Hannover Re : Financial Supplement Q1 2024 (Excel)

Geschäftsbericht 2015

Key Figures

2023	2024
in EUR million	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	+/- previous year
Hannover Re Group
Results
Reinsurance revenue (gross)	6,570	5,702	6,242	5,942	6,570	6,673	6,673	+1.6 %
Reinsurance service result (net)	568	510	483	97	568	720	720	+26.7 %
Reinsurance finance result (net) ¹	-167	-176	-260	-278	-167	-261	-261	+56.5 %
Net income from investments	381	470	415	323	381	498	498	+30.9 %
Operating profit / loss (EBIT)	720	632	484	134	720	811	811	+12.5 %
Group net income	484	476	439	425	484	558	558	+15.2 %
Balance sheet
Policyholders' surplus	14,152	13,393	13,721	14,249	14,941	+4.9 %
Equity attributable to shareholders of Hannover Rück SE	9,531	9,257	9,574	10,127	10,850	+7.1 %
Non-controlling interests	893	908	918	893	860	-3.6 %
Hybrid capital	3,727	3,228	3,229	3,230	3,231	+0.0 %
Contractual service margin	7,432	7,275	8,270	7,699	8,868	+15.2 %
Risk-Adjustment	3,825	3,651	3,546	3,729	3,912	+4.9 %
Investments	56,997	56,467	57,574	60,129	61,384	+2.1 %
Total assets	64,669	63,924	64,598	66,487	68,099	+2.4 %
Ratios
Combined ratio (property and casualty reinsurance) ²	92.3%	90.8%	92.2%	101.1%	92.3%	88.0%	88.0%
EBIT margin ³	12.3%	13.0%	9.0%	2.7%	12.3%	13.5%	13.5%
Return on investment	2.7%	3.3%	2.9%	2.2%	2.7%	3.3%	3.3%
Return on equity	20.8%	20.3%	18.7%	17.3%	20.8%	21.3%	21.3%
Share
Earnings per share (basic and diluted) in EUR	4.02	3.94	3.64	3.53	4.02	4.63	4.63	+15.2 %
Book value per share in EUR	79.03	76.76	79.39	83.97	79.03	89.97	89.97	+13.8 %
Ordinary dividend per share in EUR	6 ³
Special dividend per share in EUR	1,2 ³
Total dividend per share in EUR	7,2 ³
Dividend payment in EUR million	868.30
Share price at the end of the period in EUR	180.35	194.35	207.90	216.30	180.35	253.70	253.70	+40.7 %
Market capitalisation at the end of the period	21,750	23,438	25,072	26,085	21,750	30,595	30,595	+40.7 %
Property & Casualty reinsurance
Reinsurance revenue (gross)	4,600	3,765	4,371	4,088	4,600	4,743	4,743	+3.1 %
Reinsurance revenue (net)	4,101	3,082	3,701	3,313	4,101	4,240	4,240	+3.4 %
Reinsurance service result (net)	315	283	287	-36	315	509	509	+61.6 %
Reinsurance finance result (net) ¹	-129	-155	-188	-249	-129	-228	-228	+76.5 %
Net income from investments	298	327	324	222	298	421	421	+41.4 %
Operating profit / loss (EBIT)	466	363	279	-9	466	629	629	+34.8 %
EBIT margin ³	11.4%	11.8%	7.5%	-0.3%	11.4%	14.8%	14.8%
Combined ratio ²	92.3%	90.8%	92.2%	101.1%	92.3%	88.0%	88.0%
New business CSM incl. Loss Component	1,429	365	331	203	1,429	1,431	1,431	+0.1 %
Life & Health reinsurance
Reinsurance revenue (gross)	1,970	1,938	1,870	1,854	1,970	1,929	1,929	-2.1 %
Reinsurance revenue (net)	1,769	1,775	1,690	1,656	1,769	1,762	1,762	-0.4 %
Reinsurance service result (net)	253	228	196	133	253	211	211	-16.8 %
Reinsurance finance result (net) ¹	-38	-20	-72	-29	-38	-33	-33	-12.0 %
Net income from investments	83	142	91	100	83	76	76	-7.6 %
Operating profit / loss (EBIT)	253	271	206	141	253	181	181	-28.5 %
EBIT margin ³	14.3%	15.3%	12.2%	8.5%	14.3%	10.3%	10.3%
New business CSM incl. Loss Component	77	70	72	126	77	89	89	+15.1 %
¹ Excluding exchange rate effects
² Reinsurance service result / reinsurance revenue (net)
³ EBIT / reinsurance revenue (net)

