Absenteeism
0
Trainee programme for mathematicians
For many years Hannover Re has been offering a practicetested
trainee programme focused on graduates in economics
(business administration and economics) and (commercial)
law as well as graduates in cultural studies. The purpose of
this cross-divisional programme is to systematically train
young talents for our core business, namely underwriting.
48 Management report Human Resources
Hannover Re Group annual report 2010