Further insights into our reserving policyand Solvency II
Eberhard Müller, CRO/Group Risk Management
15th International Investors' Day London, 18 October 2012
1. Reserving policy 2. ERM 3. Solvency II
Overview
Further insights into our reserving policy
1. Reserving policy
• Our Reserving Framework
• Update on reserve figures
2. Enterprise risk management
• Our Risk Management approach
• Enterprise risk management
3. Solvency II
1. Reserving policy 2. ERM 3. Solvency II
Two segments of reserves in our balance sheet
1
Life and health13,048
Non-life Hannover Re11,182
Non-life subsidiaries2,830
Non-life E+S Rück2,512
Non-life branches1,506
36%
42%
9%
8%5%
Non-life R/IEUR 18,030 m.
Life and health R/IEUR 10,309 m. benefit reserveEUR 2,739 m. loss reserve
Further insights into our reserving policy
Total gross reserves* Hannover Re Group EUR 31,078 m.
Recent figures from year-end 2011
Stable shares: non-life 58%, life and health 42%
* As at 31 December 2011, consolidated, IFRS figures
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Our reserving policy
2
� Goal: Consistent reserving standards and processes
� Field of application: non-life and life & health
reinsurance segments within Hannover Re Group
� Clearly defined tasks, authorities and responsibilities
for all departments and staff involved in the reserving
process
� Reserving process
• Definition of risk tolerance
• Risk control process: identification, analysis, evaluation,
steering, monitoring and reporting of reserving risks
Further insights into our reserving policy
Confirmed in our new high-level framework reserving guideline
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Diversified gross life & health reserves
3
Germany5,646
UK/Ireland2,841
US1,946
Europe1,175
Rest of World1,440
43%
22%
15%
9%
11%
Total gross L&H reserves HR Group EUR 13,048 m.
Further insights into our reserving policy
. . .with reduced volatility compared to non-life reserves
* As at 31 December 2011, consolidated, IFRS figures
� Germany
(Hannover Re/E+S Rück)
� UK/Ireland
(HLR UK, HLR Ir)
� US (HLR US)
� Europe (Branches in Stockholm
and France)
� Rest of World
• Subsidiaries (Australia, Bermuda,
Africa, Takaful in Bahrain)
• Branches (Shanghai, Korea, Hong
Kong, Malaysia)
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Reserve monitoring in life & health
4
� MCEV contract with Deloitte since two years coordinated by GRM RES and
signed by CEO and CRO
� External reserve review with Towers Watson as peer review of Deloitte reserve
reports
� Internal reserve reports by GRM RES (for example accident & health)
� Treaty monitoring function of larger treaties
• Check of pricing, data, sensitivities, cash-flows
• Agreed reporting thresholds with Home Office and local entities
� Support for pandemic scenario analysis (plausibility checks)
� Support for capital impact assessment of huge treaties (defined by premium
volume, reserves/deposits or sum at risk)
Further processes and monitoring steps by GRM RES
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Our well-diversified non-life business. . .
5
� Group-wide non-life reserve
study (internal and external)
• Hannover Re/E+S Rück, Canada,
Bahrain, Takaful
− calculations by GRM RES:
EUR 14,115 m. (78%)
• Bermuda, Australia, Malaysia,
Shanghai
− by external appointed actuaries:
EUR 1,660 m. (9%)
• UK(IICH), Ireland, Sweden, South
Africa
− by HR Group own actuaries:
EUR 2,255 m. (13%)
Further insights into our reserving policy
. . .is also reflected in our loss reserves across entities and countries
USA4,725
Germany2,703
Europe3,231
UK/Ireland3,719
Rest of World3,652
15%
18%
26%
21%
20%
* As at 31 December 2011, consolidated, IFRS figures
Total gross non-life reserves HR Group EUR 18,030 m.
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
About 45% related to general liability
6
General liability6,045
Other5,050
Motor liability2,599
37%
Further insights into our reserving policy
Gross non-life reinsurance loss reserves* EUR 13,694 m.
Driven by premium volume in recent U/Y
* HR and E+S as at 31 December 2011, consolidated, IFRS figures
19%
44%
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Estimation system & bulk IBNR
7
Additional IBNR7,275
Cedent-advised reserves6,419
47%
Further insights into our reserving policy
“Home-made” IBNR* EUR 13,694 m.
