Hannover Re: the somewhat different reinsurer

Hannover Re: the somewhat different reinsurer December 2018

Content 01 25 Hannover Re Group 26 38 Property & Casualty reinsurance 39 47 Life & Health reinsurance 48 54 Investment management 55 64 Capital management 65 79 Interim results Q1-3/2018 I V Appendix

Key facts about Hannover Re 1990 1994 Founded by HDI (P&C reinsurance only) Start of L&H reinsurance as strategic growth segment Initial Public Offering of Hannover Re Legal form as a Societas Europaea Hannover Rück SE since 2013 >140 subsidiaries, branches/ representative offices worldwide 4 4th largest reinsurer in the world Total staff of ~3,300 employees HR share Majority shareholder: 50.2% held by Talanx AG 1

From in-house reinsurer to global player >140 subsidiaries, branches/representative offices worldwide 2017: India Branch started operations, acquisition of Lloyd s syndicate Argenta 2009: Opening of an office in Shanghai, China 2008: Branches and representative offices in Brazil, Colombia, Korea and Shanghai 2006: Hannover Re Takaful B.S.C., Bahrain 2001: Hannover Re (Bermuda) Ltd., Bermuda 1997: Selected portfolios of Skandia International Insurance Company 1996: E+S Rückversicherung AG, Germany 1995: Hannover Rück SE Malaysian Branch, Malaysia 1992: Hannover Reinsurance (Ireland) Ltd., Ireland 1990: Hamburger Internationale Rückversicherungs-AG 1990: Hannover Life Reassurance Company of America 1981: Hannover Reinsurance Group Africa 1980: Hannover Rück SE Canadian Branch, Canada 1979: International Insurance Company of Hannover, Great Britain 2

Group structure supports our business model Majority owner, but operational and financial independence Talanx AG* Free float 50.2% 49.8% 64.8% 8 German primary insurers >140 subsidiaries, branch/rep. offices worldwide Domestic business International business * Majority shareholder HDI V.a.G. 3

We are among the top reinsurers in the world Premium ranking 2017 in m. USD Rank Group Country GWP NPW 1 Munich Re DE 37,821 36,378 2 Swiss Re CH 34,775 32,316 3 Berkshire Hathaway Inc. US 22,740 22,740 4 Hannover Re DE 21,314 18,727 2) 5 SCOR FR 17,718 16,130 6 Lloyd's 1) UK 14,250 10,726 7 RGA US 10,704 9,841 8 China Re CN 10,435 9,974 9 Great West Lifeco CA 7,924 7,823 10 Korean Re KR 6,775 4,720 11 General Insurance Corporation of India IN 6,497 5,798 12 PartnerRe BM 5,588 5,120 13 Everest Re BM 5,115 4,614 14 XL Group IE 4,916 3,976 15 Transatlantic Holdings US 4,211 3,810 For further information please see A.M. Best Best s Special Report (September 2018) 1) Reinsurance only 2) Net premium earned 4

Reinsurance has the character of a specialty market With a share of ~6% of the overall insurance market Market size primary insurance vs. reinsurance 2017 Global insurance premiums ~ EUR 4.3 trillion Global reinsurance premiums ~ EUR 243 billion Source: own research (global market size based on estimate of total ceded premiums by primary insurers) as at May 2018 5

Growing Property and Casualty reinsurance market Hannover Re outperforms the market Market size and concentration 2017 in bn. EUR 4-year CAGR Market +2.3% 142* 143* 151 154 155 Other +2.1% Other 46% Top 10 54% 46% 46% Top 10 +2.4% HR +6.7% Hannover Re 7% 48% 47% 6% 7% 2013 2014 2015 2016 2017 Source: own research as at May 2018 Top 10 in 2017: Munich Re, Swiss Re, Lloyd's, Hannover Re, Berkshire Hathaway (excl. AIG deal), SCOR, Everest Re, XL Catlin, GIC India, Alleghany Top 10 ranking for each year * F/x adjusted (2015 rates) 6

Life and Health reinsurance in a global perspective Concentrated market due to high entry barriers Market size and concentration 2017 in bn. EUR 4-year CAGR Market +4.9% 65* 68* 70 75 79 24% Other +10.7% Other 33% 27% Top 5 +2.5% HR 9% Top 5 67% 62% 67% HR +0.4% 11% 9% 2013 2014 2015 2016 2017 Source: own research as at May 2018 Top 10 in 2017: Munich Re, Swiss Re, RGA, Great-West Lifeco, SCOR, Hannover Re, China Re, Berkshire Hathaway, Korean Re, Pacific Life Top 10 ranking for each year * F/x adjusted (2015 rates) 7

237% 233% 229% 225% 221% 217% 213% 209% 205% 201% 197% 193% 189% 185% 181% 177% 173% 169% 165% 161% 157% 153% 149% 145% 141% 137% 133% 129% 125% 121% 117% 113% 109% 105% 101% 97% 93% 89% 85% 81% 77% 73% 69% 65% 61% 57% 53% 49% 45% 41% 37% 33% 29% 25% 21% 17% 13% 9% 5% 1% -3% -7% -11% -15% 12.8% 12.5% 11.4% 350 300 250 200 150 Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Q1-3/2018 Appendix Reinsurance market conditions will improve...... when the RoE becomes sufficiently low Development of return on equity and Guy Carpenter Global Property Cat RoL index 17.0% 14.0% 13.7% 10.8% 9.4% 9.6% 9.0% 3.8% 3.4% 0.5% (1.2%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H/2018 Return on equity GC Global Property Cat RoL Index Source: Guy Carpenter Return on equity based on company data (Top 10 of the Global Reinsurance Index (GloRe) with more than 50% reinsurance business 2005-2017), own calculation 8

Demand for reinsurance Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Q1-3/2018 Appendix Reinsurance is and will be an attractive product Drivers for reinsurance demand Drivers Impact on insurance Value proposition R/I Global trends Value concentration Protection gap Demographic change Global trends New products/markets New Emerging products markets/ markets Digitalisation/Cyber Emerging risks Capital requirement Regulatory changes Capital Risk-based requirement capital models Ratings, local GAAP, IFRS Volatile earnings Expectations of Volatile shareholders, earnings regulators and rating agencies Increasing demand for insurance of non-diversifying risks New risks lead to higher volatility and need for additional know-how High cost of capital/ need for capital management High cost of capital Strong capital base Diversification Expertise in risk management Support and expertise in product development and pricing Optimising capital requirements Reducing cost of capital Managing earnings volatility Support in distributing products in new markets 9

Premium development in line with mid-term growth target 10-year CAGR: +8.0% Gross written premium in m. EUR 17,069 16,354 17,791 8,121 39% 10,275 44% 11,429 45% 12,096 44% 13,774 13,963 14,362 44% 44% 45% 45% 44% 40% 61% 56% 55% 56% 56% 56% 55% 55% 56% 60% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Property & Casualty reinsurance Life & Health reinsurance 10

Well balanced international portfolio growth Gross written premium (Group) in m. EUR Africa Australia 13,774 17,791 17,069 16,354 6% 5% 13,963 14,362 14% 1) Latin America Asia Other European countries 8,121 9% 10,275 11,429 12,096 17% 7% 14% 2) Germany United Kingdom 20% 14% 18% 34% North America 1) Japan 1% 2) CEE and Russia 3% 26% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 11

Strong earnings track record since 2009 2017: satisfactory result despite exceptionally high NatCat losses Operating profit (EBIT) in m. EUR 1,142 1,178 1,394 1,229 1,466 1,755 1,689 1,364 841 148 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Earnings per share (EPS) in EUR 6.08 6.21 5.02 7.04 7.43 8.17 9.54 9.71 7.95 (1.05) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 12

