Annual Report 2017

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Business development Business model Cash Flow Statement Consolidated Balance Sheet Consolidated Statement of Income Financial position and net assets Forecast Remuneration report Results of operations Risk report Segmental Report
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10 year overview
Stock markets Share performance Dividend Annual General Meeting Investor relations activities Sustainability reporting and ratings Shareholding structure Analyst ratings Share data
Foundations of the Group
Business model Management system
Value-based management Operational management system
Research and development
Report on economic position
Macroeconomic climate and industry-specific environment
Macroeconomic climate Industry-specific environment
Business development
Property & Casualty reinsurance Life & Health reinsurance Investments Total result
Overall assessment of the business position Results of operations
Property & Casualty reinsurance Life & Health reinsurance Investments
Financial position and net assets
Investment policy Investments Analysis of the capital structure Management of policyholders’ surplus Group shareholders’ equity Financing and Group debt Analysis of the consolidated cash flow statement Financial strength ratings Information pursuant to § 315
Information on Hannover Rück SE
Results of operations Development of the individual lines of business Assets and financial position Risks and opportunities Other information Outlook
Group non-financial information statement
Introduction Description of the business model Group and sustainability strategy Responsible enterprise management Compliance Stakeholder dialogue Sustainable insurance solutions ESG criteria in asset management Customer orientation and satisfaction Executive development / Employee advancement Employee retention Diversity
Opportunity and risk report
Risk report
Strategy implementation Major external factors Risk capital Risk management Risk management system Internal control system Risk landscape of Hannover Re Internal risk assessment Underwriting risks in property and casualty reinsurance Underwriting risks in life and health reinsurance Market risks Counterparty default risks Operational risks Other risks
Opportunity report
Overall assessment by the Executive Board
Enterprise management
Declaration on Corporate Governance
Corporate Governance Declaration of Conformity Further enterprise management principles Working practice of the Executive Board and Supervisory Board Compliance Risk monitoring and steering
Remuneration report
Remuneration Executive Board Remuneration Supervisory Board Loans to members of the management boards and contingent liabilities Securities transactions and shareholdings Remuneration of staff and senior executives
Outlook
Forecast
Economic developments Property & Casualty reinsurance Life & Health reinsurance Investments Outlook 2018
Consolidated balance sheet Statement of income Statement of comprehensive income Statement of changes in shareholders’ equity Cash flow statement Notes Auditor's report Responsibility statement
Report of the Supervisory Board Supervisory Board Members
Global presence Strategic business groups History

Key figures

Table as Excel file: 
Figures in EUR million 2017 +/-
previous year		 2016 1 20152014 2013
Results
Gross written premium 17,790.5 +8.8% 16,353.6 17,068.714,361.8 13,963.4
Net premium earned 15,631.7 +8.5% 14,410.3 14,593.012,423.1 12,226.7
Net underwriting result -488.5 115.9 93.8-23.6 -83.0
Net investment income 1,773.9 +14.4% 1,550.4 1,665.11,471.8 1,411.8
Operating profit (EBIT) 1,364.4 -19.2% 1,689.3 1,755.21,466.4 1,229.1
Group net income 958.6 -18.2% 1,171.2 1,150.7985.6 895.5
 
Balance sheet
Policyholders´ surplus 10,778.5 -4.0% 11,231.4 10,267.310,239.5 8,767.9
Equity attributable to shareholders of Hannover Rück SE 8,528.5 -5.2% 8,997.2 8,068.37,550.8 5,888.4
Non-controlling interests 758.1 +2.0% 743.3 709.1702.2 641.6
Hybrid capital 1,492.0 +0.1% 1,490.8 1,489.91,986.5 2,237.8
Investments (excl. funds withheld by ceding companies) 40,057.5 -4.2% 41,793.5 39,346.936,228.0 31,875.2
Total assets 61,196.8 -3.8% 63,594.5 63,214.960,457.6 53,915.5
 
Share
Earnings per share (basic and diluted) in EUR 7.95 -18.2% 9.71 9.548.17 7.43
Book value per share in EUR 70.72 -5.2% 74.61 66.9062.61 48.83
Dividend 603.0 – 603.0 572.8512.5 361.8
Dividend per share in EUR 3.50 + 1.50 2, 3 – 3.50 + 1.50 3 3.25 + 1.50 33.00 + 1.25 3 3.00
Share price at year-end in EUR 104.90 +2.0% 102.80 105.6574.97 62.38
Market capitalisation at year-end 12,650.6 +2.0% 12,397.4 12,741.19,041.2 7,522.8
 
Ratios
Combined ratio (property and casualty reinsurance) 4 99.8% 93.7% 94.4%94.7% 94.9%
Large losses as percentage of net premium earned (property and casualty reinsurance) 5 12.3% 7.8% 7.1%6.1% 8.4%
Retention 90.5% 89.3% 87.0%87.6% 89.0%
Return on investment (excl. funds withheld by ceding companies) 6 3.8% 3.0% 3.5%3.3% 3.4%
EBIT margin 7 8.7% 11.7% 12.0%11.8% 10.1%
Return on equity (after tax) 10.9% 13.7% 14.7%14.7% 15.0%
  • 1 Restated pursuant to IAS 8 (cf. section 3.1 of the notes)
  • 2 Proposed dividend
  • 3 Dividend of EUR 3.50 plus special dividend of EUR 1.50 for 2017, dividend of EUR 3.50 plus special dividend of EUR 1.50 for 2016, dividend of EUR 3.25 plus special dividend of EUR 1.50 for 2015 and dividend of EUR 3.00 plus special dividend of EUR 1.25 for 2014
  • 4 Including expenses on funds withheld and contract deposits
  • 5 Hannover Re Group’s net share for natural catastrophes and other major losses in excess of EUR 10 million gross as a percentage of net premium earned
  • 6 Excluding effects from ModCo derivatives
  • 7 Operating result (EBIT) / net premium earned
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Topic related links within the report:

10 year overview Foreword Share data Property & Casualty reinsurance Life & Health reinsurance Investments Financial position and net assets Consolidated balance sheet Cash flow statement 5. Segment reporting 8.5 Earnings per share and dividend proposal

Topic related links outside the report:

Share Price Dividends Fact Sheet

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