Roughly one half of own IBNR is self-made
* HR and E+S as at 31 December 2011, consolidated, IFRS figures
53%
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Reported loss triangles*. . .
8 Further insights into our reserving policy
in m. EUR No. Line of business Total reserves U/Y
1979 - 1999
U/Y 1979 - 1999
in % of HR Group
Total reserves U/Y
2000 - 2011
U/Y 2000 - 2011
in % of HR Group
Hannover Re/
E+S Rück1 General liability non-prop. 391.5 2.2% 36,750.0 20.4%
2 Motor non-prop. 438.0 2.4% 1,558.2 8.6%
3 General liability prop. 154.0 0.9% 1,567.9 8.7%
4 Motor prop. 139.4 0.8% 759.6 4.2%
5 Property prop. 18.7 0.1% 1,048.9 5.8%
6 Property non-prop. 7.1 0.0% 739.4 4.1%
7 Marine 25.5 0.1% 847.7 4.7%
8 Aviation 39.0 0.2% 851.3 4.7%
9 Credit/surety 27.5 0.2% 831.7 4.6%
Total All lines of business 1,240.8 6.9% 11,879.7 65.9%
Reconciliation to our balance sheet
. . .represent about 3/4 of our gross carried reserves
* As at 31 December 2011, consolidated, IFRS figures
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Data description and information
9
� Statistical gross reported loss triangles based on cedents' original advices (paid
and case reserve information)
� Converted to EUR with exchange rates as at 31 December 2011
� Figures in triangles do not include business written in branch offices and
subsidiaries
� Data on underwriting-year basis
� Data are combined triangles for companies HR and E+S Rück
Further insights into our reserving policy
Understanding the data is crucial for interpretation, analysis and results
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Reported claims triangle for HR/E+S*
10 Further insights into our reserving policy
Total (~2/3 of HR Group reserves shown in 9 individual triangles)
* As at 31 December 2011 (in m. EUR), consolidated, IFRS, development in months
0,5001,0001,5002,0002,5003,0003,5004,0004,500
0%
20%
40%
60%
80%
100%
120%
140%
00 01 02 03 04 05 06 07 08 09 10 11
Paid losses Case reservesIBNR IFRS earned premiumIFRS gross written premium
0%
20%
40%
60%
80%
100%
120%
12 24 36 48 60 72 84 96 108 120 132 144
2000 2001 2002 2003 2004 2005
2006 2007 2008 2009 2010 2011
Statistical data (as provided by cedants) Booked data
U/W year
IFRS earned
premium 12 24 36 48 60 72 84 96 108 120 132 144Ultimate loss ratio
Paid losses
Case reserves
IBNRbalance
2000 2,486 64.7% 93.0% 104.9% 108.2% 110.1% 112.8% 111.5% 112.1% 112.3% 112.2% 111.8% 111.8% 115.6% 100.8% 11.1% 3.7%
2001 3,299 69.0% 80.4% 86.5% 91.7% 92.1% 93.6% 94.2% 95.4% 96.1% 95.7% 96.1% 99.8% 87.7% 8.0% 4.0%
2002 3,796 43.7% 50.3% 52.9% 55.2% 55.8% 56.3% 56.4% 56.6% 56.6% 56.6% 61.0% 52.0% 4.4% 4.5%
2003 3,732 30.0% 39.2% 41.9% 43.9% 44.9% 45.5% 46.1% 46.7% 46.7% 53.5% 40.6% 5.7% 7.1%
2004 3,419 31.1% 45.0% 48.6% 50.6% 52.5% 53.3% 54.0% 54.1% 63.8% 47.6% 6.5% 9.7%
2005 3,699 54.3% 71.9% 77.1% 79.8% 81.7% 82.9% 83.5% 95.8% 75.7% 8.1% 12.0%
2006 3,538 30.4% 39.0% 41.9% 44.4% 45.8% 47.1% 62.1% 38.2% 8.6% 15.3%
2007 3,488 35.9% 49.1% 53.9% 56.9% 58.6% 77.1% 47.1% 11.7% 18.4%
2008 3,515 38.1% 53.9% 59.3% 61.8% 84.1% 45.4% 15.1% 23.6%
2009 3,780 32.3% 45.4% 48.9% 75.8% 31.5% 16.0% 28.4%
2010 3,900 37.1% 50.4% 84.1% 28.4% 20.4% 35.3%
2011 2,605 42.1% 85.6% 12.8% 17.6% 55.3%
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
0
