Hannover Re: the somewhat different reinsurer

Hannover Re: the somewhat different reinsurer March 2018

Content 01 26 Hannover Re Group 27 39 Property & Casualty reinsurance 40 48 Life & Health reinsurance 49 55 Investment management 56 64 Capital management 65 74 Annual results 2017 75 78 Outlook 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 3 3rd 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 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 >140 subsidiaries, branch/rep. offices worldwide Domestic business International business * Majority shareholder HDI V.a.G. 3

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

Reinsurance has the character of a specialty market With a share of 6% of the overall insurance market Market size primary insurance vs. reinsurance 2016 Global insurance premiums ~ USD 5 trillion Global reinsurance premiums ~ USD 315 billion Source: own research (global market size based on estimate of total ceded premiums by primary insurers) 6

Growing Property and Casualty reinsurance market Hannover Re outperforms the market Market size and concentration in bn. EUR 4-year CAGR 185 186 188 190 194 Market +1.2% 32% Other -5.2% 42% Other 32% 2016 Top 10 43% HR 5% 19% 25% Top 11-50 +8.6% Top 11-50 25% 35% 38% Top 10 +3.3% HR +4.5% 4% 5% 2012 2013 2014 2015 2016 Source: own research (global market size based on estimate of total ceded premiums by primary insurers) Top 10 in 2016: Munich Re, Swiss Re, Lloyd's, Hannover Re, Berkshire Hathaway, SCOR, Everest Re, Alleghany, Partner Re, XL Catlin Top 10 ranking for each year 7

Life and Health reinsurance in a global perspective Concentrated market due to high entry barriers Market size and concentration in bn. EUR 4-year CAGR Other 6% 58 57 6% 60 70 74 6% 16% 10% Market +6.5% Other +7.9% Top 6-10 26% 2016 22% 10% Top 6-10 +10.7% HR 10% Top 5 68% 68% Top 5 +5.0% 61% Top 10 94% HR +4.2% 2012 2013 2014 2015 2016 Source: own research Top 10: Munich Re, Swiss Re, RGA, SCOR, Great-West Lifeco, Hannover Re, China Re, Berkshire Hathaway, Korean Re, Pacific Life Top 10 ranking for each year 8

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% 350 300 250 200 150 Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Results 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 17.0% 14.0% 13.7% 10.8% 12.8% 12.5% 11.4% 9.4% 9.6% 3.8% 3.4% 0.5% (1.2%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 9

Demand for reinsurance Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Results 2017 Outlook 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 10

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 11

Well balanced international portfolio growth Gross written premium (Group) in m. EUR Africa Australia 13,774 17,791 17,069 16,354 3% 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 12

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 13

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 * Subject to consent of AGM 14

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 15

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 16

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 17

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 18

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 19

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 20

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 11) 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 (3-year period), at constant f/x rates 10) Based on Solvency II principles and pre-tax reporting 11) Annual average growth (3-years period) 21

Sustainability strategy Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Results 2017 Outlook 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 22

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) Sresponsible 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 23

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 Côte d Ivoire Abidjan 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 24

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 25

Yearly Total Shareholder Return (TSR) of 12.1% Value creation since IPO in m. EUR 2016 2017 +1,292% 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 4,338 811 811 * Value creation since IPO 14,840 15,094 * Dividend payment for 2017 not yet included 26

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 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 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 29

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.) 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* 7,903 14% 4% 12% 19% 3% 5% 5% 7% 12% 18% 18% 15% 15% 9,338 9,205 4% 4% 19% 3% 4% 6% 7% 12% 15% 16% 14% 20% 3% 3% 5% 7% 11% 15% 18% 10,711 3% 4% 24% 17% 3% 2% 7% 6% 8% 14% 16% 2014 2015 2016 2017 Germany 10% 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 31

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 32

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 33

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 34

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 35

Stable redundancy despite challenging environment Reserve study review by WillisTowers Watson confirms redundancies* Over the last 8 years, on average 2.4% of the net earned loss ratio for P&C business is due to net reserve redundancy increases in m. EUR Year Redundancy 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 2009-2016 total 1,275 53,401 2009-2016 average 159 2.4% 6,675 * 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. 36

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 ~ EUR 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 37

