Hannover Re: the somewhat different reinsurer

Hannover Re: the somewhat different reinsurer October 2017

Content 01 18 Overview 19 26 Hannover Re Group 27 38 Property & Casualty reinsurance 39 47 Life & Health reinsurance 48 55 Investment management 56 58 Risk management 59 67 Capital management 68 77 Interim results 1H/2017 78 81 Outlook 2017 I VI Appendix

Key facts about Hannover Re Today 18 Feb 2004 Second Public Offering Majority shareholder: 50.2% held by Talanx AG* More than 100 subsidiaries, branches and representative offices worldwide 30 Nov 1994 Initial Public Offering Total staff of roughly 2,900 employees 1990 Life & Health reinsurance as a strategic growth segment More than 5,000 insurance clients in about 150 countries 1966 Foundation by HDI as a subsidiary Property & Casualty reinsurance * Majority shareholder HDI V.a.G. 1

From in-house reinsurer to global player >100 subsidiaries, branches/representative offices in ~20 countries 2017: India Branch started operations 2009: Opening of an office in Shanghai, China 2007: 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 1996: 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 >100 subsidiaries, branch/rep. offices in ~20 countries Domestic business International business * Majority shareholder HDI V.a.G. 3

Executive Board of Hannover Rück SE Ulrich Wallin Chairman Business Opportunity Management, Compliance, Controlling, Human Resources Management, Internal Auditing, Risk Management, Corporate Development, Corporate Communications Roland Vogel Finance and Accounting, Information Technology, Investment and Collateral Management, Facility Management Claude Chèvre Dr. Klaus Miller Dr. Michael Pickel Sven Althoff Jürgen Gräber Life & Health Reinsurance: Africa, Asia, Australia/New Zealand, Latin America, Western and Southern Europe, Longevity Solutions Life & Health Reinsurance: United Kingdom/ Ireland, North America, Northern, Eastern and Central Europe Group Legal Services, Run-Off Solutions, Target Markets in Property & Casualty Reinsurance: North America, Continental Europe From left: Roland Vogel, Ulrich Wallin, Claude Chèvre, Dr. Klaus Miller, Sven Althoff, Dr. Michael Pickel, Jürgen Gräber Specialty Lines Worldwide: Marine, Aviation, Credit, Surety and Political Risks, United Kingdom, Ireland, London Market and Direct Business, Facultative Reinsurance Global Reinsurance: Worldwide Treaty Reinsurance, Cat XL, Structured Reinsurance and Insurance-Linked Securities, Coordination of Property & Casualty Business Group, Quotations, Retrocessions 4

We are among the top reinsurers in the world Premium ranking 2016 in m. USD Rank Group Country GWP NPW 1 Swiss Re CH 35,622 33,570 2 Munich Re DE 33,154 31,891 3 Hannover Re DE 17,232 15,192 4 SCOR FR 14,569 13,238 5 Berkshire Hathaway Inc. US 12,709 12,709 6 Lloyd's 2) UK 11,576 8,694 7 RGA US 10,107 9,249 8 China Re CN 7,857 7,517 9 Great West Lifeco CA 6,195 6,112 10 Korean Re KR 5,554 3,903 11 PartnerRe BM 5,357 4,954 12 General Insurance Corporation of India IN 5,210 4,678 13 Transatlantic Holdings US 4,330 3,969 14 Everest Re BM 4,247 3,885 15 XL Group IE 4,240 3,527 1) For further information please see A.M. Best Best s Special Report (September 2017) 1) Net premium earned 2) Reinsurance only 5

Property & Casualty reinsurance in a global perspective Hannover Re outperforms the market Market size and concentration 2016 in bn. EUR 2012 2016 Δ CAGR Other 32% Top 10 43% Top 10 73 83 +10 +3.3% Top 11-50 35 48 +14 +8.6% Top 11-50 25% Other 77 62-15 -5.2% R/I market 185 194 +9 +1.2% Hannover Re 7.7 9.2 +1.5 +4.5% Source: Own research (global market size based on estimate of total ceded premiums by primary insurers) Top 10 2016 : Munich Re, Swiss Re, Lloyd s, Hannover Re, Berkshire, SCOR, Everest Re, Alleghany, Partner Re, XL Catlin Top 10 2012 : Munich Re, Swiss Re, Lloyd s, Hannover Re, Berkshire, SCOR, China Re, PartnerRe, Everest Re, KoreanRe Further increase of Top 10's share 6

Life & Health reinsurance in a global perspective Development of Hannover Re in line with market development Market size and concentration 2016 Other 6% in bn. EUR 2012 2016 Δ CAGR Top 6-10 26% Top 5 68% Top 5 41 50 +9 +5.0% Top 6-10 13 19 +6 +10.7% Other 4 5 +1 +7.9% R/I market 58 74 +17 +6.5% Top 10 94% Hannover Re 6.1 7.1 +1.1 +4.2% Source: Own research Top 10 2016: Munich Re, Swiss Re, RGA, SCOR, Great West Lifeco, Hannover Re, China Re, Berkshire Hathaway, Korean Re, Pacific Life Top 10 2012: Munich Re, Swiss Re, RGA, Hannover Re, SCOR, Berkshire Hathaway, Great-West Lifeco, China Re, Generali, Korean Re Concentration on the Top 5/Top 10 continues 7

Premium development in line with mid-term target 5-year CAGR: +6.2% Gross written premium in m. EUR 17,069 16,354 13,774 13,963 14,362 12,096 45% 44% 44% 44% 44% 45% 56% 56% 56% 55% 55% 56% 2011 2012 2013 2014 2015 2016 Property & Casualty reinsurance Life & Health reinsurance 8