50
100
150
200
250
300
0%
25%
50%
75%
100%
125%
150%
Paid losses Case reserves
IBNR IFRS earned premium
IFRS gross written premium
Statistical data (as provided by cedents) Booked data
U/Wyear
IFRS earned
premium 12 24 36 48 60 72 84 96 108 120 132 144Ultimate loss ratio
Paidlosses
Case reserves
IBNRbalance
2000 94 37.4% 56.2% 67.5% 85.1% 89.9% 95.0% 95.3% 97.3% 97.9% 100.8% 100.9% 103.4% 122.6% 68.9% 34.7% 19.0%
2001 105 25.3% 43.1% 55.4% 61.1% 65.3% 71.6% 72.7% 75.1% 75.2% 75.1% 74.9% 94.8% 48.1% 26.5% 20.2%
2002 155 32.0% 49.0% 59.3% 63.6% 66.2% 67.4% 68.8% 70.5% 71.6% 72.5% 94.9% 45.4% 26.8% 22.7%
2003 198 19.6% 39.5% 45.6% 51.8% 53.2% 54.0% 55.0% 55.2% 55.9% 78.0% 35.3% 20.1% 22.5%
2004 230 21.7% 34.2% 43.8% 48.1% 52.6% 53.2% 53.6% 54.9% 81.4% 32.5% 22.2% 26.7%
2005 265 16.6% 30.4% 36.5% 41.5% 43.1% 43.3% 44.9% 76.3% 26.2% 18.6% 31.5%
2006 248 21.6% 32.3% 38.1% 42.9% 45.1% 47.2% 82.3% 27.3% 19.8% 35.3%
2007 235 28.1% 43.7% 51.6% 56.4% 57.6% 108.2% 34.6% 22.6% 51.0%
2008 221 57.0% 66.6% 72.8% 77.8% 131.4% 58.0% 19.2% 54.1%
2009 230 17.7% 31.5% 40.2% 99.7% 16.0% 23.0% 60.8%
2010 221 14.8% 22.4% 101.4% 4.5% 17.2% 79.8%
2011 184 22.0% 97.1% 3.3% 15.9% 77.8%
0%
20%
40%
60%
80%
100%
120%
12 24 36 48 60 72 84 96 108 120 132 144
2000 2001 2002 2003 2004 2005
2006 2007 2008 2009 2010 2011
Reported claims triangle*
11 Further insights into our reserving policy
Example: Motor/Accident non-proportional (HR/E+S)
* As at 31 December 2011 (in m. EUR), consolidated, IFRS, development in months
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Reported claims triangle
12 Further insights into our reserving policy
Example: motor/accident non-proportional (HR/E+S)
� Data and information shown on previous slide
consists of data from 16 individual reserving segments
� Business shown includes
• motor liability (66% of underlying earned premium)
• motor non-liability
• accident
� Average ultimate loss ratio of 96%:
still 2/3 of booked ultimate is held in reserves
� For motor liability business only (U/Y 2000-2011)
75% of total booked ultimate is currently reserved
as case reserve (25%) and IBNR (50%) – only
25% are paid
44% IBNR
21% Case Res.
31% Paid
96% ULR
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
51
59 58
86
68
6266
74
44 50 46 69 48 32 33 31
65
5457
64
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
ULR (as 12/2011) + realised + projected part to complete 10th-year paid ratio ULR ("as if": 65% - 54% + + )
Ultimate Loss Ratios (ULR) in %
4345
52
65% average ULR
54% average paid ratio
67% average ULR
60% average ULR "as-if"
54
US/Bermuda liability non-proportional: looks promising
13
On average still ~7%pts higher ULRs than mature years suggest
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Individual aspects
14
� A&E reserves 2011 due to slightly decreased 3-year average paid on a very high
level
• Survival ratio 25.9 years
• Bulk IBNR increased due to f/x effects
(12/2011: 1 EUR = 1,29457 USD, 12/2010: 1 EUR = 1,32542 USD)
• IBNR factor 2011 (6.8) still well above Towers Watson-recommendation of 5.0
Further insights into our reserving policy
Financial
yearCase reserves
HR additional
reserves for A&E
(in TEUR)
Total reserve for A&E
(in TEUR)
3-year-average paid
(in TEUR)Survival
ratio
IBNR factor = add.