&G

&G

&G

B-S

Consolidated balance sheet
Assets in EUR million	31.03.2024	31.12.2023
Financial investments - at fair value through OCI	51,003	50,619
Financial investments - at fair value through profit or loss	4,852	3,954
Investment property	2,520	2,537
Investments in associated companies and joint ventures	2,099	2,056
Other invested assets	910	963
Total investments	61,384	60,129
Reinsurance recoverables on liability for incurred claims	2,319	2,231
Reinsurance recoverables on liability for remaining coverage	-564	-706
Recoverables on reinsurance contracts ceded	1,755	1,526
Reinsurance contracts issued in an asset position	1,048	1,020
Goodwill	79	78
Deferred tax assets	640	628
Other assets	1,924	2,052
Cash and cash equivalents	1,269	1,055
Total assets	68,099	66,487
Liabilities in EUR million	31.03.2024	31.12.2023
Liability for incurred claims LIC	47,628	46,214
Liability for remaining coverage LRC	-2,781	-1,975
Liabilites from reinsurance contracts issued	44,847	44,239
Reinsurance contracts ceded in a liability position	432	699
Provisions for pensions	160	164
Financing liabilities	4,876	4,876
Taxes	347	226
Deferred tax liabilities	2,081	2,097
Other liabilities	3,645	3,167
Total liabilities	56,388	55,468
Shareholders' equity
Common shares	121	121
Nominal value: 121 Conditional capital: 60
Additional paid-in capital	725	725
Common shares and additional paid-in capital	845	845
Cumulative other comprehensive income
Unrealised gains and losses on investments	-2,197	-1,985
Cumulative foreign currency translation adjustment	311	161
Cumulative reinsurance finance income and expense	2,251	2,026
Other changes in cumulative other comprehensive income	-41	-44
Total other comprehensive income	323	158
Retained earnings	9,682	9,124
Equity attributable to shareholders of Hannover Rück SE	10,850	10,127
Non-controlling interests	860	893
Total shareholders' equity	11,711	11,020
Total liabilities	68,099	66,487

P&L (ytd)

Consolidated statement of income
in EUR million	01.01.-31.03.2024	01.01.-31.03.2023
Reinsurance revenue (gross)	6,673	6,570
Reinsurance service expenses (gross)	5,524	5,607
Reinsurance service result (gross)	1,149	963
Reinsurance revenue (ceded)	671	701
Reinsurance service expenses (ceded)	242	306
Net result from reinsurance contracts (ceded)	-429	-394
Reinsurance service result (net)	720	568
Net finance income or expenses from reinsurance contracts issued	-545	120
Net finance income or expenses from reinsurance contracts ceded	-28	-23
Reinsurance finance result (net)	-574	98
thereof Currency gains/losses from reinsurance finance result (net)	-312	265
Net reinsurance finance result before currency gains or losses	-261	-167
Ordinary investment income	553	449
Expected credit losses, impairment, depreciation and appreciation of investments	-12	-10
Change in fair value of financial instruments	-15	-4
Profit / loss from investments in associated companies and joint ventures	25	3
Realised gains and losses on investments	-5	-14
Other investment expenses	-47	-43
Net income from investments	498	381
Currency gains / losses on investments	298	-239
Currency gains/losses from reinsurance finance result (net)	-312	265
Other currency gains/losses	-22	17
Net currency result	-37	43
Other income	49	46
Other expenses	-158	-151
Other income / expenses	-109	-105
Operating profit / loss (EBIT)	811	720
Financing costs	-26	-32
Net income before taxes	785	688
Taxes	-213	-170
Net income	571	518
thereof
Non-controlling interest in profit and loss	13	34
Group net income	558	484