Well balanced international portfolio Gross written premium (Group) in m. EUR Africa Australia Latin America Asia 8,259 8,121 10,275 11,429 12,096 13,774 13,963 14,362 17,069 16,354 3% 3% 6% 6% 3% 5% 7% 1) 15% 18% 17% 15% 7% 2) Other European countries Germany United Kingdom 18% 28% 16% 33% North America 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1) Japan 2% 2) CEE and Russia 2% 9

Hannover Re is one of the most profitable reinsurers 2012 2013 2014 2015 2016 2012-2016 Company RoE Rank RoE Rank RoE Rank RoE Rank RoE Rank avg. RoE Rank Peer 5, Bermuda, Property & Casualty 17.5% 1 17.1% 2 16.6% 1 13.0% 3 12.7% 2 15.4% 1 Hannover Re 15.4% 3 15.0% 3 14.7% 2 14.7% 1 13.7% 1 14.7% 2 Peer 8, Bermuda, Property & Casualty Peer 3, Switzerland, Composite Peer 2, Germany, Composite Peer 7, Bermuda Property & Casualty Peer 6, France, Composite Peer 1, US, Property & Casualty Peer 4, US, Life & Health Peer 9, Bermuda Property & Casualty 15.9% 2 18.0% 1 13.7% 3 9.5% 7 10.0% 5 13.4% 3 13.4% 5 13.7% 4 10.5% 7 13.7% 2 10.6% 3 12.4% 4 12.6% 6 12.5% 5 11.3% 5 10.2% 6 8.3% 7 11.0% 5 8.8% 9 11.8% 6 13.2% 4 10.3% 5 7.7% 8 10.4% 6 9.1% 8 11.2% 7 9.6% 9 10.7% 4 9.3% 6 10.0% 7 15.2% 4 9.4% 9 9.4% 10 7.5% 10 5.9% 10 9.5% 8 9.9% 7 6.5% 10 10.6% 6 7.6% 9 10.6% 4 9.0% 9 4.9% 10 10.0% 8 10.4% 8 7.7% 8 6.8% 9 8.0% 10 List shows the Top 10 of the Global Reinsurance Index (GloRe) Data based on company data, own calculation 10

240% 236% 232% 228% 224% 220% 216% 212% 208% 204% 200% 196% 192% 188% 184% 180% 176% 172% 168% 164% 160% 156% 152% 148% 144% 140% 136% 132% 128% 124% 120% 116% 112% 108% 104% 100% 96% 92% 88% 84% 80% 76% 72% 68% 64% 60% 56% 52% 48% 44% 40% 36% 32% 28% 24% 20% 16% 12% 8% 4% 0% 350 300 250 200 150 Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. 1H/2017 Outlook 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 17.3% 14.4% 12.2% 10.4% 13.2% 11.9% 10.9% 9.8% 9.6% 4.0% 2.2% 0.4% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 2005-2015), own calculation 11

Low expense ratio is an important competitive advantage Hannover Re largely maintained its ratio in contrast to increasing industry trend Expense ratio Net expense ratio (P&C reinsurance)* 21.9% 22.9% 22.8% 24.5% 45% 40% 2011 2012 2013 2014 2015 35% 34.9% 30% 30.8% 3.2% 2.9% 2.7% 2.8% 25% average 2005-2009 average 2010-2014 2015 2016 Admin expense ratio (Group) Commission ratio (P&C) 20% * Source: Global Reinsurance Highlights 2016 (S&P Global Ratings) 5-year average net expense ratio Yearly average Sector average 2011-2015 12

Accelerated value creation since 2009 10-year CAGR: +13.1% Increase of book value and accumulated paid dividends in EUR 107.59 32.98 23.98 28.23 17.98 20.98 13.58 15.88 7.58 24.03 9.18 27.77 11.48 23.47 11.48 30.80 37.39 41.22 50.02 48.83 62.61 66.90 74.61 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Book value per share Paid dividends (cumulative since 1994) As at 31 December 13

Shareholders' equity up by 11.5% Higher dividend payment offset by strong earnings and increasing OCI Policyholders' surplus in m. EUR Change in shareholders' equity in m. EUR 11,231 10,239 10,267 1,491 8,947 8,768 1,986 1,490 743 1,171 192 138 8,997 2,233 2,238 702 709 8,068 (573) 682 642 7,551 8,068 8,997 6,032 5,888 2012 2013 2014 2015 2016 Shareholders' equity Non-controlling interests Hybrid Shareholders' equity 31.12.2015 Net income Dividend payment Change in unrealised gains/losses Currency translation and other Shareholders' equity 31.12.2016 14

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 countercyclical Life & Health business... with a somewhat different approach 15

Our strategy: long-term success in a competitive business 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 16

Performance promise to our customers and shareholders Our value proposition to our customers Capital protection and capital management Earnings protection in all lines of business Supporting underwriting of new business opportunities Supporting product development and pricing Strong balance sheet and strong rating Long-term consistent approach of our underwriting policy Long-term relationship with clients Our profit targets to our shareholders Return on equity 1) 900 bps above risk free Return on investment more than 2.7% Earnings per share growth 6.5% Value creation per share 2) 7.5% 1) After tax; 5-year rolling average of 10-year German government-bond rate ( risk-free ) 2) Growth in book value per share incl. paid dividend 17