reserves/case
reserves
2007 26,532 119,192 145,724 5,555 26.2 4.5
2008 22,988 127,164 150,152 6,008 25.0 5.5
2009 26,216 171,363 197,579 8,130 24.3 6.5
2010 29,099 182,489 211,588 9,270 22.8 6.3
2011 28,422 193,957 222,379 8,574 25.9 6.8
Special A&E reserves
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Internal reserve studies 2009 - 2011 reviewed
15
� For the HR Group, over the last 3 years, on average 3.2% of the net earned loss
ratio for non-life business is due to reserve redundancy increases
� The estimated reserve redundancy increased in 2011 despite a high large loss
burden in FY 2011
Further insights into our reserving policy
in m. EUR
Year Redundancy Increase bufferNon-life premium
(net earned)
2009 867 276 5,230
2010 956 89 5,394
2011 1,117 162 5,961
2009 - 2011
total527
2009 - 2011
average176 5,528
by Towers Watson show increasing redundancies*
* Redundancy of loss and loss adjustment expense reserve for its non-life insurance business against held IFRS reserves, before tax and minority participations.
Towers Watson reviewed these estimates - more details shown in slide 25 (appendix)
1. Reserving policy
1. Reserving policy 2. ERM 3. Solvency II
Corporate strategy
Risk strategy
Risk Management Framework Guideline
System of limits and thresholds for thematerial risks of the HR Group
Central guidelines: investment, exposure mgmt., central underwriting guidelines (life/non-life), . . .
Local guidelines: e.g. local underwriting guidelines, signature rules, local contingency plans,
deputising arrangements, . . .
"We manage risks actively" as a strategic principle. . .
16 Further insights into our reserving policy
. . .is the basis for our Risk Management
Increasing degree of detail of the rules
Performance Excellence
Process Management
Internal Control System
2. ERM
1. Reserving policy 2. ERM 3. Solvency II
Group-wide Risk Management roll-out
17 Further insights into our reserving policy
Visit of all subsidiaries and branches
Canada• Toronto
USA• Charlotte
• Chicago• Denver• Orlando
Colombia• Bogotá
Bermuda• Hamilton
Mexico• Mexico City
South Africa• Johannesburg
Australia• Sydney
Malaysia• Kuala Lumpur
China• Hong Kong
• Shanghai
Taiwan• Taipei
Japan• Tokyo
South Korea• Seoul
Bahrain• Manama
Spain• Madrid
Ireland• Dublin
Great Britain• London
France• Paris
Germany• Hannover
Italy• Milan
Sweden• Stockholm
America
Europe Asia
Africa Australia
India• Mumbai
Brazil• Rio de Janeiro
Subsidiaries Branches (+ 1 rep. office)Home Office
2. ERM
1. Reserving policy 2. ERM 3. Solvency II
Group-wide Risk Management Roll-Out
18 Further insights into our reserving policy
Triggered activities
� Roll out has led to a robust structure and a trustful network
� Implementation of organisational features at subsidiary level:
• Position of a Chief Risk Officer or of a risk monitoring responsible
• Reporting dotted line to Group CRO
• Implementation of risk committees
• Group CRO or head of Group Risk Management involved in activities of local risk
committees
• Implementation of risk working groups
� Group-wide risk documentation cascaded down at subsidiary level also taking into
account the local business and the local requirements:
• Local risk strategy
• Risk management policy
• System of limits & thresholds
2. ERM
1. Reserving policy 2. ERM 3. Solvency II
Enterprise Risk Management @ Hannover Re
19 Further insights into our reserving policy
S&P's ERM Level III assessment with positive results
� Based on a long-standing culture of risk
management
� Overall S&P ERM rating: Strong
(Excellent/Strong/Adequate/Weak)
� In the context of ERM Level III, S&P assessed
Hannover Re's economic capital model in 2011
for the first time
� Overall result of S&P's model review: Good
(Superior/Good/Basic)
� This model review has led to a benefit in S&P's
assessment of Hannover Re's capital adequacy
Sources: A New Level Of Enterprise Risk Management Analysis: Methodology For Assessing Insurers' Economic Capital Models, S&P, 24/01/2011, republished 26/10/2011
Hannover Re Group Rating Report, S&P, 19/06/2012
2. ERM
1. Reserving policy 2. ERM 3. Solvency II
Solvency II to come into force in 2014?