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 38

Low expense ratio is an important competitive advantage Hannover Re largely maintained its ratio in contrast to increasing industry trend Expense ratio (P&C reinsurance)* 31.3% 24.4% 24.5% 27.2% 28.7% 26.4% 6.9% 2.5% 2.2% 2010 2011 2012 2013 2014 2015 2016 Hannover Re P&C 2016 Hannover Re admin expense ratio Hannover Re commission expense ratio Hannover Re expense ratio Administrative expense ratio Commission expense ratio Expense ratio * Source: S&P Global Reinsurance Highlights 2017 (TOP 27 global reinsurers' P&C reinsurance business); Hannover Re figures own calculation Hannover Re P&C 2017 39

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 40

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 2) 5% xroca 3) 2% 1) Based on Solvency II principles and pre-tax reporting 2) Annual average growth (3-years period) 3) xroca= excess Return on Capital Allocated 41

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 42

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 43

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 44

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 45

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% 46

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 47

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 48

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 49

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 46,219 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 50

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 51

High fixed income share driven by asset liability mgmt. Returns from liquidation of Listed Equity initially invested in government bonds Asset allocation 1) Investment category 2013 2014 2015 2016 2017 Fixed-income securities 90% 90% 87% 87% 87% - Governments 19% 21% 26% 28% 30% - 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% 4% 4% 5% - Pfandbriefe, Covered bonds, ABS 15% 14% 10% 9% 8% Equities 2% 2% 3% 4% 2% - Listed equity <1% <1% 1% 2% <1% - Private equity 2% 2% 2% 2% 2% Real estate/real estate funds 4% 4% 4% 5% 5% Others 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 40.5 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 1,201.9 m. (EUR 1,036.8 m.) as at 31 December 2017 2) Of which Pfandbriefe and Covered Bonds = 72.5% 52

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 75.1% 65.0% 1.1% 62.8% - 45.8% AA 13.6% 23.3% 12.8% 14.3% - 15.3% A 5.9% 6.3% 32.6% 7.2% - 15.5% BBB 2.6% 1.4% 44.4% 10.5% - 17.9% <BBB 2.8% 4.1% 9.2% 5.2% - 5.6% Total 100.0% 100.0% 100.0% 100.0% - 100.0% Germany 10.7% 48.6% 4.0% 24.8% 31.0% 17.9% UK 9.6% 2.4% 8.5% 9.9% 7.9% 7.8% France 1.3% 1.4% 8.0% 5.6% 0.6% 3.9% GIIPS 1.2% 1.0% 4.6% 4.4% 0.0% 2.5% Rest of Europe 3.5% 14.3% 16.3% 24.0% 2.5% 11.7% USA 58.0% 7.2% 34.8% 8.7% 11.6% 33.8% Australia 4.2% 7.7% 8.1% 10.5% 8.1% 6.9% Asia 6.6% 5.8% 5.2% 0.2% 21.9% 6.2% Rest of World 4.9% 11.6% 10.5% 12.1% 16.3% 9.3% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total b/s values in m. EUR 12,101 6,851 12,095 3,238 1,794 36,080 Total IFRS figures as at 31 December 2017 53

Currency allocation matches liability profile of balance sheet Duration-neutral strategy applied Currency split of investments AUD 5.9% CAD 3.0% 4.6 Others 7.3% 5,2 2.4 EUR 30.1% Modified duration of fixedincome mainly congruent with liabilities GBP s higher modified duration predominantly due to life business GBP 8.2% 6.3 Modified duration of portfolio 5.9 Modified duration 2016 5.0 2015 4.4 4.3 2014 4.6 2013 4.4 USD 45.5% 2012 4.5 Modified duration as at 31 December 2017: 4.8 54

Stress tests on assets under own management Unchanged focus on yields and spreads; reduced relevance of Equity investments Portfolio Scenario Change in market value in m. EUR Change in OCI before tax in m. EUR -10% -81-81 Equity (listed and private equity) -20% -163-163 +50 bps -848-765 Fixed-income securities +100 bps -1,652-1,490 Credit spreads +50% -679-658 Real estate -10% -214-113 As at 31 December 2017 55

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) 56

Financial strength ratings Group S&P A.M. Best General Reinsurance Corp. AA+ 1) 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 A+ A 2) PartnerRe A+ A As at 8 March 2018 1) Negative outlook 2) Under review with developing implications 57