Sustainability at Hannover Re Our action fields and milestones Governance and Dialogue Responsible, transparent and value-based enterprise management Active, continuous dialogue with our stakeholders and rating agencies Sustainability Strategy 2015-2017 Product Responsibility Expanding the offering of sustainable insurance solutions related to economical, environmental and social risks Consideration of environmental, social and governance criteria in our asset management Employees Promotion of our employees health, work / life balance and personal development Promotion of diversity of our staff Environment and Society Reduction of CO₂ emissions associated with our business activities Measuring our suppliers by environmental and social standards Promotion of projects in the areas of research, learning and art as well as support of the voluntary social engagement of our staff Environmental Management System, certified according to DIN EN ISO 14001 Implementation of a Sustainability Strategy of Hannover Re Hannover Re in FTSE4Good Index Prime rating of oekom research, participation in various sustainability ratings Annual publication of a sustainability report in accordance with GRI guidelines 2011 2012 2013 2014 2015 2016 18

Present on all continents Europe The Americas Spain Madrid Ireland Dublin United Kingdom London France Paris Germany Hannover Italy Milan Sweden Stockholm Asia Canada Toronto Bahrain Manama USA Charlotte Chicago Denver New York Orlando Bermuda Hamilton Mexico Mexico City Colombia Bogotá Brazil Rio de Janeiro Africa South Africa Johannesburg Australia Australia Sydney South Korea Seoul Japan Tokyo Taiwan Taipei China Hong Kong Shanghai India Mumbai Malaysia Kuala Lumpur Property & Casualty reinsurance Life & Health reinsurance Property & Casualty and Life & Health reinsurance 19

HR share outperforms indices over a 3-year rolling period Performance vs. indices Performance comparison (incl. reinvested dividends) 240% 220% 200% 180% 160% 140% 120% +90% +78% +23% 100% 80% 60% Hannover Re Global Reinsurance Index HDAX 20

How do we calculate our return targets? Our pricing is based 900 bps above risk free Risk capital X Factor Net income / (1 - tax) EBIT bps risk free Equity 9,150 X (900 + 55) 874 / (1-0.27) 1,200 Minorities 750 X (900 + 55) 72 / (1-0.27) 100 Hybrid 1,500 X 470 / (1-0.0) 71 Valuation adj. 3,200 Total 14,600 946 1,371 MRC (EBIT / risk capital) 9.4% Risk free - 1.3% Minimum Return on Capital (MRC) spread 8.1% As at September 2016; risk capital, net income and EBIT: figures in m. EUR 21

How do we calculate the capital margin...... for our underwriters and our investment decisions? Capital margin Risk MRC capital X / NPE above risk-free + (pre-tax) 1) Admin. and other expenses 2) = Total margin above risk-free (pre-tax) P&C 33.0% reinsurance 4,800 X 8.2% / 8,000 6.4% + 3.6% = 10.0% L&H reinsurance 23.5% 3,400 X 7.9% / 6,400 4.2% + 4.2% = 8.4% AuM Investment management 43.5% 6,300 X 8.2% / 42,500 1.2% + 0.1% = 1.3% As at September 2016; risk capital and net premium earned: figures in m. EUR 1) Including margin for retrocessions 2) E.g. expenses for the company as a whole 22

Strong earnings track record since 2009 Record EPS in 2016 Operating profit (EBIT) in m. EUR 928 1,142 1,178 841 1,394 1,229 1,466 1,755 1,689 148 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Earnings per share (EPS) in EUR 5.98 6.08 6.21 5.02 7.04 7.43 8.17 9.54 9.71 (1.05) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 23

Growth in ordinary dividend reflects strong earnings power Payout: EUR 3.50 ordinary dividend + EUR 1.50 special dividend per share Dividend per share in EUR Payout ratio: [38%] [-] [35%] [37%] [42%] [43%] [40%] [52%] [50%] [51%] 4.75 5.00 2.30 0.50 1.80 1.80 2.10 2.30 2.10 3.00 0.40 2.60 3.00 4.25 1.25 3.00 1.50 3.25 1.50 3.50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Dividend per share Special dividend per share 24

Yearly Total Shareholder Return (TSR) of 12.6% Value creation since IPO in m. EUR 2015 2016 +1,269% Market capitalisation as of date 12,741 12,397 - Market capitalisation at IPO (Nov 1994) + Dividend payments (cumulative) - Capital increases (1996, 1997, 2001, 2003) 1,084 1,084 3,735 4,338 811 811 Value creation since IPO 14,581 14,840 25

RoE on very attractive level, despite continued capital growth Continuous outperformance of minimum RoE target Return on Equity: yearly Return on Equity: average 5,500 5,960 6,720 +9.2% 7,810 8,533 15.4% 15.0% 14.7% 14.7% 13.7% 3.9% 3.7% 4.0% 11.5% 11.3% 4.5% 3.8% 10.7% 10.2% 9.9% 14.7% 14.6% 10.7% 11.6% 14.1% 12.3% 2012 2013 2014 2015 2016 Actual Minimum target* Average shareholders' equity Spread over minimum target 5-year Ø 2012 2016 * After tax; target: 900 bps above 5-year rolling average of 10-year German government bond rate ("risk free") 10-year Ø 2007 2016 15-year Ø 2002 2016 26

We are somewhat different 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 a preferred business partner 27

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 28

Our Property & Casualty reinsurance business divisions Target markets North America* Continental Europe* GWP split 2016 Specialty lines worldwide Marine Aviation Global R/I 38% Target markets 33% Credit, surety and political risks 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 29% * All lines of Property & Casualty reinsurance except those stated separately 29

Roughly 2/3 of our business is written via brokers Breakdown of treaties by volume Breakdown of business written Nonproportional 36% Direct business 31% Proportional 64% Broker business 69% GWP 2016: EUR 9,205 m. (2015: EUR 9,338 m.) 30