20 Further insights into our reserving policy
2008 2009 2010 2011 2012 2013 2014
L1
L2
L3
Directive adaption
Further delays are likely given the tough time schedule
11 Jun 2009European Parliament approval of directive
18 Sep 2012Plenary vote on Omnibus II
(No agreement
achieved)
1 Jul 2013Phasing-in of Solvency II
(“soft launch”)
1 Jan 2014/15/16Solvency II is effective
?
Development and finalisation of delegated acts by European Commission
Development of further technical standards by EIOPA
Transitionalmeasures
Omnibus II development
and discussions
3. Solvency II
1. Reserving policy 2. ERM 3. Solvency II
Hannover Re will apply for full internal model application
The capital models under Solvency II
� Standard model with simplifications
� Standard model
� Standard model and undertaking specific parameters
� Standard model and partial internal model
� (Full) Internal model
Further insights into our reserving policy
Standard
Individual
Reinsurer's risk profile not adequately captured by the standard formula
We have invested significantly to make our internal model Solvency II compliant
21
3. Solvency II
1. Reserving policy 2. ERM 3. Solvency II
Solvency II
Pillar I
Quantitative requirements
►Solvency/minimum capital
requirement (SCR/MCR)
►Available fin. resources
►Standard & internal model
We applied for internal model approval to align regulatory capital requirements with our
business model
Internal model framework already in use for several
years; Solvency II governance rules impose additional costs
Strong internal controls and risk management processes are in place
Solvency II is missing an adequate group framework such that focus is placed on
legal entities
We support our clients in their preparations via flexible product design and by sharing
our experience
Reporting requirements are overly burdensome and
impose additional costs on policy holders
Pillar II
Qualitative requirements
� Internal controls and risk mgmt.
� Internal risk assessment
►Supervisory activities
Pillar III
Reporting requirements
►Supervisory reporting
� Public disclosure
� Market discipline
Hannover Re
Hannover Re is prepared for Solvency IIWe expect a strengthening of the role of reinsurance
22
3. Solvency II
1. Reserving policy 2. ERM 3. Solvency II
More chances than risks from Solvency II
Opportunity. . .
� We anticipate positive implications of Solvency II for the risk management
systems of insurers and the transparency of the insurance market (even before
actual legal effectiveness)
� As a consequence, we expect an increasing importance of reinsurance solutions
. . .and Challenge
� The principle of proportionality must be carefully applied by the supervisor to
ensure that small and medium-sized insurers can comply
� It is important to apply Solvency II as a principle based system. The application in
a rule based manner would lead to excessive capital, governance and reporting
requirements and would thus jeopardize the purpose of Solvency II
Further insights into our reserving policy
We will be able to assist our clients
23
3. Solvency II
1. Reserving policy 2. ERM 3. Solvency II
� The scope of Towers Watson’s work was to review certain parts of the held loss and loss adjustment expense reserve, net of outwards reinsurance, from Hannover Rückversicherungs’s
consolidated financial statements in accordance with IFRS as at 31 December 2009, 2010 and 2011, and the implicit redundancy margin, for the non-life business of Hannover
Rückversicherung. Towers Watson concludes that the reviewed loss and loss adjustment expense reserve, net of reinsurance, less the redundancy margin is reasonable in that it falls
within Towers Watson’s range of reasonable estimates.
• Life reinsurance and health reinsurance business are excluded from the scope of this review
• Review of non-life reserves as per 31 December 2011 covered 98.8% of gross held reserves of €18.0 billion and 99.0% of net held reserves of € 16.7 billion. Together with life loss
reserves of gross €2.7 billion and net €2.5 billion, the total balance sheet reserves amount to €20.8 billion gross and €19.2 billion net.
• The results shown in this presentation are based on a series of assumptions as to the future. It should be recognised that actual future claim experience is likely to deviate, perhaps
materially, from Towers Watson’s estimates. This is because the ultimate liability for claims will be affected by future external events; for example, the likelihood of claimants bringing
suit, the size of judicial awards, changes in standards of liability, and the attitudes of claimants towards the settlement of their claims.