Increased payout ratio allows stable dividends Payout: EUR 3.50 ordinary dividend + EUR 1.50 special dividend per share Dividend per share in EUR Payout ratio: [0%] [35%] [37%] [42%] [43%] [40%] [52%] [50%] [51%] [63%] 4.75 5.00 5.00 3.00 3.00 4.25 1.25 1.50 1.50 1.50 2.10 2.30 2.10 0.40 2.60 3.00 3.25 3.50 3.50 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Dividend per share Special dividend per share 13

RoE target outperformed again...... even in the year 2017 with sizeable insured market losses Return on Equity: yearly Return on Equity: average 5,960 6,720 7,810 8,533 +2.7% 8,763 15.0% 14.7% 14.7% 13.7% 3.7% 4.0% 4.5% 11.3% 10.7% 3.8% 10.9% 1.1% 10.2% 9.9% 9.8% 13.8% 10.4% 13.4% 13.7% 11.3% 12.0% 2013 2014 2015 2016 2017 Actual Minimum target* Average shareholders' equity Spread over minimum target 5-year Ø 2013 2017 * After tax; target: 900 bps above 5-year rolling average of 10-year German government bond rate ("risk free") 10-year Ø 2008 2017 15-year Ø 2003 2017 14

Hannover Re is one of the most profitable reinsurers 2013 2014 2015 2016 2017 2013-2017 Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank avg. RoE Rank Hannover Re 15.0% 3 14.7% 2 14.7% 1 13.7% 1 10.9% 2 13.8% 1 Peer 4, Bermuda, Property & Casualty Peer 3, US, Life & Health Peer 2, Switzerland, Composite Peer 8, Bermuda Property & Casualty Peer 7, Bermuda Property & Casualty Peer 6, France, Composite Peer 1, Germany, Composite Peer 9, Bermuda Property & Casualty Peer 5, US, Property & Casualty 17.1% 2 16.6% 1 13.0% 3 12.7% 2 5.7% 3 13.0% 2 6.5% 10 10.6% 7 7.6% 9 10.6% 4 24.1% 1 11.9% 3 13.7% 5 10.5% 8 13.7% 2 10.6% 3 1.0% 7 9.9% 4 18.0% 1 13.7% 3 9.5% 8 10.0% 5-5.3% 9 9.2% 5 13.8% 4 13.2% 5 10.4% 5 9.6% 6-1.6% 8 9.1% 6 11.2% 8 9.6% 9 10.7% 4 9.3% 7 4.4% 4 9.0% 7 12.5% 6 11.3% 6 10.2% 7 8.3% 8 1.3% 5 8.7% 8 11.8% 7 13.2% 4 10.3% 6 7.7% 9-7.2% 9 7.2% 9 9.4% 9 9.4% 10 7.5% 10 5.9% 10 1.1% 6 6.7% 10 List shows the Top 10 of the Global Reinsurance Index (GloRe) Data based on company data, own calculation 15

Accelerated value creation since 2009 10-year CAGR: +13.1% Increase of book value and accumulated paid dividends in EUR 108.70 32.98 37.98 23.98 28.23 17.98 20.98 11.48 23.47 11.48 30.80 13.58 37.39 15.88 41.22 50.02 48.83 62.61 66.90 74.61 70.72 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Book value per share Paid dividends (cumulative since 1994) As at 31 December 16

Shareholders' equity has grown significantly in the past 5 years 2017: increased capital management action and stronger EUR Policyholders' surplus in m. EUR Change in shareholders' equity in m. EUR 8,768 2,238 10,239 10,267 1,490 1,986 709 702 11,231 1,491 743 10,779 1,492 758 8,997 959 (603) (86) (739) 8,528 642 7,551 8,068 8,997 8,528 5,888 2013 2014 2015 2016 2017 Shareholders' equity Non-controlling interests Hybrid Shareholders' equity 31.12.2016 Net income Dividend payment Change in unrealised gains/losses Currency translation and other Shareholders' equity 31.12.2017 17

A superior and highly profitable reinsurer... Hannover Re's business model Top rating (S&P: AA-) ensures attractive new business Strong market positioning one of the leading reinsurers worldwide Generates noticeably higher profitability on 5-year average in comparison with our peer competitors Lean structures which lead to the lowest administrative expense ratio compared to our peer group De-risking and diversification measures taken to lower earnings volatility aiming to consistently produce attractive dividends Effective cycle management, selective and disciplined underwriting in Property & Casualty reinsurance Increasing profitability of our non-cyclical Life & Health business... with a somewhat different approach 18

Our strategy: value creation through reinsurance Our overriding target: profit and value creation Profitable growth Profit and value creation Shareholder value Capital management Cost leadership Premium growth on a long-term basis above market average Minimum return on equity of at least 900 bps above risk free 1) Achieve a profit in excess of the cost of capital (IVC, based on our ECM 2) ) Capital management in the light of distributable excess capital to achieve attractive RoE A sufficient equity buffer enables us to act on available and profitable business at all times Lower management expenses Competitive advantage compared to peers Deliver a profit that is above average for the sector Providing our clients with competitive terms Share price to outperform weighted Global Reinsurance Index (ISIN: DE 000 SLA 1GR 2) over a 3-year rolling period Consistently paying a dividend that is attractive to our shareholders 1) After tax; target: 900 bps above 5-year average return of 10-year German government bonds 2) Economic Capital Model 19

Key performance indicators for the strategic cycle 2018-2020 Target Matrix Business group Key figures 2018 Group Return on investment 1) 2.7% Return on equity 2) 9.5% Earnings per share growth (y-o-y) 5% Economic value creation 3) 6.5% Solvency ratio 4) 200% Property & Casualty R/I Gross premium growth 5) 3% - 5% Combined ratio 6) 96% EBIT margin 7) 10% xroca 8) 2% Life & Health R/I Gross premium growth 9) 3% - 5% Value of New Business (VNB) 10) EUR 220 m. EBIT growth 5% xroca 8) 2% 1) Excl. effects from ModCo derivatives 2) After tax; target: 900 bps above 5-year average return of 10-year German government bonds 3) Growth in economic equity + paid dividend; target: 600 bps above 5-year average return of 10-year German government bonds 4) According to our internal capital model and Solvency II requirements 5) On average throughout the R/I cycle; at constant f/x rates 6) Incl. expected net major losses 7) EBIT/net premium earned 8) Excess return on allocated economic capital 9) Organic growth only; annual average growth (5-year period), at constant f/x rates 10) Based on Solvency II principles and pre-tax reporting 20

Sustainability strategy Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Q1-3/2018 Appendix Sustainability at Hannover Re Strategic approach: We are committed to sustainability, integrity and compliance Governance and Dialogue Product Responsibility Commitment to a responsible and transparent corporate goverance geared to lasting success Continous refining of our efficiently functioning compliance management Maintaining an open and ongoing dialogue with our stakeholders Development and Expansion of sustainable insurance products Refinement of the sustainability approach within our asset management Intensifying the sharing of knowledge about emerging risks with our customers and business partners Employees Promoting, preserving and restoring the physical and mental well-being of employees Promoting diversity and equal opportunities Environment and Society Continous refinement of our environmental management system Ongoing evaluation of suppliers according to environmental and social standards Engagement in environmental and social projects across all locations 21

Sustainability at Hannover Re Broad range of activities to support our strategic goals Sustainability Report since 2011 Non-financial statement since 2018 Prime Rating of oekom research and regular participation in CDP rating Member of the FTSE4Good Index and MSCI Participation in various initiatives Sustainability strategy: Implementation and regular revision since 2011 Governance & Dialogue Development of sustainable insurance solutions (i.e. microinsurance, energy savings warranties) Responsible Investment Policy since 2012; Best-in-Class approach implemented since 2016 Product Responsibility ~ 90% of assets under own management are screened according to ESG criteria according to UN Global Compact Member of different initiatives like Geneva-Asssociation and InsuResilience Company daycare center for infants up to the age of 3 Mentoring programme for women Implementation of an Employee Assistance Programme (EAP) Participation in the initiative Fair company Employees Environment & Society Carbon neutrality achieved for the Hannover-based business in 2016 Environmental management system: certified according to DIN EN ISO 14001 since 2012 and EMAS Standard since 2015 Worldwide social engagement for decades 22