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* 7,818 5% 8% 19% 4% 5% 7% 8% 11% 18% 18% 15% 7,903 4% 12% 19% 3% 5% 5% 7% 12% 19% 18% 15% 15% 9,338 4% 14% 19% 3% 4% 6% 7% 12% 15% 16% 9,205 4% 4% 14% 20% 3% 3% 5% 7% 11% 15% 18% 2013 2014 2015 2016 Latin America 6% United Kingdom 9% Germany 11% Asia 15% 10% 12% Africa 3% 7% 3% 2% 17% 2015 Australia 2% 18% 2016 31% Other Europ. countries 19% North America 35% * All lines of business except those stated separately 31

Premium development in line with selective U/W approach EBIT stable Gross written premium in m. EUR EBIT/EBIT margin in m. EUR CAGR: 4.5% 9,338 9,205 15.9% 15.5% 17.0% 16.6% 16.8% 7,717 7,818 7,903 1,091 1,061 1,191 1,341 1,340 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 EBIT EBIT margin 32

Effective cycle management at work US casualty total inforce premium development in m. USD 1,012 1,040 924 525 829 749 606 553 565 566 589 570 625 587 678 731 788 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Figures on underwriting year basis 2001-2014: booked premium as at 31 December 2016 2015-2017: estimated premium 33

Ensuring the quality of our portfolio Our quotation process in Property & Casualty reinsurance Step 1: Step 2: Step 3: Calculation of the loss expectancy Cost estimation Calculation of the cost of capital Historical loss and exposure analysis Future inflation Changes in the quality of underlying risks Changes in the quantity of underlying risks Commissions Broker fees Internal administration Level of capital allocation determined by volatility of the business covered and contribution to diversification Expected return on equity Capital structure Discounting of future cash flows 34

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 2017: 100% + 3.8% - 7.7% = 96.1% 2016: 100% + 3.4% - 7.4% = 96.0% 2015: 100% + 3.8% - 7.6% = 96.3% 2014: 100% + 3.0% - 7.1% = 95.9% As at March 2017 35

MtCR varies substantially by line of business 2017 Net premium earned (100%) North America* + Economic revaluation - Capital margin = MtCR 7.4% 11.5% 95.9% Continental Europe* 2.5% 6.9% 95.6% Marine 3.2% 12.4% 90.8% Aviation 6.1% 6.4% 99.7% Credit, surety and political risks 2.6% 7.9% 94.7% UK, Ireland, London market and direct 4.5% 7.1% 97.4% Facultative R/I 4.6% 7.4% 97.3% Worldwide Treaty R/I* 2.9% 6.9% 96.1% Cat XL 3.4% 21.1% 82.2% Structured R/I and ILS 0.8% 2.1% 98.7% Total Property & Casualty R/I 3.8% 7.7% 96.1% As at March 2017 * All lines of Property & Casualty reinsurance except those stated separately 36

Diversified reinsurance portfolio outperforms the MtCR 2016: Combined Ratio vs. MtCR EBIT margin Target markets North America* Continental Europe* 91.0% 94.3% 26.1% 15.8% Marine 38.5% 73.5% Aviation 72.8% 43.1% Specialty lines worldwide Credit, surety and political risks UK, Ireland, London market and direct 104.9% 95.6% 1.4% 25.0% Facultative R/I 95.6% 10.8% Global R/I Worldwide Treaty* R/I Cat XL Structured R/I and ILS 103.9% 55.9% 97.3% 4.0% 56.0% 7.8% Total 93.7% 16.8% 0% 20% 40% 60% 80% 100% 120% Combined Ratio MtCR = Maximum tolerable Combined Ratio * All lines of Property & Casualty reinsurance except those stated separately 37

Further increasing reserve redundancies* in 2015 7-year average impact on net loss ratio: 2.9% Year Redundancy in m. EUR Increase redundancy in m. EUR Effect on loss ratio P&C net premium earned in m. EUR 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 2009-2015 total 2009-2015 average 1,297 45,416 185 2.9% 6,488 * Redundancy of loss and loss adjustment expense reserve for P&C insurance business against held IFRS reserves, before tax and minority participations. Willis Towers Watson reviewed these estimates - more details shown in slide V (appendix) No change in reserving policy in 2015 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 24 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 margins Financial solutions/longevity 2% Mortality/Morbidity 6% xroca 2) 3% 1) VNB target from 2016 onwards (until 2015 EUR 180 m.) 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 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 Premium as meaningful benchmark Low High Reinsurance contract terms Short term Long term Saving component in premium None Common Share of proportional business (ITO premium) Low High Property & Casualty business Life & Health 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 6,145 13% 14% 47% 46% 6,459 14% 18% 46% 46% 7,731 18% 46% 18% 7,149 23% 46% 43% Other Europ. countries 11% Australia 10% Germany Latin 3% America 4% 10% 11% Africa 3% 3% 3% 4% 28% North America 30% Longevity Financial solutions 15% 15% 19% 15% 16% 19% 21% 25% 25% 17% 25% 20% 17% 13% 2013 2014 2015 2016 Asia 15% 17% 2015 24% 2016 United Kingdom 24% 45

We have a successful track record Gross written premium in m. EUR EBIT/EBIT margin in m. EUR CAGR: 4.2% 7,731 7,149 6,058 6,145 6,459 5.1% 2.8% 4.9% 6.2% 405 5.3% 343 279 264 151 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 EBIT EBIT margin 46