• The results shown in Towers Watson’s reports are not intended to represent an opinion of market value and should not be interpreted in that manner. The reports do not purport to
encompass all of the many factors that may bear upon a market value.
• Towers Watson’s analysis was carried out based on data as per the valuation dates of 31 December 2009, 2010 and 2011, respectively. Towers Watson’s analysis may not reflect
development or information that became available after the valuation dates and Towers Watson’s results, opinions and conclusions presented herein may be rendered inaccurate by
developments after the valuation dates.
• As is typical for reinsurance companies, the claims reporting can be delayed due to late notifications by some cedants. This increases the uncertainty in the estimates.
• Hannover Rückversicherung has asbestos, environmental and other health hazard (APH) exposures which are subject to greater uncertainty than other general liability exposures.
Towers Watson’s analysis of the APH exposures assumes that the reporting and handling of APH claims is consistent with industry benchmarks, however, there is wide variation in
estimates based on these benchmarks. Thus, although Hannover Rückversicherung’s held reserves show some redundancy compared to the indications, the actual losses could
prove to be significantly different than both the held and indicated amounts.
• Towers Watson has not anticipated any extraordinary changes to the legal, social, inflationary or economic environment, or to the interpretation of policy language, that might affect
the cost, frequency, or future reporting of claims. In addition, Towers Watson’s estimates make no provision for potential future claims arising from causes not substantially
recognised in the historical data (such as new types of mass torts or latent injuries, terrorist acts), except in so far as claims of these types are included incidentally in the reported
claims and are implicitly developed.
• In accordance with the scope Towers Watson’s estimates are on the basis that all of Hannover Rückversicherung’s reinsurance protection will be valid and collectable. Further
liability may exist for any reinsurance that proves to be irrecoverable.
• Towers Watson’s analysis was carried out based on data as per the valuation dates of 31 December 2009, 2010 and 2011, respectively. Towers Watson’s analysis may not reflect
development or information that became available after the valuation dates and Towers Watson’s results, opinions and conclusions presented herein may be rendered inaccurate by
developments after the valuation dates.
• The estimates are in Euros based on the exchange rates as per 31 December 2009, 2010 and 2011, respectively, and as provided by Hannover Rückversicherung, but a substantial
proportion of the liabilities is denominated in foreign currencies. To the extent that the assets backing the reserves are not held in matching currencies, future changes in exchange
rates may lead to significant exchange gains or losses.
• Towers Watson has not attempted to determine the quality of the current asset portfolio of Hannover Rückversicherung, nor has Towers Watson reviewed the adequacy of the
balance sheet provisions except as otherwise disclosed herein.
� In Towers Watson’s work, Towers Watson have relied on audited and unaudited financial information and data supplied to us by Hannover Rückversicherung and its subsidiaries,
including information given orally and on information from a range of other sources. Towers Watson relied on the accuracy and completeness of this information without independent
verification.
� Except for any responsibilities Towers Watson may have to Hannover Rückversicherung arising under German law, Towers Watson do not assume any responsibility and will not accept
any liability to any person for any damages suffered by such person arising out of this letter or Towers Watson’s statement.
DETAILS ON RESERVE REVIEW BY TOWERS WATSON
3. Solvency II
I
1. Reserving policy 2. ERM 3. Solvency II
Disclaimer
This presentation does not address the investment objectives or financial situation of any particular person or
legal entity. Investors should seek independent professional advice and perform their own analysis regarding
the appropriateness of investing in any of our securities.
While Hannover Re has endeavoured to include in this presentation information it believes to be reliable,
complete and up-to-date, the company does not make any representation or warranty, express or implied,
as to the accuracy, completeness or updated status of such information.
Some of the statements in this presentation may be forward-looking statements or statements of future
expectations based on currently available information. Such statements naturally are subject to risks and
uncertainties. Factors such as the development of general economic conditions, future market conditions,
unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the
actual events or results to be materially different from those anticipated by such statements.
This presentation serves information purposes only and does not constitute or form part of an offer
or solicitation to acquire, subscribe to or dispose of, any of the securities of Hannover Re.
© Hannover Rückversicherung AG. All rights reserved.
Hannover Re is the registered service mark of Hannover Rückversicherung AG.