Present on all continents Europe The Americas Toronto Charlotte Chicago Denver New York Orlando Hamilton Mexico City Madrid Dublin London Paris Hannover Milan Stockholm Asia Manama Seoul Tokyo Taipei Shanghai Hong Kong Mumbai Bogotá Rio de Janeiro Africa Abidjan Johannesburg Australia Sydney Kuala Lumpur Property & Casualty reinsurance Life & Health reinsurance Property & Casualty and Life & Health reinsurance 23

HR share outperforms indices over a 3-year rolling period Performance vs. indices Performance comparison (incl. reinvested dividends) 200% 180% 160% +61% 140% 120% +37% +31% 100% 80% 60% Hannover Re HDAX GloRe 24

Yearly Total Shareholder Return (TSR) of 12.3% Value creation since IPO in m. EUR 2016 2017 +1,348% Market capitalisation as of date 12,397 12,651 - Market capitalisation at IPO (Nov 1994) + Dividend payments (cumulative) - Capital increases (1996, 1997, 2001, 2003) 1,084 1,084 4,338 4,941 811 811 Value creation since IPO 14,840 15,697 25

We are a prefered business partner Property & Casualty reinsurance Central U/W Our strategic contribution from P&C Distribution Cycle mgmt. Reserving Central underwriting with local talent is key to our success Secures consistent underwriting decisions Effective cycle management and focus on profitability Selective growth: increase market share in hard markets only No pressure to grow due to low administrative expense ratio Above-average profitability due to stringent underwriting approach with focus on bottom line Conservative reserve policy led to build-up of reserve redundancies over the last years Further strengthening of the confidence level of our P&C reserves may be limited due to IFRS accounting constraints Positive effect on C/R Distribution channels Flexible cost base due to relatively higher share of business written via brokers (~2/3) We are somewhat different 26

Strategy contribution of the P&C business group Be among world's most profitable R/I & steer volatility in line with our profit targets Our value proposition to our customers Tailor-made solutions Comprehensive range of products which can be tailored to our customers needs Solution driven Constant monitoring of markets to identify trends and classes of business that show specific potential for the future Flexible organisation Utilisation of all distribution channels, i.e. direct as well as via intermediaries Fair and available Short lines of communication towards customers enabling speedy delivery of solutions Our profit contribution xroca* 2% EBIT margin 10% Combined ratio 96% * xroca= excess Return on Capital Allocated 27

Our Property & Casualty reinsurance business divisions Target markets North America* Continental Europe* GWP split 2017 EUR 10,711 m. Specialty lines worldwide Marine Aviation Credit, surety and political risks Global R/I 45% Target markets 29% UK, Ireland, London market and direct Facultative R/I Global R/I Worldwide Treaty R/I* Cat XL Structured R/I and ILS Specialty lines worldwide 26% * All lines of Property & Casualty reinsurance except those stated separately 28

More than 2/3 of our business is written via brokers Breakdown of treaties by volume Breakdown of business written Nonproportional 33% Direct business 30% Proportional 67% Broker business 70% GWP 2017: EUR 10,711 m. (2016: EUR 9,205 m.) 29

Property & Casualty reinsurance: selective growth GWP split by line of business in m. EUR GWP split by regions Cat XL Structured R/I and ILS Worldwide treaty* Marine Aviation UK, IR, London market & direct Credit, surety and pol. risks Facultative R/I Continental Europe* North America* 7,903 14% 4% 12% 19% 5% 3% 5% 7% 12% 18% 18% 15% 15% 9,338 9,205 4% 4% 19% 3% 4% 6% 7% 12% 15% 16% 14% 20% 3% 5% 3% 7% 11% 15% 18% 10,711 3% 4% 24% 17% 2% 3% 7% 6% 8% 14% 16% 2014 2015 2016 2017 Germany 9% United Kingdom 9% Asia 13% Latin America 6% 11% 9% 15% Africa 2% 6% 3% 2% 2016 Australia 3% 19% 35% Other Europ. countries 20% 2017 North America 38% * All lines of business except those stated separately 30

Premium development in line with selective U/W approach EBIT margin exceeds target of 10% Gross written premium in m. EUR EBIT/EBIT margin in m. EUR CAGR: 6.8% 10,711 15.5% 17.0% 16.6% 16.8% 1,341 1,340 12.2% 7,818 7,903 9,338 9,205 1,061 1,191 1,120 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 EBIT EBIT margin 31

2017: Combined Ratio slightly above MtCR Positive development of reserves led to exceptional aviation result Combined Ratio vs. MtCR EBIT margin Target markets North America* Continental Europe* 111.3% 93.1% 11.4% 19.6% Marine 96.0% 21.5% Specialty lines worldwide Aviation Credit, surety and political risks UK, Ireland, London market and direct -14.7% 91.1% 140.9% 133.0% 18.3% -18.4% Facultative R/I 103.7% 5.3% Global R/I Worldwide Treaty* R/I Cat XL Structured R/I and ILS 96.3% 121.1% 97.7% 13.2% -1.7% 4.9% Total 99.8% 12.2% 0% 20% 40% 60% 80% 100% 120% 140% 160% Combined Ratio MtCR = Maximum tolerable Combined Ratio * All lines of Property & Casualty reinsurance except those stated separately 32

At an MtCR of ~96% we earn 900 bps above risk free NPE + Economic revaluation - Capital margin = MtCR Net premium earned Discount effect on P&C net loss reserves (% of NPE) Capital margin above risk free (pre-tax) + - = Maximum tolerable Combined Ratio 2018: 100% + 3.6% - 7.4% = 96.2% 2017: 100% + 3.8% - 7.7% = 96.1% 2016: 100% + 3.4% - 7.4% = 96.0% 2015: 100% + 3.8% - 7.6% = 96.3% As at March 2018 33

MtCR varies substantially by line of business 2018 Net premium earned (100%) North America* + Economic revaluation - Capital margin = MtCR 7.1% 12.0% 95.1% Continental Europe* 3.4% 7.5% 95.9% Marine 3.2% 13.6% 89.6% Aviation 5.5% 8.4% 97.0% Credit, surety and political risks 3.1% 9.0% 94.1% UK, Ireland, London market and direct 4.9% 6.8% 98.1% Facultative R/I 5.0% 9.2% 95.8% Worldwide Treaty R/I* 3.3% 7.5% 95.8% Cat XL 4.0% 15.5% 88.6% Structured R/I and ILS 0.7% 2.2% 98.5% Total Property & Casualty R/I 3.6% 7.4% 96.2% As at March 2018 * All lines of Property & Casualty reinsurance except those stated separately 34

Stable redundancy despite challenging environment Reserve study review by WillisTowers Watson confirms reserving level Year end 1) Redundancy 2) Increase redundancy Effect on loss ratio P&C premium (net earned) 2009 867 276 5.3% 5,230 2010 956 89 1.6% 5,394 2011 1,117 162 2.7% 5,961 2012 1,308 190 2.8% 6,854 2013 1,517 209 3.1% 6,866 2014 1,546 29 0.4% 7,011 2015 1,887 341 4.2% 8,100 2016 1,865-22 -0.3% 7,985 2017 1,813-52 -0.1% 9,159 2009-2017 total 1,223 62,560 2009-2017 average 136 2.0% 6,951 1) Figures in m. EUR and unadjusted for changes in foreign exchange rate, i.e. based on actual exchange rates at respective year end. 2) Redundancy of loss and loss adjustment expense reserve for its non-life insurance business against held IFRS reserves, before tax and minority participations. WillisTowers Watson reviewed these estimates - more details shown in appendix. Average impact on loss ratio: 2% in the past 9 years (not f/x-adjusted) 35