P&L (q)

Consolidated statement of income
in EUR million	Q1/2024	Q1/2023
Reinsurance revenue (gross)	6,673	6,570
Reinsurance service expenses (gross)	5,524	5,607
Reinsurance service result (gross)	1,149	963
Reinsurance revenue (ceded)	671	701
Reinsurance service expenses (ceded)	242	306
Net result from reinsurance contracts (ceded)	-429	-394
Reinsurance service result (net)	720	568
Net finance income or expenses from reinsurance contracts issued	-545	120
Net finance income or expenses from reinsurance contracts ceded	-28	-23
Reinsurance finance result (net)	-574	98
thereof Currency gains/losses from reinsurance finance result (net)	-312	265
Net reinsurance finance result before currency gains or losses	-261	-167
Ordinary investment income	553	449
Expected credit losses, impairment, depreciation and appreciation of investments	-12	-10
Change in fair value of financial instruments	-15	-4
Profit / loss from investments in associated companies and joint ventures	25	3
Realised gains and losses on investments	-5	-14
Other investment expenses	-47	-43
Net income from investments	498	381
Currency gains / losses on investments	298	-239
Currency gains/losses from reinsurance finance result (net)	-312	265
Other currency gains/losses	-22	17
Net currency result	-37	43
Other income	49	46
Other expenses	-158	-151
Other income / expenses	-109	-105
Operating profit / loss (EBIT)	811	720
Financing costs	-26	-32
Net income before taxes	785	688
Taxes	-213	-170
Net income	571	518
thereof	0	0
Non-controlling interest in profit and loss	13	34
Group net income	558	484

B-S Segments

Consolidated segment report
Segmentation of assets	Property and casualty reinsurance	Life and health reinsurance	Consolidation	Total
in EUR million	31.03.2024	31.12.2023	31.03.2024	31.12.2023	31.03.2024	31.12.2023	31.03.2024	31.12.2023
Assets
Financial investments - at fair value through OCI	40,318	39,841	10,667	10,749	18	29	51,003	50,619
Financial investments - at fair value through profit or loss	4,129	3,458	721	495	1	1	4,852	3,954
Investment property	2,520	2,537	-	-	-	-	2,520	2,537
Investments in associated companies and joint ventures	2,018	1,974	81	82	-	-	2,099	2,056
Other invested assets	451	505	460	458	-	-	910	963
Total investments	49,436	48,315	11,929	11,783	20	30	61,384	60,129
Reinsurance recoverables on liability for incurred claims	1,949	1,890	370	341	-	-	2,319	2,231
Reinsurance recoverables on liability for remaining coverage	-396	-555	-168	-151	-	-	-564	-706
Recoverables on reinsurance contracts ceded	1,553	1,335	202	191	-	-	1,755	1,526
Reinsurance contracts issued in an asset position	222	154	826	866	-	-	1,048	1,020
Cash and cash equivalents	991	699	262	350	16	6	1,269	1,055
Other segment assets	3,469	3,779	893	809	-2,532	-2,618	1,831	1,971
Total segment assets	55,671	54,282	14,112	13,999	-2,496	-2,581	67,286	65,700
Deferred tax assets and tax receivables	813	787
Total assets	68,099	66,487
Segmentation of liabilities
in EUR million
Liabilities
Liability for incurred claims LIC	38,902	37,421	8,726	8,793	-	-	47,628	46,214
Liability for remaining coverage LRC	-2,968	-2,156	186	181	-	-	-2,781	-1,975
Liabilites from reinsurance contracts issued	35,934	35,265	8,913	8,974	-	-	44,847	44,239
Reinsurance contracts ceded in a liability position	200	417	233	282	-	-	432	699
Financing liabilities	846	849	34	31	3,996	3,995	4,876	4,876
Other segment liabilities	2,440	2,163	3,854	3,765	-2,490	-2,598	3,804	3,331
Total segment liabilities	39,420	38,695	13,033	13,052	1,507	1,397	53,960	53,145
Taxes	347	226
Deferred tax liabilities	2,081	2,097
Total liabilities	56,388	55,468