Strong increase in Value of New Business...... mainly driven by financial solutions business Value of New Business development in m. EUR Target EUR 220 m. 893 543 448 314 309 1) 1) 1) 1) 2) 2012 2013 2014 2015 2016 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 AuM -3.4% driven by strengthening of the Euro and dividend payment Operating cash flow in m. EUR Assets under own management (AuM) in m. EUR 3,105 31,875 36,228 39,347 41,793 40,393 2,226 1,931 550 554 649 718 612 363 415 296 1,305 952 159 689 2,331 674 910 908 519 463 284 389 2013 2014 2015 2016 2017 2013 2014 2015 2016 1H/2017 Q1 Q2 Q3 Q4 48

Very pleasing net investment income Increase in total investments despite less valuation reserves and dividend payment Total investments in m. EUR Investment income in m. EUR 52,146 53,337 53,637 46,625 46,219 14,751 14,343 15,918 13,990 11,844 1,656 355 1,412 357 1,472 376 1,665 395 1,550 332 31,874 31,875 36,228 39,347 41,793 1,300 1,054 1,096 1,270 1,218 2012 2013 2014 2015 2016 Funds withheld and contract deposits Assets under own management 2012 2013 2014 2015 2016 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 Low yield environment has major impact on government bonds Ordinary income split Private Equity 12% Listed Equity 2% Pfandbriefe, Covered Bonds, ABS 9% Real estate* 13% Others 1% Short-term investments & cash 1% EUR 641 m. Governments 16% Corporates 33% Semigovernments 13% Asset allocation Investment category 30.06.2017 Fixed-income securities 86% - Governments 28% - Semi-governments 17% - Corporates 32% Investment grade 27% Non-investment grade 5% - Pfandbriefe, Covered Bonds, ABS 8% Equities 4% - Listed Equity 2% - Private Equity 2% Real estate/real estate funds 5% Others 1% Short-term investments & cash 4% Total market values in bn. EUR 40.8 Economic view based on market values as at 30 June 2017 * Before real estate-specific costs 50

Barbell strategy visible in fixed income composition Only minor changes to asset allocation in first half of the year Asset allocation 1) Investment category 2013 2014 2015 2016 30.06.2017 Fixed-income securities 90% 90% 87% 87% 86% - Governments 19% 21% 26% 28% 28% - Semi-governments 20% 19% 17% 18% 17% - Corporates 36% 36% 34% 33% 32% Investment grade 33% 33% 30% 28% 27% Non-investment grade 3) 3% 3% 4% 4% 5% - Pfandbriefe, Covered Bonds, ABS 15% 14% 10% 9% 8% Equities 2% 2% 3% 4% 4% - Listed Equity <1% <1% 1% 2% 2% - Private Equity 2% 2% 2% 2% 2% Real estate/real estate funds 4% 4% 4% 5% 5% Others 3) 1% 1% 1% 1% 1% Short-term investments & cash 4% 4% 5% 4% 4% Total market values in bn. EUR 32.2 36.8 39.8 42.3 40.8 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 1,065.2 m. (EUR 1,036.8 m.) as at 30 June 2017 2) Of which Pfandbriefe and Covered Bonds = 74.4% 3) Reallocation of High Yield Funds from Others to Corporates Non-investment grade 2) 51

Fixed-income book well balanced Geographical allocation mainly in accordance with our business diversification Governments Semigovernments Corporates Pfandbriefe, Covered bonds, ABS Short-term investments, cash AAA 76.4% 67.4% 1.0% 64.8% - 46.2% AA 11.4% 24.6% 11.9% 13.5% - 14.5% A 6.3% 3.3% 33.8% 7.4% - 15.7% BBB 4.1% 1.3% 43.9% 10.0% - 18.5% <BBB 1.9% 3.4% 9.3% 4.2% - 5.1% Total 100.0% 100.0% 100.0% 100.0% - 100.0% Germany 10.0% 50.3% 4.2% 24.9% 38.4% 18.5% UK 6.6% 2.5% 8.1% 9.5% 4.7% 6.5% France 1.6% 2.1% 8.4% 5.5% 0.7% 4.4% GIIPS 1.2% 1.0% 4.9% 4.6% 0.0% 2.7% Rest of Europe 3.9% 14.4% 17.1% 25.3% 4.6% 12.4% USA 60.0% 3.8% 34.8% 6.9% 12.3% 33.4% Australia 4.2% 9.5% 7.0% 11.0% 8.9% 7.0% Asia 7.4% 5.3% 4.9% 0.2% 19.0% 6.0% Rest of World 5.0% 11.0% 10.7% 12.1% 11.4% 9.1% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total b/s values in m. EUR 11,610 6,909 12,296 3,227 1,703 35,745 Total IFRS figures as at 30 June 2017 52

Currency allocation matches liability profile of balance sheet Duration-neutral strategy applied Currency split of investments GBP 7.4% AUD 5.7% CAD 2.9% 6.4 Others 6.8% 5.2 2.6 4.7 Modified duration of portfolio 5.9 EUR 30.9% Modified duration of fixedincome mainly congruent with liabilities GBP s higher modified duration predominantly due to life business Modified duration 2016 5.0 2015 4.4 4.5 2014 4.6 2013 4.4 USD 46.3% 2012 4.5 Modified duration as at 30 June 2017: 4.9 53

Active management of credit risk High level of diversification; Portion of banks slightly decreasing Corporate allocation in m. EUR Total bank exposure* EUR 3,058 m. 11,453 13,244 27% 13,489 25% 13,752 24% 13,068 23% 18% 10% Others GBP 4% 28% <BBB BBB <1% 17% Others Tier II 14% 23% RoW Asia/ Australia 26% 74% 73% 75% 76% 77% 20% US 49% USD A 47% 82% Senior Rest of 19% Europe 5% GIIPS 23% EUR 11% FR 20% AA UK 8% 1% DE by currency by rating by seniority by country 2013 2014 2015 2016 30.06.2017 Non-Banks Banks * Economic view based on market value as at 30 June 2017 54