Several levels of protection provide more NatCat capacity...... and thus create additional earnings at a defined risk appetite Agg. XL ~ EUR 200 m. Div. cat swaps max. ~ EUR 90 m. ~ EUR 2.5 bn. Whole Account ~ EUR 280 m. K-Cession securitisation ~ USD 604 m. + expected premium Group EBIT EUR 1,364 m. Policyholders' surplus (shareholders' equity, non-controlling interest, hybrid capital) 2017: EUR 10,779 m. As at March 2018 36

The risk is manageable Stress tests for natural catastrophes after retrocessions Effect on forecast net income in m. EUR 2016 2017 Winter storm Europe Hurricane US/Carribean Typhoon Japan Earthquake Japan Earthquake US West Coast Earthquake Australia 100-year loss (391.4) (378.2) 250-year loss (541.4) (542.5) 100-year loss (850.3) (921.0) 250-year loss (1,139.4) (1,274.8) 100-year loss (223.9) (183.1) 250-year loss (281.9) (256.6) 100-year loss (363.1) (282.2) 250-year loss (623.5) (522.0) 100-year loss (440.6) (420.2) 250-year loss (795.4) (921.7) 100-year loss (201.0) (154.4) 250-year loss (432.3) (445.5) in m. EUR Limit 2017 Threshold 2017 All natural catastrophe risks* Actual utilisation (July 2017) 200-year aggregate annual loss 1,815 1,634 1,409 * Loss relative to the underwriting result 37

Low expense ratio is an important competitive advantage Administrative expense ratio 6.0% 5.6% 6.0% 5.8% 5.4% 2.7% 2.9% 2.7% 2.8% 2.6% 2013 2014 2015 2016 2017 Hannover Re Peer Average* * Peers: Munich Re, Swiss Re, Scor, Everest Re, RGA; own calculation 38

We are somewhat different Life & Health reinsurance Responsive We are committed to responsiveness and time to market Rapid decision-making processes In-depth knowledge of local markets Our strategic Flexible We are a highly flexible business partner Tailor-made services and solutions Ability to anticipate market and client demands contribution from L&H Efficient We foster an efficient organisational set-up 900 experts in 25 offices on all continents Highly empowered staff Undogmatic We have an undogmatic approach Entrepreneurial spirit Appetite to innovate industry solutions We offer small company flexibility with a large company balance sheet 39

Strategy contribution of the L&H business group We have ambitious profit and growth targets Our value proposition to our customers Financial solutions Tailored reinsurance structures for efficient capital or liquidity management Risk solutions Competitive terms, capacity and reinsurance solutions for all types of technical risks Reinsurance services Improvement of sales and underwriting processes Our profit contribution VNB 1) EUR 220 m. EBIT growth 5% xroca 2) 2% 1) Based on Solvency II principles and pre-tax reporting 2) xroca= excess Return on Capital Allocated 40

Writing attractive traditional life & health business Whilst positioning ourselves for sustainable growth with a clear strategic focus Risk solutions Provide terms and capacity for all types of technical risks. Financial solutions Achieve financial objectives for our clients. Reinsurance services Meet the individual needs of our clients. Our strategic focus 1 High growth markets 2 Companies in transition 3 Alternative distribution channels 2 3 4 5 4 Underserved consumers 1 5 Hard-to-quantify risks Reinsurance universe Positive economic value expected 41

Our clients are served in the markets by our network of offices and by our solution-orientated expert networks Automated U/W systems Biometric research Expert networks Financial solutions Longevity solutions R&D technology Health (re-) insurance Risk assessment 42

Primary differences between L&H and P&C R/I business Simplified illustration Accounting considerations (premium) Single Recurring IBNR reserve impact Low High Involvement of brokers Low High Medical / financial underwriting Seldom Often Multiple primary insurance for the same risk Likely Unlikely Number of competitors Few Many Number of reinsurer participating in one treaty Few Many Reinsurance contract terms Short term Long term Saving component in premium None Common Share of proportional business (ITO premium) Low High Property & Casualty reinsurance business Life & Health reinsurance business 43

We have well defined reporting categories Financial solutions Profitability is less likely to be affected by the underlying biometric risks Transactions which include components to provide alternative means of accessing capital Risk solutions Profitability depends largely on the underlying biometric risks Mortality The risk of paying more death benefits than expected Morbidity The risk of experiencing a higher claims burden from traditional health, critical illness, long-term care, and disability covers Longevity The risk of paying annuities and pensions longer than expected 44

Life & Health reinsurance: a well diversified portfolio GWP split by reporting categories in m. EUR GWP split by regions Morbidity Mortality 6,459 18% 46% 7,731 18% 46% 46% 7,149 18% 7,080 23% 24% 46% 43% 45% Other Europ. countries 12% Australia 10% Germany Latin 3% America 5% 11% 10% Africa 3% 3% 3% 4% 30% North America 29% Longevity Financial solutions 16% 15% 19% 19% 21% 18% 25% 17% 20% 17% 13% 13% 2014 2015 2016 2017 Asia 17% 15% 2016 24% 2017 United Kingdom 21% 45

Good underlying profitability in Life & Health reinsurance Recent results affected by legacy US mortality business Gross written premium in m. EUR EBIT/EBIT margin in m. EUR 7,731 CAGR: 3.2% 7,149 7,080 6,145 6,459 2.8% 4.9% 6.2% 405 5.3% 343 3.8% 264 245 151 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 EBIT EBIT margin 46

Value of New Business (VNB) above target 2016 VNB extraordinary high due to large transactions Value of New Business development in m. EUR 893 543 448 Target EUR 220 m. 309 364 2013 2014 2015 2016 2017 1) 1) 1) 2) 2) 1) Based on MCEV principles and post-tax reporting (in 2015 cost of capital already increased from 4.5% to 6% in line with Solvency II) 2) Based on Solvency II principles and pre-tax reporting 47

Continued positive operating cash flow 2017: AuM -4.2% driven by strengthening of the Euro and higher dividend payment Operating cash flow in m. EUR Assets under own management (AuM) in m. EUR 39,347 41,793 40,057 3,105 31,875 36,228 2,225 1,931 550 554 649 718 612 363 415 296 1.305 952 159 689 2,331 674 1,694 225 910 561 463 519 284 389 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 48

Very pleasing net investment income Decrease in total investments mainly driven by strengthening of EUR Total investments in m. EUR Investment income in m. EUR 52,146 53,337 53,637 50,960 46,218 14,343 15,918 13,990 11,844 10,903 1,412 357 1,472 376 1,665 395 1,550 332 1,774 235 31,875 36,228 39,347 41,793 40,057 1,054 1,096 1,270 1,218 1,539 2013 2014 2015 2016 2017 Funds withheld and contract deposits Assets under own management 2013 2014 2015 2016 2017 Income and expenses on funds withheld and contract deposits Net income from assets under own management 49

Ordinary income supported by less liquid asset classes Real estate and Private Equity boost ordinary income beyond target return Ordinary income split EUR 1,305 m. Private Equity 13% Listed Equity 2% Pfandbriefe, Covered Bonds, ABS 9% Real estate* 13% Others 1% Short-term investments & cash 2% Governments 16% Corporates 33% Semigovernments 12% Asset allocation Investment category 31 Dec 2017 Fixed-income securities 87% - Governments 30% - Semi-governments 17% - Corporates 32% Investment grade 27% Non-investment grade 5% - Pfandbriefe, Covered Bonds, ABS 8% Equities 2% - Listed Equity <1% - Private Equity 2% Real estate/real estate funds 5% Others 1% Short-term investments & cash 4% Total market values in bn. EUR 40.5 Economic view based on market values as at 31 December 2017 * Before real estate-specific costs 50