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 58

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. 59

Capital position even more comfortable due to OpRisk approval Capital adequacy above targets in m. EUR Internal Metrics 31.12.2017 Solvency II 1) 31.12.2017 Solvency II 2) 31.12.2016 Available Economic Capital / Eligible Own Funds 13,042 12,310 12,835 Confidence Level 99.5% 99.5% 99.5% Required Capital / Solvency Capital Requirements 4,729 4,729 5,586 Excess Capital 8,313 7,581 7,249 Haircut (EUR 732 m.) for minority interests 3) Approval of internal model for OpRisk Capital Adequacy Ratio (CAR) 276% 260% 230% Minimum Target Ratio (Limit) 180% 180% 180% Minimum Target Ratio (Threshold) 200% 200% 200% 1) 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 31 December 2017, the related audits are at present not fully completed. 2) 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. 3) Non-available minority interests mostly consist of non-controlling interests in E+S Rückversicherung AG 60

Solvency II capital sufficiency further improved Despite significant changes in economic environment Development of the capital adequacy ratio (regulatory view) Threshold 200% Limit 180% 221% 230% 260% 2016: Overall increase in available capital due to positive results and favourable new business developments in line with increase in required capital 11,983 12,835 5,433 5,586 12,310 4,729 2017: Increase in solvency ratio due to application of full internal model (including OpRisk), f/x-induced reduction in funds and capital requirements Q4/2015 Q4/2016 Q4/2017 Eligible Capital Solvency Capital Requirements (SCR) 61

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 as at 31 Dec 17 3,981 1,698 9,287 503 656 732 1,273 12,310 1,091 9% 10,684 535 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 provisions Adjustments due to tax effects and others Foreseeable dividends* Minority haircut Tier 1 unrestricted capital Hybrid capital Basic own funds The related audits are at present not fully completed * Foreseeable dividends and distributions refer to Hannover Rück SE dividend including non-controlling interests 62

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 Operational 3,462 282 10,221 637 Required capital before tax 6,511 3,710 Deferred taxes 1,782 36% diversification 32% 21% 42% 1% 4% Required capital after tax 4,729 Eligible own funds* 12,310 As at 31 December 2017 * According to the internal model (including haircut for minority interest) 63

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 64

Satisfactory result despite exceptionally high NatCat losses RoE at 10.9% exceeds target GWP 16,354 in m. NPE in m. EBIT in m. Group net income in m. 17,791 1,689 15,632 1,364 1,171 +8.8% 14,410 959 +8.5% -19.2% -18.2% 2016 2017 In line with guidance (f/x-adjusted: +11.2%) 2016 2017 F/x-adjusted: +10.8% 2016 2017 2016 2017 Impacted by high frequency of NatCat losses but aided by strong investment income Return on Equity 10.9% Well above minimum target of 9.8% Book value per share Dividend proposal Solvency II ratio EUR 70.72-5.2% due to capital mgmt. & EUR strengthening EUR 5.00 Incl. EUR 1.50 special dividend 260% 2016: 230% P&C R/I EBIT: 1,120 m. Very satisfying EBIT margin (12.2%) driven by strong investment income C/R of 99.8% stays <100% despite heavy burden of major losses Strong premium growth (f/x-adj. +18.7%) driven by new business in Structured R/I Figures in EUR L&H R/I EBIT: 245 m. Consistently higher-than-expected claims from legacy US mortality biz Strong earnings growth from Financial solutions business F/x-adj. GWP +1.4% in line with expectations Investments NII: 1,774 m. RoI from AuM: 3.8% RoI significantly exceeds target (>2.7%) Strong increase in ordinary income Higher realised gains from disposal of listed equity in Q3 65

Pleasing Group net income despite exceptional NatCat events Lower tax ratio due to nearly tax-free disposal of listed equities in Q3 Group figures in m. EUR Q4/2016 Q4/2017 Δ 2016 2017 Δ Gross written premium 3,900 4,307 +10.4% 16,354 17,791 +8.8% Net premium earned 3,649 4,090 +12.1% 14,410 15,632 +8.5% Net underwriting result 71 180 +152.0% 116 (489) - - Incl. funds withheld 154 235 +52.8% 448 (254) -156.6% Net investment income 404 391-3.1% 1,550 1,774 +14.4% - From assets under own mgmt. 322 337 +4.6% 1,218 1,539 +26.3% - From funds withheld 82 55-33.4% 332 235-29.3% Other income and expenses 23 (13) -159.3% 23 79 - Operating profit/loss (EBIT) 498 558 +12.0% 1,689 1,364-19.2% Interest on hybrid capital (18) (18) +0.4% (72) (72) +0.1% Net income before taxes 480 540 +12.4% 1,618 1,293-20.1% Taxes (84) (105) +24.6% (391) (248) -36.6% Net income 396 435 +9.8% 1,226 1,045-14.8% - Non-controlling interests 17 25 +50.9% 55 86 +55.8% Group net income 379 410 +8.0% 1,171 959-18.2% Retention 88.2% 91.6% 89.3% 90.5% EBIT margin (EBIT/Net premium earned) 13.7% 13.6% 11.7% 8.7% Tax ratio 17.6% 19.5% 24.2% 19.2% Earnings per share (in EUR) 3.15 3.40 9.71 7.95 66