Stress tests on assets under own management Unchanged focus on yields and spreads while relevance of (private) equities rises Portfolio Scenario Change in market value in m. EUR Change in OCI before tax in m. EUR -10% -174-174 Equity (listed and private equity) -20% -349-349 +50 bps -864-776 Fixed-income securities +100 bps -1,683-1,511 Credit spreads +50% -736-711 As at 30 June 2017 55

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. 1H/2017 Outlook Appendix Several levels of protection provide more NatCat capacity...... and thus create additional earnings at a defined risk appetite Agg. XL ~ EUR 215 m. Div. cat swaps max. ~ EUR 95 m. ~ EUR 2.8 bn. Whole Account ~ EUR 280 m. K-Cession securitisation ~ EUR 540 m. + expected premium Group EBIT EUR 1,689 m. Policyholders' surplus (shareholders' equity, non-controlling interest, hybrid capital) 2016: EUR 11,231 m. As at March 2017 56

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. 1H/2017 Outlook Appendix Equity Substitutes We pioneered securitisations (transfer of risks into capital markets) In 1994 Hannover Re pioneered the first securitisation of natural catastrophe risks (Kover) followed by further transactions (K2 to K6) In 1998 Hannover Re started with the first-ever transfer of acquisition costs from life reinsurance business to the capital market, referred to as "L" deals (L1 to L7) On-going transactions in m. Extreme mortality cover (Q4/16) ~ USD 263 6) K-Cession (Q1/17) USD 540 3) 1) Transfer of natural perils (P&C) 2) Portfolio-linked swap (P&C) 3) Portfolio-linked securitisation (P&C) 4) Aggregate XL cover (P&C) 5) Credit-linked floating rate note 6) Indexed-linked swap (L&H) Expired transactions in m. Kover (Q1/94) USD 85 1) K2 (Q4/96) USD 150 2) L1 (Q1/98) DEM 100 L2 (Q2/99) DEM 250 L3 (Q4/99) EUR 50 L4 (Q4/00) EUR 200 K3 (Q2/02) USD 230 3) L5 (Q4/02) EUR 300 C1 (Q1/05) USD 225 3) L6 (Q1/06) EUR 100 K5 (Q1/06) USD 540 3) Eurus I (Q3/06) USD 150 3) Kepler (Q1/07) USD 200 4) Merlin (Q1/07) EUR 95 5) L7 (Q1/09) EUR 100 K6 (Q1/09) USD 335 3) Eurus II (Q3/09) EUR 150 1) Eurus III (Q3/12) EUR 100 1) 57

Overview Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Risk mgmt. Capital mgmt. 1H/2017 Outlook Appendix The risk is manageable Stress tests for natural catastrophes after retrocessions Effect on forecast net income in m. EUR 2015 2016 Winter storm Europe Hurricane US/Carribean Typhoon Japan Earthquake Japan Earthquake US West Coast Earthquake Australia 100-year loss (469.6) (391.4) 250-year loss (570.1) (541.4) 100-year loss (772.7) (850.3) 250-year loss (1,003.7) (1,139.4) 100-year loss (204.7) (223.9) 250-year loss (265.1) (281.9) 100-year loss (343.7) (363.1) 250-year loss (606.0) (623.5) 100-year loss (519.4) (440.6) 250-year loss (823.2) (795.4) 100-year loss (202.8) (201.0) 250-year loss (400.6) (432.3) in m. EUR Limit 2016 Threshold 2016 All natural catastrophe risks* Actual utilisation (July 2016) 200-year aggregate annual loss 1,872 1,645 1,519 * Loss relative to the underwriting result 58

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 Undated subordinated bond Format: PerpNC10,8 ISIN: XS1109836038 Dated subordinated bond Format: 30,6NC10,6 ISIN: XS0856556807 Dated subordinated bond Format: 30NC10 ISIN: XS0541620901 EUR 500 m. 2014-09-15 2025-06-26 Perpetual EUR 500 m. 2012-11-20 2023-06-30 2043-06-30 EUR 500 m. 2010-09-14 2020-09-14 2040-09-14 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 First 10 years: 5.75% p.a. and thereafter 4.235% p.a. above 3 months EURIBOR Conventional reinsurance/retrocession on an opportunistic basis (i.e. use of other reinsurers' capital) Securitisations, capital market transactions Competitive advantage through low cost of capital (WACC) 59

Financial strength ratings Group S&P A.M. Best General Reinsurance Corp. AA+ 2) 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+ A XL Bermuda A+ 1) A PartnerRe A+ A As at 01 October 2017 1) Positive outlook 2) Negative outlook 60

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 61

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. 62

Hannover Re Group maintains comfortable capital position Capital adequacy above target with substantial excess capital in m. EUR 31.12.2016 economic 31.12.2016 Solvency II 31.12.2015 Solvency II Available Economic Capital / Own Funds 13,461 12,835 11,983 Confidence Level 99.97% 99.5% 99.5% 99.5% Required Capital / Solvency Capital Requirements 10,382 5,150 5,586 5,433 Excess Capital 3,079 8,311 7,249 6,549 Capital Adequacy Ratio (CAR) 130% 261% 230% 221% Minimum Target Ratio (Limit) 100% 200% 180% 180% Minimum Target Ratio (Threshold) 110% n/a 200% 200% As at 31 December 2016 63