P&L Segments (ytd)

Consolidated segment report
Segment statement of income	Property and casualty reinsurance	Life and health reinsurance	Consolidation	Total
in EUR million	01.01.-31.03.2024	01.01.-31.03.2023	01.01.-31.03.2024	01.01.-31.03.2023	01.01.-31.03.2024	01.01.-31.03.2023	01.01.-31.03.2024	01.01.-31.03.2023
Reinsurance revenue (gross)	4,743	4,600	1,929	1,970	-0	0	6,673	6,570
Reinsurance service expenses (gross)	3,825	3,917	1,699	1,690	0	0	5,524	5,607
Reinsurance service result (gross)	918	683	231	280	-0	0	1,149	963
Reinsurance revenue (ceded)	504	499	167	202	0	0	671	701
Reinsurance service expenses (ceded)	95	131	148	175	0	-0	242	306
Net result from reinsurance contracts (ceded)	-409	-368	-20	-26	0	-0	-429	-394
Reinsurance service result (net)	509	315	211	253	0	0	720	568
Net reinsurance finance result before currency gains or losses	-228	-129	-33	-38	-0	0	-261	-167
Net income from investments	421	298	76	83	0	0	498	381
thereof
Expected credit losses, impairment, depreciation and appreciation of investments	-13	-12	1	2	-0	-0	-12	-10
Change in fair value of financial instruments	7	-7	-22	3	-0	-0	-15	-4
Profit / loss from investments in associated companies and joint ventures	30	1	-5	2	0	0	25	3
Net currency result	-7	47	-30	-4	-0	0	-37	43
Other income / expenses	-66	-65	-44	-41	0	1	-109	-105
Operating profit / loss (EBIT)	629	466	181	253	1	1	811	720
Financing costs	-1	-1	-0	-0	-25	-31	-26	-32
Net income before taxes	628	466	181	253	-24	-30	785	688
Taxes	-213	-170
Net income	571	518
thereof
Non-controlling interest in profit and loss	13	34
Group net income	558	484

P&L Segments (q)

Consolidated segment report
Segment statement of income	Property and casualty reinsurance	Life and health reinsurance	Consolidation	Total
in EUR million	Q1/2024	Q1/2023	Q1/2024	Q1/2023	Q1/2024	Q1/2023	Q1/2024	Q1/2023
Reinsurance revenue (gross)	4,743	4,600	1,929	1,970	-0	0	6,673	6,570
Reinsurance service expenses (gross)	3,825	3,917	1,699	1,690	0	0	5,524	5,607
Reinsurance service result (gross)	918	683	231	280	-0	0	1,149	963
Reinsurance revenue (ceded)	504	499	167	202	0	0	671	701
Reinsurance service expenses (ceded)	95	131	148	175	0	-0	242	306
Net result from reinsurance contracts (ceded)	-409	-368	-20	-26	0	-0	-429	-394
Reinsurance service result (net)	509	315	211	253	0	0	720	568
Net reinsurance finance result before currency gains or losses	-228	-129	-33	-38	-0	0	-261	-167
Net income from investments	421	298	76	83	0	0	498	381
thereof
Expected credit losses, impairment, depreciation and appreciation of investments	-13	-12	1	2	-0	-0	-12	-10
Change in fair value of financial instruments	7	-7	-22	3	-0	-0	-15	-4
Profit / loss from investments in associated companies and joint ventures	30	1	-5	2	0	0	25	3
Net currency result	-7	47	-30	-4	-0	0	-37	43
Other income / expenses	-66	-65	-44	-41	0	1	-109	-105
Operating profit / loss (EBIT)	629	466	181	253	1	1	811	720
Financing costs	-1	-1	-0	-0	-25	-31	-26	-32
Net income before taxes	628	466	181	253	-24	-30	785	688
Taxes	-213	-170
Net income	571	518
thereof
Non-controlling interest in profit and loss	13	34
Group net income	558	484