EBIT margin of 12.2% despite high level of NatCat losses Aided by strong investment income and positive underwriting result Property & Casualty R/I in m. EUR Q4/2016 Q4/2017 2016 2017 Gross written premium 2,084 2,512 9,205 10,711 Net premium earned 2,060 2,406 7,985 9,159 YTD GWP f/x-adjusted +18.7%; growth mainly from structured R/I; diversified growth in other areas NPE f/x-adjusted +17.0% Net underwriting result incl. interest on funds withheld Combined ratio incl. interest on funds withheld 209 311 503 15 89.9% 87.1% 93.7% 99.8% Major losses of EUR 1,127 m. (Budget 825 m.) Higher run-off result due to initial conservative reserving; confidence level of loss reserves largely unchanged Net investment income from assets under own management 253 258 877 1,192 Other income and expenses (17) (51) (40) (87) Operating profit/loss (EBIT) 445 519 1,340 1,120 Tax ratio 21.3% 20.5% 25.3% 18.1% Group net income 334 389 950 837 Favourable ordinary investment income and realised gains from listed equity Other income and expenses within normal range, decreased f/x result, but still positive EBIT margin of 12.2% (2016: 16.8%), well above target (10%) Low tax ratio due to gains from disposal of listed equities almost tax-free Earnings per share (in EUR) 2.77 3.22 7.88 6.94 67

Major losses sharply in excess of large loss budget Natural and man-made catastrophe losses* 1,730 in m. EUR 1,790 672 458 291 240 863 662 981 662 724 559 714 578 478 426 573 846 627 1,127 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Natural and man-made catastrophe losses in % of Property & Casualty premium 13% 5% 14% 25% 9% 9% 7% 8% 9% 17% 11% 5% 12% 16% 7% 8% 6% 7% 8% 12% Expected large losses (net) in m. EUR 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 68

Accumulation of events led to losses...... about EUR 300 m. higher than large loss budget Catastrophe losses* in m. EUR Date Gross Net Storm / Tornados, USA 18-21 Jan 12.4 9.9 Wildfires, Chile 21 Jan - 3 Feb 19.2 17.3 Cyclone "Debbie", Australia 27-28 Mar 63.0 47.8 Thunderstorms / Hail, USA 10-13 Jun 11.0 4.5 Typhoon "Hato", China 22-23 Aug 12.5 9.0 Hurricane "Harvey" 23-31 Aug 215.8 122.1 Hurricane "Irma" 5-13 Sep 597.9 342.6 Earthquake, Mexico 7-8 Sep 11.3 8.7 Hurricane "Maria" 18-21 Sep 413.8 284.7 Earthquake, Mexico 19 Sep 45.1 40.5 California Wildfire, USA 7-30 Oct 212.6 81.9 California Wildfire, USA 3-20 Dec 27.7 19.2 12 Natural catastrophes 1,642.2 988.2 4 Property claims 119.9 111.3 2 Credit claims 27.7 27.7 18 Major losses 1,789.9 1,127.3 * Natural catastrophes and other major losses in excess of EUR 10 m. gross 69

Good underlying profitability in Life & Health Result affected by legacy US mortality business Life & Health R/I in m. EUR Q4/2016 Q4/2017 2016 2017 Gross written premium 1,816 1,795 7,149 7,080 Net premium earned 1,589 1,684 6,425 6,473 YTD GWP f/x-adj. +1.4%, reduced premium volume from large-volume treaties compensated by diversified growth NPE f/x-adjusted growth +3.0% Net underwriting result incl. interest on funds withheld (55) (76) (55) (269) Technical result impacted by legacy US mortality biz including recapture of EUR -45 m. Net investment income from assets under own management 67 77 331 343 Other income and expenses 41 38 67 171 Operating profit/loss (EBIT) 53 39 343 245 EBIT margin 3.3% 2.3% 5.3% 3.8% Tax ratio 15.6% 1.5% 25.2% 27.0% Favourable ordinary investment income Other income increased due to strong contribution from deposit accounted treaties of EUR 184 m. (2016: EUR 64 m.) EBIT margins: Financial solutions: 25.4% (target: 2%) Longevity: 2.1% (target: 2%) Mortality/Morbidity 0.0% (target: 6%) Group net income 44 37 253 173 Earnings per share (in EUR) 0.37 0.31 2.10 1.43 70