Hannover Re Group is well capitalised under Solvency II From economic view to regulatory view in m. EUR Available Capital Required Capital CAR Internal Model at VaR 99.97% 13,461 10,382 130% -5,232 Economic view: internal target confidence level at 99.97%, full internal model Internal Model at VaR 99.5% 13,461 5,150 261% Haircut for Minority Interests 1) -626 12,835 5,150 250% Add-On, Standard Formula OpRisk +436 Regulatory view: partial internal model with standard formula for operational risk, confidence level at 99.5%, transferability restrictions on minority interests Regulatory View at VaR 99.5% 12,835 5,586 230% As at 31 December 2016 1) Non-available minority interests mostly consist of non-controlling interests in E+S Rückversicherung AG 64

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 3,847 1,649 9,741 513 647 626 11,179 1,680 12,835 1,113 9% 543 4% 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 provisions1) Adjustments due to tax effects and others Foreseeable dividends 2) Minority haircut Tier 1 unrestricted capital Hybrid capital Basic own funds As at 31 December 2016 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 65

Capital efficiency supported by high diversification Breakdown of Solvency II capital requirements Risk capital for the 99.5% VaR (according to Solvency II) in m. EUR Property & Casualty 3,553 Life & Health 2,118 Market Counterparty default 4,225 296 Operational 1)2) 677 Required capital before tax 2) 7,471 3,399 10,870 Deferred taxes 1,885 31% diversification Effective capital requirement Required capital after tax 5,586 Basic own funds 12,835 As at 31 December 2016 1) Operational risk according to standard formula 2) Including differences stemming from diversification effects considered in the full internal model 66

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 Premium (incl. catastrophe) Reserve Underwriting risk property and casualty Mortality (incl. catastrophe) Longevity Morbidity and disability Lapse Expense Underwriting risk life and health 2,118 3,553 1,637 2,470 1,332 395 2,121 50% 1,199 25% 603 272 4,239 2,282 4,752 Market risk Operational risk As at 31 December 2016 Credit and spread Interest rate Foreign exchange Equity Real estate Market risk according to Standard formula using Internal Model Capital requirement Diversification 677 504 4.225 2,828 1,179 1,297 2,888 41% 0 2,000 4,000 6,000 1,283 526 7,113 67

Half-year results in line with full-year targets Group Gross written premium: EUR 8,998 m. (+8.6%) Net premium earned: EUR 7,523 m. (+5.0%) EBIT: EUR 799 m. Group net income: EUR 535 m. RoE: 12.2% BVPS: EUR 71.00 Attractive GWP growth (f/x adjusted +8.7%) NPE f/x-adj. growth of +4.9% EBIT and net income driven by strong investment performance as well as solid earnings contribution from P&C RoE remains well above our minimum target BVPS decreased by -4.8% due to capital management measures and strong Euro Property & Casualty R/I EBIT: EUR 634 m. Combined ratio slightly inflated mainly due to growth in Structured R/I Net major losses of EUR 123 m. (2.8% of NPE) well below expected level Accelerated GWP growth (f/x adjusted +16.9%) mainly driven by new business in Structured R/I Life & Health R/I EBIT: EUR 165 m. Continuously higher than expected claims from legacy US mortality Strong earnings growth from Financial solutions business GWP development in line with expectations (f/x adjusted -1.5%) Investments NII: EUR 779 m. RoI from AuM: 3.2% RoI well above full-year target (>2.7%) Ordinary investment income higher mainly due to strong contribution from Private Equity and Real Estate Strengthening of EUR leads to decrease in AUM (-3.4%) 68

Overall satisfying business development Strong growth in Property & Casualty reinsurance Group figures in m. EUR Q2/2016 Q2/2017 Δ 1H/2016 1H/2017 Δ Gross written premium 4,020 4,451 +10.7% 8,284 8,998 +8.6% Net premium earned 3,625 3,791 +4.6% 7,167 7,523 +5.0% Net underwriting result (39) (55) +43.1% (3) (79) - - Incl. funds withheld 53 (5) -109.2% 173 45-74.2% Net investment income 379 387 +2.1% 745 779 +4.6% - From assets under own mgmt. 286 336 +17.3% 569 656 +15.3% - From funds withheld 92 50-45.2% 176 123-29.7% Other income and expenses 1 68-5 99 - Operating profit/loss (EBIT) 340 400 +17.3% 747 799 +7.0% Interest on hybrid capital (18) (18) +0.3% (36) (36) -0.2% Net income before taxes 322 381 +18.3% 711 764 +7.4% Taxes (93) (94) +1.2% (195) (190) -2.6% Net income 230 287 +25.2% 516 574 +11.1% - Non-controlling interests 13 17 +35.7% 28 39 +36.8% Group net income 217 270 +24.6% 488 535 +9.6% Retention 90.6% 90.9% 89.8% 90.3% EBIT margin (EBIT/Net premium earned) 9.4% 10.5% 10.4% 10.6% Tax ratio 28.8% 24.6% 27.4% 24.9% Earnings per share (in EUR) 1.80 2.24 4.05 4.44 69

Solid underwriting result in a competitive environment Remarkable growth mainly driven by tailor-made structured R/I Property & Casualty R/I in m. EUR Q2/2016 Q2/2017 1H/2016 1H/2017 Gross written premium 2,125 2,613 4,627 5,427 Net premium earned 1,877 2,147 3,838 4,313 YTD GWP f/x adjusted +16.9%, mainly from structured R/I; diversified growth in other areas NPE f/x adjusted +11.8% Net underwriting result incl. funds withheld Combined ratio incl. interest on funds withheld 74 55 178 151 96.1% 97.4% 95.4% 96.5% Major loss expectation reflected in reserves as usual Reserve increase due to Ogden tables of EUR 291 m. compensated by reserve releases Net investment income from assets under own management 201 235 405 474 Other income and expenses (12) 34 (20) 10 Operating profit/loss (EBIT) 263 324 563 634 Tax ratio 29.7% 24.3% 28.2% 24.5% Favourable ordinary investment income Other income and expenses benefited from positive currency effects EBIT growth of 12.7% in line with volume growth EBIT margin of 14.7% (1H/2016: 14.7%) well above target Group net income 174 229 378 444 Earnings per share (in EUR) 1.44 1.90 3.14 3.68 70