Slight risk reduction reflected in governments and corporates Despite higher US yields impressive AuM growth due to cash flows / FX movements Asset allocation 1) Investment category 2014 2015 2016 2017 30 Sep 18 Fixed-income securities 90% 87% 87% 87% 88% - Governments 21% 26% 28% 30% 35% - Semi-governments 19% 17% 18% 17% 16% - Corporates 36% 34% 33% 32% 29% Investment grade 33% 30% 28% 27% 26% Non-investment grade 3% 4% 4% 5% 4% - Pfandbriefe, Covered bonds, ABS 14% 10% 9% 8% 7% Equities 2% 3% 4% 2% 2% - Listed equity <1% 1% 2% <1% <1% - Private equity 2% 2% 2% 2% 2% Real estate/real estate funds 4% 4% 5% 5% 5% Others 1% 1% 1% 1% 1% Short-term investments & cash 4% 5% 4% 4% 3% Total market values in bn. EUR 36.8 39.8 42.3 40.5 41.9 2) 1) Economic view based on market values without outstanding commitments for Private Equity and Alternative Real Estate as well as fixed-income investments of EUR 1,449.8 m. (EUR 1,201.9 m.) as at 30 Sep 2018 2) Of which Pfandbriefe and Covered Bonds = 70.9% 51

High quality fixed-income book well balanced Geographical allocation mainly in accordance with our broad business diversification Governments Semigovernments Corporates Pfandbriefe, Covered bonds, ABS Short-term investments, cash AAA 78.8% 58.9% 1.8% 60.5% - 48.8% AA 12.1% 27.2% 14.3% 22.7% - 16.4% A 5.0% 5.7% 31.9% 10.9% - 14.3% BBB 2.2% 1.4% 43.9% 4.5% - 15.8% <BBB 1.9% 6.7% 8.1% 1.4% - 4.7% Total 100.0% 100.0% 100.0% 100.0% - 100.0% Germany 17.2% 43.1% 4.6% 19.2% 16.6% 17.8% UK 7.2% 2.1% 8.0% 10.7% 7.2% 6.9% France 1.2% 1.4% 7.3% 5.2% 0.9% 3.5% GIIPS 0.8% 1.0% 4.0% 5.2% 0.0% 2.2% Rest of Europe 2.3% 12.6% 15.2% 21.7% 4.3% 9.7% USA 56.3% 9.6% 34.1% 13.8% 15.7% 36.4% Australia 3.6% 9.8% 8.2% 12.4% 7.3% 6.9% Asia 7.4% 8.1% 6.2% 0.7% 31.8% 7.5% Rest of World 4.1% 12.5% 12.4% 11.3% 16.2% 9.2% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total b/s values in m. EUR 14,873 6,409 11,664 3,034 1,431 37,411 Total IFRS figures as at 30 September 2018 52

Currency allocation matches liability profile of balance sheet Duration-neutral strategy continued Currency split of investments GBP 7.9% AUD 5.7% CAD 2.9% 7.0 Others 7.3% 5.1 2.4 5.2 Modified duration of portfolio 5.9 EUR 28.9% Modified duration of fixedincome mainly congruent with liabilities GBP s higher modified duration predominantly due to life business Modified duration 2017 4.8 2016 5.0 4.1 2015 4.4 2014 4.6 2013 4.4 USD 47.3% 2012 4.5 Modified duration as at 30 September 2018: 4.8 53

Stress tests on assets under own management Unchanged focus on yields and credit spreads; reduced relevance of equities Portfolio Scenario Change in market value in m. EUR Change in OCI before tax in m. EUR -10% -89-89 Equity (listed and private equity) -20% -178-178 +50 bps -945-824 Fixed-income securities +100 bps -1,844-1,608 Credit spreads +50% -725-663 As at 30 September 2018 54

Our capital structure consists not only of equity Use of hybrids, securitisations etc. lowers cost of capital and levers RoE Equity capital is by far the most expensive Therefore, we make optimal use of equity substitutes, e.g. hybrid capital Type Nominal amount Issue date First call date Maturity Coupon rate Senior unsecured bond ISIN: XS1808482746 EUR 750 m. 2018-04-18 2028-01-18 2028-04-18 Annually on every April 18 (commencing April 18, 2019): 1.125% p.a. Undated subordinated bond Format: PerpNC10,8 ISIN: XS1109836038 Dated subordinated bond Format: 30,6NC10,6 ISIN: XS0856556807 EUR 500 m. 2014-09-15 2025-06-26 Perpetual EUR 500 m. 2012-11-20 2023-06-30 2043-06-30 Until first call date: 3.375% p.a. and thereafter 3.25% p.a. above 3 months EURIBOR Until first call date: 5.00% p.a. and thereafter 4.30% p.a. above 3 months EURIBOR Dated subordinated bond Format: 30NC10 ISIN: XS0541620901 EUR 500 m. 2010-09-14 2020-09-14 2040-09-14 Conventional reinsurance/retrocession on an opportunistic basis (i.e. use of other reinsurers' capital) Securitisations, capital market transactions First 10 years: 5.75% p.a. and thereafter 4.235% p.a. above 3 months EURIBOR Competitive advantage through low cost of capital (WACC) 55

Financial strength ratings Group S&P A.M. Best General Reinsurance Corp. AA+ A++ Hannover Re AA- A+ Munich Re AA- A+ Swiss Re AA- A+ SCOR AA- A+ Everest Re A+ A+ Transatlantic Re A+ A+ Lloyd's A+ 1) A XL Bermuda AA- A+ PartnerRe A+ A 2) As at 7 December 2018 1) Negative outlook 2) Positive outlook 56

An above-average rating has numerous benefits...... although we might not (yet) get paid for it We have a better showing of business than the average player Access to all lines of business We enjoy a highly diversified, high quality book of business We are on virtually all broker lists, with cedents often demanding specific R/Is We get very high allocations when we quote for business >90% vs. some 50% for a Bermuda start-up We create lower capital charges for our cedents "AA" range S&P capital charge on reinsurance recoverables = 0.8% ("A" = 1.4%, BBB = 3.1%) As an above-average rated R/I, we "minimise" our cedents' cost of capital Our cost of financing in the capital markets is lower Hybrid bonds trade at tighter spreads Better conditions for LoCs and credit lines 57

Solvency II: Internal capital model approved by BaFin Solvency II Pillar I Quantitative requirements Capital requirements (SCR/MCR*) Own funds (solvency balance sheet) Standard model and internal model Pillar II Qualitative requirements Internal controls, risk management and key functions Internal risk assessment Supervisory review procedure Hannover Re Pillar III Disclosure requirements to the regulator and the public with the goal of market transparency and market discipline Hannover Re has received approval for its partial internal capital model. Internal and external risk quantification is therefore largely consistent. * SCR = Solvency Capital Requirement; MCR = Minimum Capital Requirement Hannover Re has long had in place an internal control system, the necessary key functions and extensive risk management. Additional requirements arising out of Solvency II have been implemented progressively in recent years. We support our clients in their preparations for Solvency II through the flexible design of our products and by sharing experiences. 58