Ordinary investment income increased by 11.5% Realisations boost strong result even further in m. EUR Q4/2016 Q4/2017 2016 2017 RoI YTD Ordinary investment income* 317 352 1,171 1,305 3.2% Realised gains/losses 53 34 206 377 0.9% Impairments/appreciations & depreciations Change in fair value of financial instruments (through P&L) * Incl. results from associated companies (15) (37) (76) (71) -0.2% (3) 16 26 39 0.1% Investment expenses (29) (29) (109) (111) -0.3% NII from assets under own mgmt. 322 337 1,218 1,539 3.8% NII from funds withheld 82 55 332 235 Total net investment income 404 391 1,550 1,774 Unrealised gains/losses of investments 31 Dec 16 31 Dec 17 On-balance sheet 1,355 1,159 thereof Fixed income AFS 728 706 Off-balance sheet 509 489 thereof Fixed income HTM, L&R 370 315 Total 1,864 1,648 Strong rise in ordinary income despite lower yielding fixed income portfolio mainly due to high - partially extraordinary - income from private equity and real estate funds Realised gains/losses impacted by liquidation of listed equity. Gain from equity sale represents EUR 226 m. or 0.6 %-p. Impairments on real estate and participations; major portion still from regular depreciation on real estate Higher EUR- and GBP yields reduce reserves of (semi-) government bonds and covereds; lower valuation reserves mostly due to disposal of listed equity 71

Target Matrix 2017 Achievement of profit targets impacted by high NatCat frequency Business group Key figures Strategic targets for 2017 2017 Group Return on investment 1) >2.7% 3.8% Return on equity 2) 9.8% 10.9% Earnings per share growth (y-o-y) 6.5% -18.2% Value creation per share 3) 7.5% 1.5% Property & Casualty R/I Gross premium growth 3% - 5% 4) 18.7% Combined ratio 96% 5) 99.8% EBIT margin 6) 10% 12.2% xroca 7) 2% 1.1% Life & Health R/I Gross premium growth 5% - 7% 8) 1.4% Value of New Business (VNB) 9) EUR 220 m. EUR 364 m. EBIT margin 6) Financial solutions/longevity 2% 13.2% EBIT margin 6) Mortality/Morbidity 6% 0.0% xroca 7) 3% -8.5% 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%) 72

Our strategic business groups at a glance 2017 vs. 2016 Property & Casualty R/I Life & Health R/I Total in m. EUR 2016 2017 Δ 2016 2017 Δ 2016 2017 Δ Gross written premium 9,205 10,711 +16.4% 7,149 7,080-1.0% 16,354 17,791 +8.8% Net premium earned 7,985 9,159 +14.7% 6,425 6,473 +0.7% 14,410 15,632 +8.5% Net underwriting result 479 (2) -100.5% (363) (486) +34.0% 116 (489) - Net underwriting result incl. funds withheld 503 15-96.9% (55) (269) - 448 (254) -156.6% Net investment income 901 1,209 +34.2% 639 561-12.3% 1,550 1,774 +14.4% From assets under own management 877 1,192 +35.9% 331 343 +3.8% 1,218 1,539 +26.3% From funds withheld 24 18-26.0% 308 217-29.5% 332 235-29.3% Other income and expenses (40) (87) +118.5% 67 171 +154.1% 23 79 - Operating profit/loss (EBIT) 1,340 1,120-16.4% 343 245-28.6% 1,689 1,364-19.2% Interest on hybrid capital (0) (0) - 0 0 - (72) (72) +0.1% Net income before taxes 1,340 1,120-16.4% 343 245-28.6% 1,618 1,293-20.1% Taxes (339) (203) -40.1% (87) (66) -23.4% (391) (248) -36.6% Net income 1,001 917-8.4% 257 179-30.3% 1,226 1,045-14.8% Non-controlling interest 51 80 +55.3% 4 6 +62.8% 55 86 +55.8% Group net income 950 837-11.8% 253 173-31.7% 1,171 959-18.2% Retention 88.5% 89.7% 90.4% 91.7% 89.3% 90.5% Combined ratio (incl. interest on funds withheld) 93.7% 99.8% 100.9% 104.2% 96.9% 101.6% EBIT margin (EBIT / Net premium earned) 16.8% 12.2% 5.3% 3.8% 11.7% 8.7% Tax ratio 25.3% 18.1% 25.2% 27.0% 24.2% 19.2% Earnings per share (in EUR) 7.88 6.94 2.10 1.43 9.71 7.95 73