Major losses well below budget for 1H/2017 Remaining unused large loss budget of EUR 702 m. for the year Natural and man-made catastrophe losses* in m. EUR 1,730 410 285 672 458 291 240 863 662 981 662 478 724 578 559 426 714 573 846 627 139 123 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H/2017 Natural and man-made catastrophe losses in % of Property & Casualty premium 8% 13% 5% 14% 25% 9% 9% 7% 8% 9% 3% 6% 11% 5% 12% 16% 7% 8% 6% 7% 8% 3% Expected large losses (net) in m. EUR 360 428 450 500 530 560 625 670 690 825 825 Gross Net Expected large losses (net) * Up to 2011 claims over EUR 5 m. gross, from 2012 onwards claims over EUR 10 m. gross 71

Overall very benign large loss experience in 1H/2017 Absence of major losses in Q2/2017 Catastrophe losses* in m. EUR Date Gross Net Storm / Tornados, USA 18-21 Jan 12.6 11.0 Wildfires, Chile 21 Jan - 3 Feb 19.8 19.8 Cyclone "Debbie", Australia 27-28 Mar 55.5 46.4 3 Natural catastrophes 87.9 77.2 1 Property claim 35.0 29.2 1 Credit claim 16.4 16.4 5 Major losses 139.4 122.9 * Natural catastrophes and other major losses in excess of EUR 10 m. gross 72

Overall profitability in Life & Health below expectation Strong earnings contribution from Financial solutions Life & Health R/I in m. EUR Q2/2016 Q2/2017 1H/2016 1H/2017 Gross written premium 1,895 1,838 3,656 3,570 Net premium earned 1,747 1,644 3,328 3,210 YTD GWP f/x-adjusted -1.5%, reduced premium volume from large-volume treaties partly offset by diversified growth in other areas NPE f/x-adjusted growth -3.1% Net underwriting result incl. funds withheld (20) (60) (5) (106) Technical result impacted by legacy US mortality biz (~EUR 50 m. below expectation) Net investment income from assets under own management 80 100 158 180 Other income and expenses 13 36 26 91 Operating profit/loss (EBIT) 74 75 179 165 EBIT margin 4.2% 4.6% 5.4% 5.1% Tax ratio 26.4% 28.6% 25.8% 28.5% Strong investment income Increased other income and expenses due to strong contribution from deposit accounted treaties (1H/2017: EUR 93 m.) EBIT margins: Financial solutions: 29.9% Longevity: 2.3% Mortality and Morbidity: 1.0% Group net income 53 54 131 114 Earnings per share (in EUR) 0.44 0.44 1.08 0.95 73

Excellent investment performance Low yielding FIS portfolio more than offset by private equities and real estates in m. EUR Q2/2016 Q2/2017 1H/2016 1H/2017 RoI YTD Ordinary investment income* 301 317 570 641 3.1% Realised gains/losses 36 59 80 83 0.4% Impairments/appreciations & depreciations Change in fair value of financial instruments (through P&L) Unrealised gains/losses of investments (34) (12) (48) (23) -0.1% 10 (0) 21 11 0.1% Investment expenses (26) (28) (52) (56) -0.3% NII from assets under own mgmt. 286 336 569 656 3.2% NII from funds withheld 92 50 176 123 Total net investment income 379 387 745 779 31 Dec 16 30 Jun 17 On Balance-sheet 1,355 1,410 thereof Fixed income AFS 728 758 Off Balance-sheet 509 456 thereof Fixed income HTM, L&R 370 317 Total 1,864 1,866 Higher ordinary income despite lower yielding fixed income portfolio due to high - partially extraordinary - income from private equity as well as higher income from real estate funds and amortisation Realised gains stable Decrease in impairments mostly attributable to listed and private equities Stable valuation reserves; balanced effects from higher interest rates and lower credit spreads * Incl. results from associated companies 74

Target Matrix 2017 Profit targets largely achieved Business group Key figures Strategic targets for 2017 1H/2017 Group Return on investment 1) >2.7% 3.2% Return on equity 2) 9.7% 12.2% Earnings per share growth (y-o-y) 6.5% 9.6% Value creation per share 3) 7.5% n.a. Property & Casualty R/I Gross premium growth 3% - 5% 4) 16.9% Combined ratio 96% 5) 96.5% EBIT margin 6) 10% 14.7% xroca 7) 2% n.a. Life & Health R/I Gross premium growth 5% - 7% 8) -1.5% Value of New Business (VNB) 9) EUR 220 m. n.a. EBIT margin 6) Financial solutions/longevity 2% 15.6% EBIT margin 6) Mortality/Morbidity 6% 1.0% xroca 7) 3% 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 book value per share + paid dividend 4) On average throughout the R/I cycle; at unchanged f/x rates 5) Incl. expected net major losses of EUR 825 m. 6) EBIT/net premium earned 7) Excess return on allocated economic capital 8) Organic growth only; annual average growth (5 years), at unchanged f/x rates 9) Based on a cost of capital of 6% (until 2014: 4.5%) 75