Capital position even more comfortable due to OpRisk approval Capital adequacy above targets with substantial excess capital Internal Metrics 1) Solvency II 2) Solvency II 3) in m. EUR 31.12.2017 31.12.2017 31.12.2016 Available Economic Capital / Eligible Own Funds 13,041-745 12,296 12,835 Haircut for minority interests 4) Confidence Level 99.5% 99.5% 99.5% Required Capital / Solvency Capital Requirements 4,729 4,729-857 5,586 Approval of internal model for OpRisk Excess Capital 8,312 7,567 7,249 Capital Adequacy Ratio (CAR) 276% 260% 230% Minimum Target Ratio (Limit) Minimum Target Ratio (Threshold) 180% 180% 180% 200% 200% 200% 1) Internal Metric: full internal model, full transferability of capital 2) Regulatory view (Solvency II): full internal model incl. operational risk (starting Q3/2017), confidence level at 99.5%; own funds based on the Solvency II reporting as of year-end 2017; small deviations compared to annual report since the amounts are based on final Solvency II year end reporting as presented in the SFCR. 3) Regulatory view (Solvency II): partial internal model with standard formula for operational risk, confidence level at 99.5%; small deviations compared to annual report 2016 since the amounts are based on final Solvency II year end reporting as presented in the SFCR. 4) Non-available minority interests mostly consist of non-controlling interests in E+S Rückversicherung AG 59

Increasing buffer above Solvency II capital targets Despite significant changes in economic environment Development of the capital adequacy ratio (regulatory view) 2016: Overall increase in available capital due to positive results and favourable new business developments in line with increase in required capital 2017: Increase in solvency ratio due to application of full internal model (including OpRisk), f/x-induced reduction in funds and capital requirements 260% 2017 capital composition Threshold 200% Limit 180% 221% 230% 4% 9% 0.3% 11,983 12,835 12,296 87% 5,433 5,586 4,729 Q4/2015 Q4/2016 Q4/2017 Eligible Capital Solvency Capital Requirements (SCR) Tier 1 - unrestricted Tier 1 - restricted Tier 2 Tier 3 60

High-quality capital base Own funds largely dominated by Tier 1 capital supplemented by hybrid capital Reconciliation (IFRS Shareholders Equity/Solvency II Own Funds) in m. EUR 9,287 503 3,981 1,732 656 745 10,636 34 12,296 1,273 0.3% 1,091 9% 535 4% Tier 3 87% Unutilised Tier 2 capacity Tier 2 capital Tier 1 hybrid capital Tier 1 unrestricted capital Shareholders' equity incl. minorities (IFRS) Adjustments for assets under own management Adjustments for technical provisions Adjustments due to tax effects and others 1) Foreseeable dividends2) Minority haircut Tier 1 unrestricted capital Hybrid capital Tier 3 3) Basic own funds As at year-end 2017; small deviations compared to annual report since the amounts are based on final Solvency II year end reporting as presented in the SFCR. 1) Adjustments for technical provisions incl. risk margin 2) Foreseeable dividends and distributions refer to Hannover Rück SE dividend as well as dividends to minorities within Hannover Re Group 3) Tier 3 capital arises as a consequence of net deferred tax assets in subsidiaries of the Hannover Re Group. We have changed presentation compared to 2016 due to a clarification of the Solvency II requirements issued in 2017 61

Capital efficiency supported by high diversification Details of Solvency II capital requirements Risk capital for the 99.5% VaR (according to internal economic capital model) in m. EUR Property & Casualty 3,485 Life & Health 2,355 Market Counterparty default 3,462 282 Operational 637 Required capital before tax 6,511 3,710 10,221 Deferred taxes 1,782 36% diversification 32% 21% 42% 1% 4% Required capital after tax 4,729 Eligible own funds* 12,296 As at 31 December 2017 * According to the internal model (before haircut for minority interest) 62

Hannover Re is well diversified within each risk category...... and has a well balanced risk profile Risk capital for the 99.5% VaR (according to economic capital model) in m. EUR Underwriting risk property and casualty Underwriting risk life and health Market risk Operational risk As at 31 December 2017 Premium (incl. catastrophe) Reserve Underwriting risk property and casualty Mortality (incl. catastrophe) Longevity Morbidity and disability Lapse Expense Underwriting risk life and health Capital requirement Diversification Credit and spread Interest rate Foreign exchange Equity Real estate Market risk Operational risk 2,355 637 3,485 3.462 1,922 2,472 2,371 50% 2,403 1,240 26% 1,531 632 1,038 2,254 4,726 423 217 4,726 901 2,251 39% 821 549 0 2,000 4,000 6,000 5,713 63

Individual risks with limited impact on own funds Solvency ratio above targets for all sensitivities Sensitivities and stress tests Available capital 13,041 Solvency II ratio 260% 250-year US/Car hurricane 250-year EU winter storm 250-year US Earthquake Extended power outage Denial of service attack Terror attack, major city 1) 2) 3) 1,275 543 922 627 398 753 234% 250% 241% 247% 252% 244% Non-affirmative (silent) cyber scenario Affirmative cyber scenario Interest rates +50 bps Credit spreads +50 bps F/x rates -10% 150 654 707 247% 261% 263% Mortality rate +5% Longevity rate +5% Lapse rate +10% 942 377 156 240% 252% 257% As at 31 December 2017, in m. EUR; post-tax 1) A return period of 250 years is equivalent to an occurrence probability of 0.4%; based on the aggregate annual loss. Car Caribbean 2) Approx. 3 week of power outage in a larger area of a developed country 3) Distributed denial of service attack on main DNS provider 64

RoE well above target, despite impact from recaptures in L&H Guidance for 2018 reconfirmed GWP in m. NPE in m. EBIT in m. Group net income in m. 13,484 14,992 11,541 12,774 1,157 +11.2% 806 +10.7% 725 +43.5% 549 +32.1% Q1-3/2017 Q1-3/2018 Q1-3/2017 Q1-3/2018 F/x-adj. +16.5% F/x-adj. +15.9% Growth driven by strong demand for reinsurance Q1-3/2017 Q1-3/2018 Q1-3/2017 Q1-3/2018 Supported by above-target investment income Return on Equity 11.5% Well above minimum target of 9.5% P&C R/I EBIT: 1,004 m. Satisfying EBIT margin (12.5%) supported by investment result C/R of 96.8% slightly inflated due to growth in Structured R/I and high frequency of mid-sized losses in Q3 Strong premium growth (f/x-adj. +24.0%) driven by new business in Structured R/I and worldwide treaty Figures in EUR Book value per share EUR 69.27-2.1% due to dividend payment and interest rates + spread increases L&H R/I EBIT: 155 m. Favourable underlying profitability from non-us business and financial solutions business overshadowed by recapture charges in US mortality Premium growth (f/x-adj. +4.8%) in line with expectations Solvency II ratio 30.06.2018: 252% Investments NII: 1,155 m. RoI from AuM: 3.2% RoI significantly exceeds target ( 2.7%) Ordinary income increased by +5.2% AuM increased by +3.5% 65

Overall favourable earnings growth...... outperforming strong growth in top line Group figures in m. EUR Q3/2017 Q3/2018 Δ Q1-3/2017 Q1-3/2018 Δ Gross written premium 4,486 5,007 +11.6% 13,484 14,992 +11.2% Net premium earned 4,008 4,428 +10.5% 11,541 12,774 +10.7% Net underwriting result (590) (204) - (669) (104) - - Incl. funds withheld (533) (155) - (488) 60 - Net investment income 603 412-31.7% 1,383 1,155-16.4% - From assets under own mgmt. 546 362-33.6% 1,202 992-17.5% - From funds withheld 57 49-13.2% 180 163-9.4% Other income and expenses (6) 42-92 105 +13.9% Operating profit/loss (EBIT) 7 250-806 1,157 +43.5% Financing costs (18) (20) +13.0% (54) (58) +7.8% Net income before taxes (11) 229-753 1,099 +46.1% Taxes 47 (37) - (143) (310) +117.2% Net income 36 193-610 789 +29.4% - Non-controlling interests 22 23 +2.6% 61 64 +4.4% Group net income 14 170-549 725 +32.1% Retention 89.7% 89.7% 90.1% 90.8% EBIT margin (EBIT/Net premium earned) 0.2% 5.6% 7.0% 9.1% Tax ratio - 16.1% 19.0% 28.2% Earnings per share (in EUR) 0.11 1.41 4.55 6.01 66