Our strategic business groups at a glance Q4/2017 vs. Q4/2016 Property & Casualty R/I Life & Health R/I Total in m. EUR Q4/2016 Q4/2017 Δ Q4/2016 Q4/2017 Δ Q4/2016 Q4/2017 Δ Gross written premium 2,084 2,512 +20.5% 1,816 1,795-1.1% 3,900 4,307 +10.4% Net premium earned 2,060 2,406 +16.8% 1,589 1,684 +6.0% 3,649 4,090 +12.1% Net underwriting result 204 307 +50.7% (132) (126) - 71 180 +152.0% Net underwriting result incl. funds withheld 209 311 +48.9% (55) (76) - 154 235 +52.8% Net investment income 258 263 +1.6% 144 128-11.3% 404 391-3.1% From assets under own management 253 258 +2.0% 67 77 +15.1% 322 337 +4.6% From funds withheld 5 4-19.2% 77 50-34.4% 82 55-33.4% Other income and expenses (17) (51) - 41 38-23 (13) -159.3% Operating profit/loss (EBIT) 445 519 +16.4% 53 39-498 558 +12.0% Interest on hybrid capital (0) (0) - (0) 0 - (18) (18) +0.4% Net income before taxes 445 519 +16.4% 53 39-480 540 +12.4% Taxes (95) (106) - (8) (1) - (84) (105) +24.6% Net income 351 412 +17.5% 45 39-13.3% 396 435 +9.8% Non-controlling interest 16 23 +45.3% 1 2 +205.7% 17 25 +50.9% Group net income 334 389 +16.2% 44 37-16.2% 379 410 +8.0% Retention 89.1% 91.1% 87.2% 92.3% 88.2% 91.6% Combined ratio (incl. interest on funds withheld) 89.9% 87.1% 103.5% 104.5% 95.8% 94.3% EBIT margin (EBIT / Net premium earned) 21.6% 21.5% 3.3% 2.3% 13.7% 13.6% Tax ratio 21.3% 20.5% 15.6% 1.5% 17.6% 19.5% Earnings per share (in EUR) 2.77 3.22 0.37 0.31 3.15 3.40 74

Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Results 2017 Outlook Appendix Guidance for 2018 Hannover Re Group Gross written premium 1) single-digit percentage growth Return on investment 2) 3) 2.7% Group net income 2) more than EUR 1 bn. Dividend payout ratio 4) 35% - 40% (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 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

Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Results 2017 Outlook Appendix Overall profitability above margin requirements Property & Casualty reinsurance: financial year 2018 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

Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Results 2017 Outlook Appendix Good underlying profitability in L&H business Further strains from legacy US mortality business expected in 2018 Financial solutions Reporting categories Volume 1) Profitability 2) Financial solutions ++ Longevity +/- Risk solutions Mortality - Morbidity +/- 1) In EUR 2) ++ = well above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 77

Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Results 2017 Outlook Appendix Rationale for our short- and medium-term outlook Property & Casualty R/I: Positioned to outperform Improved rates should support C/R target 96% without the need to reduce confidence level of the loss reserves Strong market position and financial strength enable us to outgrow the market Life & Health R/I: Increasing profits (EBIT) in the medium term Attractive earnings contribution from US Financial solutions business Inforce management in US mortality business could impact EBIT contribution in 2018 due to recaptures EBIT expectation for 2018: ~EUR 200 m. Above-target VNB development and inforce management are the basis for IFRS profit growth from 2019 onwards Investments: Stable RoI in low yield environment Normalised ordinary investment income expected at absolute level on average of past 5 years; medium-term growth expected due to increase in AuM supported by positive cash flow and increasing reinvestment yields 78

Financial calender and our Investor Relations contacts 7 May 2018 Annual General Meeting Quarterly Statement as at 31 March 2018 9 August 2018 Half-yearly Report as at 30 June 2018 18 October 2018 Investors Day 2018 8 November 2018 Quarterly Statement as at 30 September 2018 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 5 February 2019 1 January P&C Treaty Renewals Hannover Rück SE Karl-Wiechert-Allee 50 30625 Hannover, Germany www.hannover-re.com I