Good profitability supported by U/W and investment result Remarkable growth mainly from tailor-made Structured R/I Property & Casualty R/I in m. EUR Q3/2017 Q3/2018 Q1-3/2017 Q1-3/2018 Gross written premium 2,772 3,190 8,199 9,658 Net premium earned 2,440 2,842 6,753 8,017 YTD GWP f/x-adjusted +24.0%, mainly from Structured R/I; diversified growth in other areas NPE f/x-adjusted +24.9% Net underwriting result incl. funds withheld Combined ratio incl. interest on funds withheld (446) 38 (296) 259 118.3% 98.7% 104.4% 96.8% Major losses of EUR 365 m. (4.5% of NPE) well below budget despite high frequency in Q3 Run-off result without extraordinary effects Net investment income from assets under own management 460 271 933 757 Other income and expenses (46) 6 (36) (13) Favourable ordinary investment income Other income and expenses mainly improved due to positive currency effects Operating profit/loss (EBIT) (33) 315 602 1,004 Tax ratio - 17.6% 16.1% 26.8% EBIT margin of 12.5% above target of 10% Tax ratio at normal level; increase due to taxreduced disposal gains and dividends in previous year Group net income 5 238 449 672 Earnings per share (in EUR) 0.04 1.97 3.72 5.58 67

Major losses well below budget for Q1-3/2018 Significant remaining budget for Q4/2018 Natural and man-made catastrophe losses* 1,730 1,790 in m. EUR 672 458 291 240 863 662 981 662 478 724 578 559 426 714 573 846 627 1,127 598 365 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1-3/2018 Natural and man-made catastrophe losses in % of Property & Casualty premium 13% 5% 14% 25% 9% 9% 7% 8% 9% 17% 6% 11% 5% 12% 16% 7% 8% 6% 7% 8% 12% 5% Expected large losses (net) in m. EUR 428 450 500 530 560 625 670 690 825 825 825 Gross Net Expected large losses (net) * Up to 2011 claims over EUR 5 m. gross, from 2012 onwards claims over EUR 10 m. gross 68

Overall benign large loss experience in Q1-3/2018 Significantly increased loss activity in Q3/2018 in line with quarterly expectation Catastrophe losses* in m. EUR Date Gross Net Storm "Friederike", Europe 17. - 18. Jan 48.7 32.1 Earthquake, Papua New Guinea 25. - 26. Feb 19.0 13.0 Cyclone "Mekunu", Oman 24. - 26. May 11.5 9.4 Typhoon "Prapiroon", Japan 29. Jun - 06. Jul 68.7 54.2 Wildfire, USA 23. Jul - 30. Aug 14.0 8.6 Typhoon "Jebi", Japan 04. Sep 197.9 103.3 Typhoon "Mangkhut", Guam, Philippines, China 10. - 19. Sep 13.0 5.2 Hurricane "Florence", USA 14. - 20. Sep 65.4 39.6 Typhoon "Trami", Japan 28. Sep - 01. Oct 64.5 22.2 9 Natural catastrophes 502.8 287.6 3 Property claims 71.8 53.7 1 Credit claim 23.3 23.3 13 Major losses 597.9 364.6 * Natural catastrophes and other major losses in excess of EUR 10 m. gross 69

Good underlying profitability...... partly mitigates negative effects from in-force management in US mortality Life & Health R/I in m. EUR Q3/2017 Q3/2018 Q1-3/2017 Q1-3/2018 Gross written premium 1,714 1,817 5,284 5,335 Net premium earned 1,568 1,586 4,789 4,757 YTD GWP f/x-adjusted +4.8%, mainly from China and UK Longevity NPE f/x-adjusted growth +3.2% Net underwriting result incl. funds withheld (86) (193) (193) (199) Technical result impacted by recaptures of EUR -218 m.* in Q3; positive underlying development Net investment income from assets under own management 86 91 266 232 Other income and expenses 41 38 133 122 Favourable ordinary investment income Other income and expenses mainly the result of strong contribution from deposit accounted treaties (Q1-3/2018: EUR 144 m.) Operating profit/loss (EBIT) 41 (64) 206 155 EBIT margin 2.6% (4.0%) 4.3% 3.3% Tax ratio 45.9% 18.0% 31.9% 39.3% EBIT growth target outperformed when excluding recapture charges Tax ratio above long-term average due to one-time charges in deferred taxes due to change in business set-up linked to the US tax reform in Q1/2018 Group net income 22 (54) 136 93 Earnings per share (in EUR) 0.18-0.45 1.13 0.77 * USD -260 m. 70

Higher Ordinary due to US/UK yields and altern. investments Yield curve movements and credit spreads drive down net unrealised gains in m. EUR Q3/2017 Q3/2018 Q1-3/2017 Q1-3/2018 RoI YTD Ordinary investment income* 312 360 953 994 3.3% Realised gains/losses 260 47 343 101 0.3% Impairments/appreciations & depreciations Change in fair value of financial instruments (through P&L) (11) (16) (34) (37) -0.1% 12 0 22 20 0.1% Investment expenses (26) (29) (82) (86) -0.3% NII from assets under own mgmt. 546 362 1,202 992 3.2% NII from funds withheld 57 49 180 163 Total net investment income 603 412 1,383 1,155 Unrealised gains/losses of investments * Incl. results from associated companies 31 Dec 17 30 Sep 18 On-balance sheet 1,159 475 thereof Fixed income AFS 706 73 Off-balance sheet 489 436 thereof Fixed income HTM, L&R 315 231 Total 1,648 911 Rise in ordinary income from FIS; private equity and real estate compensate for lack of dividends from liquidated portfolio of listed equities; Ordinary income yield tops previous year Realised gains supported by highyield fixed-income securities; decrease due to liquidation of listed equities in previous year and rise in USD yields Minor impairments only on private equity and real estate funds; major portion still from usual depreciation on direct real estate Decrease in valuation reserves due to higher USD and GBP yields as well as increasing credit spreads on European and US corporates 71

Target Matrix 2018 Business group Key figures Strategic targets for 2018 Q1-3/2018 Group Return on investment 1) 2.7% 3.3% Return on equity 2) 9.5% 11.5% Earnings per share growth (y-o-y) 5% 32.1% Economic value creation 3) 6.5% n.a. Solvency ratio 4) 200% 252% Property & Casualty R/I Gross premium growth 5) 3% - 5% 24.0% Combined ratio 6) 96% 96.8% EBIT margin 7) 10% 12.5% xroca 8) 2% n.a. Life & Health R/I Gross premium growth 9) 3% - 5% 4.8% Value of New Business (VNB) 10) EUR 220 m. n.a. EBIT growth 5% -24.6% xroca 8) 2% n.a. 1) Excl. effects from ModCo derivatives 2) After tax; target: 900 bps above 5-year average return of 10-year German government bonds 3) Growth in economic equity + paid dividend; target: 600 bps above 5-year average return of 10-year German government bonds 4) According to our internal capital model and Solvency II requirements; as of 30 June 2018 5) On average throughout the R/I cycle; at constant f/x rates 6) Incl. expected net major losses 7) EBIT/net premium earned 8) Excess return on allocated economic capital 9) Organic growth only; annual average growth (5-year period), at constant f/x rates 10) Based on Solvency II principles and pre-tax reporting 72

Our strategic business groups at a glance Q1-3/2018 vs. Q1-3/2017 Property & Casualty R/I Life & Health R/I Total in m. EUR Q1-3/2017 Q1-3/2018 Δ Q1-3/2016 Q1-3/2018 Δ Q1-3/2017 Q1-3/2018 Δ Gross written premium 8,199 9,658 +17.8% 5,284 5,335 +1.0% 13,484 14,992 +11.2% Net premium earned 6,753 8,017 +18.7% 4,789 4,757-0.7% 11,541 12,774 +10.7% Net underwriting result (309) 233 - (360) (336) - (669) (104) - Net underwriting result incl. funds withheld (296) 259 - (193) (199) +3.4% (488) 60 - Net investment income 947 784-17.2% 433 369-14.7% 1,383 1,155-16.4% From assets under own management 933 757-18.9% 266 232-12.6% 1,202 992-17.5% From funds withheld 13 27 +97.9% 167 137-18.0% 180 163-9.4% Other income and expenses (36) (13) - 133 122-8.0% 92 105 +13.9% Operating profit/loss (EBIT) 602 1,004 +66.8% 206 155-24.6% 806 1,157 +43.5% Financing costs 0 (0) +0.0% 0 (0) - (54) (58) +7.8% Net income before taxes 602 1,004 +66.8% 206 155-24.6% 753 1,099 +46.1% Taxes (97) (269) +178.3% (66) (61) -7.1% (143) (310) +117.2% Net income 505 735 +45.5% 140 94-32.9% 610 789 +29.4% Non-controlling interest 56 62 +10.7% 5 1-74.4% 61 64 +4.4% Group net income 449 672 +49.8% 136 93-31.5% 549 725 +32.1% Retention 89.2% 90.9% 91.5% 90.6% 90.1% 90.8% Combined ratio (incl. interest on funds withheld) 104.4% 96.8% 104.0% 104.2% 104.2% 99.5% EBIT margin (EBIT / Net premium earned) 8.9% 12.5% 4.3% 3.3% 7.0% 9.1% Tax ratio 16.1% 26.8% 31.9% 39.3% 19.0% 28.2% Earnings per share (in EUR) 3.72 5.58 1.13 0.77 4.55 6.01 73

Our strategic business groups at a glance Q3/2018 vs. Q3/2017 Property & Casualty R/I Life & Health R/I Total in m. EUR Q3/2017 Q3/2018 Δ Q3/2017 Q3/2018 Δ Q3/2017 Q3/2018 Δ Gross written premium 2,772 3,190 +15.1% 1,714 1,817 +6.0% 4,486 5,007 +11.6% Net premium earned 2,440 2,842 +16.5% 1,568 1,586 +1.2% 4,008 4,428 +10.5% Net underwriting result (458) 28 - (132) (232) +76.2% (590) (204) - Net underwriting result incl. funds withheld (446) 38 - (86) (193) - (533) (155) - Net investment income 471 281-40.4% 131 130-0.7% 603 412-31.7% From assets under own management 460 271-41.1% 86 91 +5.8% 546 362-33.7% From funds withheld 12 10-11.1% 45 39-32.8% 57 49-12.8% Other income and expenses (46) 6-41 38 - (6) 42 32.3% Operating profit/loss (EBIT) (33) 315-41 (64) - 7 250 - Financing costs 0 (0) - 0 (0) - (18) (20) +13.0% Net income before taxes (33) 315-41 (64) - (11) 229 - Taxes 59 (55) - (19) 12-161.8% 47 (37) - Net income 26 259-22 (53) - 36 193 - Non-controlling interest 22 21-0.4% 1 1 +127.1% 22 23 +2.6% Group net income 5 238-22 (54) - 14 170 - Retention 88.8% 89.9% 91.2% 89.4% 89.7% 89.7% Combined ratio (incl. interest on funds withheld) 118.3% 98.7% 105.5% 112.2% 113.3% 103.5% EBIT margin (EBIT / Net premium earned) -1.3% 11.1% 2.6% -4.0% 0.2% 5.6% Tax ratio - 17.6% 45.9% -18.0% - 16.1% Earnings per share (in EUR) 0.04 1.97 0.18-0.45 0.11 1.41 74

Unchanged guidance for 2018 Hannover Re Group Gross written premium 1) more than 10% growth Return on investment 2) 3) at least 2.7% Group net income 2) more than EUR 1 bn. Dividend payout ratio 4) 35% - 45% (If comfortable capitalisation level remains unchanged, dividend payout will be at least on previous year s level of EUR 5 per share) 1) At unchanged f/x rates 2) Subject to no major distortions in capital markets and/or major losses in 2018 not exceeding the large loss budget of EUR 825 m. 3) Excluding effects from ModCo derivatives 4) Relative to group net income according to IFRS 75

Overall profitability above margin requirements expected Good growth opportunities in various lines of business Target markets Specialty lines worldwide Global reinsurance Lines of business Volume 1) Profitability 2) North America 3) +/- Continental Europe 3) + Marine + Aviation Credit, surety and political risks + UK, Ireland, London market and direct - Facultative reinsurance - Worldwide treaty 3) reinsurance +/- Cat XL +/- Structured reinsurance and ILS +/- - 1) In EUR, development in original currencies can be different 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 3) All lines of business except those stated separately 76

Good underlying profitability in L&H business Recapture charges of USD 350-400 m. in US mortality business expected in 2018 Financial solutions Reporting categories Volume 1) Profitability 2) Financial solutions ++ Longevity +/- Risk solutions Mortality - Morbidity +/- 1) In EUR, development in original currencies can be different 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 77

Guidance for 2019 Hannover Re Group Gross written premium 1) growth within a single-digit percentage range Return on investment 2) 3) 2.8% Group net income 2) in the region of EUR 1.1 bn. Dividend payout ratio 4) 35% - 45% (If comfortable level of capitalisation remains unchanged, this ratio will increase through payment of another special dividend) 1) At unchanged f/x rates 2) Subject to no major distortions in capital markets and/or major losses in 2019 not exceeding the large loss budget of EUR 875 m. 3) Excluding effects from ModCo derivatives 4) Relative to group net income according to IFRS 78

Creating value through reinsurance is our strategic driver Three profit sources play their part in fuelling our future success P&C reinsurance L&H reinsurance Investments Market growth in line with or slightly below primary P&C market Structurally competitive due to low entrance hurdle resulting in a supply and demand imbalance; however, competition is rational because participants are disciplined We are confident of growing our market share top and bottom line based on our competitive advantages We enjoy good profitability on our US Financial Solutions business and our business outside the US US mortality has masked the good underlying profitability We expect significantly increased EBIT growth from 2019 onwards as we are resolving the problems with US mortality legacy book AuM are expected to rise further due to continued positive cash flow from operations Return on investment will be flat in the medium term due to low interest rate environment; further rise in US interest rates will depress our ability to realise gains from valuation reserves Rising interest rates will contribute to increasing investment income in the medium to long term Positioned to outperform Growing EBIT contribution Higher Net Investment Income 79

Financial calender and our Investor Relations contacts 5 February 2019 1 January P&C Treaty Renewals 7 March 2019 Annual Results Press Conference and Analysts Conference 7 May 2019 Quarterly Statement as at 31 March 2019 8 May 2019 Annual General Meeting Karl Steinle General Manager Tel: +49 511 5604-1500 karl.steinle@hannover-re.com Julia Hartmann Senior Investor Relations Manager Tel: +49 511 5604-1529 julia.hartmann@hannover-re.com Axel Bock Investor Relations Manager Tel: +49 511 5604-1736 axel.bock@hannover-re.com 8 August 2019 Half-yearly Report as at 30 June 2019 Hannover Rück SE Karl-Wiechert-Allee 50 30625 Hannover, Germany www.hannover-re.com I