Hannover Re: the somewhat different reinsurer

Hannover Re: the somewhat different reinsurer July 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 73 Interim Results Q1/2018 74 77 Outlook 2018 I IV Appendix

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

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

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

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. 1) 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 For further information please see A.M. Best Best s Special Report (September 2017) 1) Expected to become the 3rd largest reinsurer in 2017 2) Reinsurance only 3) Net premium earned 3) 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 2017 Global insurance premiums ~ EUR 4.3 trillion Global reinsurance premiums ~ EUR 243 billion Source: ow n research (global market size based on estimate of total ceded premiums by primary insurers) as at May 2018 6

Growing Property and Casualty reinsurance market Hannover Re outperforms the market Market size and concentration 2017 in bn. EUR 4-year CAGR Market +5.2% Other 12% Top 11-50 31% Top 10 57% 134 19% 27% 135 151 154 165 12% 31% Other -6.4% Top 11-50 +9.1% Top 10 +6.6% Hannover Re 7% 48% 50% HR +8.2% 6% 7% 2013 2014 2015 2016 2017 Source: ow n research as at May 2018 Top 10 in 2017: Munich Re, Berkshire Hathaw ay, Sw iss Re, Lloyd's, Hannover Re, SCOR, Everest Re, XL Catlin, GIC India, Alleghany 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 2017 in bn. EUR 4-year CAGR Other 6% 70 75 79 6% Market +8.3% Top 6-10 27% 57 60 6% 10% 11% 18% 9% Other +9.8% Top 6-10 +15.5% HR 9% Top 5 67% 67% Top 5 +5.8% 73% Top 10 94% HR +3.6% 2013 2014 2015 2016 2017 Source: ow n research as at May 2018 Top 10 in 2017: Munich Re, Sw iss Re, RGA, Great-West Lifeco, SCOR, Hannover Re, China Re, Berkshire Hathaw ay, Korean Re, Pacific Life Top 10 ranking for each year 8

237% 23% 229% 225% 221% 217% 213% 209% 205% 201% 197% 193% 189% 185% 181% 17% 173% 169% 165% 161% 157% 153% 149% 145% 141% 137% 13% 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 30 250 20 150 Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Q1/2018 Outlook 2018 Appendix Reinsurance market conditions will improve...... when the RoE becomes sufficiently low Development of return on equity and Guy Carpenter Global Property Cat RoL index 17.0% 14.0% 13.7% 12.8% 12.5% 11.4% 10.8% 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) w ith more than 50% reinsurance business 2005-2017), ow n calculation 9

Demand for reinsurance Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Q1/2018 Outlook 2018 Appendix Reinsurance is and will be an attractive product Drivers for reinsurance demand Drivers Impact on insurance Value proposition R/I Global trends Value concentration Protection gap Demographic change Global trends New products/markets New Emerging products markets/ markets Digitalisation/Cyber Emerging risks Capital requirement Regulatory changes Capital Risk-based requirement capital models Ratings, local GAAP, IFRS Volatile earnings Expectations of Volatile shareholders, earnings regulators and rating agencies Increasing demand for insurance of non-diversifying risks New risks lead to higher volatility and need for additional know-how High cost of capital/ need for capital management High cost of capital Strong capital base Diversification Expertise in risk management Support and expertise in product development and pricing Optimising capital requirements Reducing cost of capital Managing earnings volatility Support in distributing products in new markets 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 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 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% 3.8% 10.9% 11.3% 10.7% 10.2% 1.1% 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 show s the Top 10 of the Global Reinsurance Index (GloRe) Data based on company data, ow n 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 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) Grow th 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 grow th only; annual average grow th (5-year period), at constant f/x rates 10) Based on Solvency II principles and pre-tax reporting 21

Sustainability strategy Hannover Re Group Property & Casualty R/I Life & Health R/I Investment mgmt. Capital mgmt. Q1/2018 Outlook 2018 Appendix Sustainability at Hannover Re Strategic approach: We are committed to sustainability, integrity and compliance Governance and Dialogue Product Responsibility Commitment to a responsible and transparent corporate goverance geared to lasting success Continous refining of our efficiently functioning compliance management Maintaining an open and ongoing dialogue with our stakeholders Development and Expansion of sustainable insurance products Refinement of the sustainability approach within our asset management Intensifying the sharing of knowledge about emerging risks with our customers and business partners Employees Promoting, preserving and restoring the physical and mental well-being of employees Promoting diversity and equal opportunities Environment and Society Continous refinement of our environmental management system Ongoing evaluation of suppliers according to environmental and social standards Engagement in environmental and social projects across all locations 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 Toronto Charlotte Chicago Denver New York Orlando Madrid Dublin London Paris Hannover Milan Stockholm Asia Manama Seoul Tokyo Taipei Hamilton Mexico City Hong Kong Shanghai Mumbai Bogotá Rio de Janeiro Africa Abidjan Johannesburg Australia Sydney 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 12.3% Value creation since IPO in m. EUR 2016 2017 +1,348% Market capitalisation as of date 12,397 12,651 - Market capitalisation at IPO (Nov 1994) + Dividend payments (cumulative) - Capital increases (1996, 1997, 2001, 2003) 1,084 1,084 4,338 4,941 811 811 Value creation since IPO 14,840 15,697 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 Our profit contribution xroca* 2% EBIT margin 10% Combined ratio 96% 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 * 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% 5% 3% 5% 7% 12% 18% 18% 15% 15% 9,338 9,205 4% 4% 19% 3% 4% 6% 7% 12% 15% 16% 14% 20% 3% 5% 3% 7% 11% 15% 18% 10,711 3% 4% 24% 17% 2% 3% 7% 6% 8% 14% 16% 2014 2015 2016 2017 Germany 9% Latin Africa America 2% 6% United Kingdom 9% Asia 13% 11% 9% 15% 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 2018: 100% + 3.6% - 7.4% = 96.2% 2017: 100% + 3.8% - 7.7% = 96.1% 2016: 100% + 3.4% - 7.4% = 96.0% 2015: 100% + 3.8% - 7.6% = 96.3% As at March 2018 34

MtCR varies substantially by line of business 2018 Net premium earned (100%) North America* + Economic revaluation - Capital margin = MtCR 7.1% 12.0% 95.1% Continental Europe* 3.4% 7.5% 95.9% Marine 3.2% 13.6% 89.6% Aviation 5.5% 8.4% 97.0% Credit, surety and political risks 3.1% 9.0% 94.1% UK, Ireland, London market and direct 4.9% 6.8% 98.1% Facultative R/I 5.0% 9.2% 95.8% Worldwide Treaty R/I* 3.3% 7.5% 95.8% Cat XL 4.0% 15.5% 88.6% Structured R/I and ILS 0.7% 2.2% 98.5% Total Property & Casualty R/I 3.6% 7.4% 96.2% As at March 2018 * All lines of Property & Casualty reinsurance except those stated separately 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. WillisTow ers Watson review ed these estimates - more details show n 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 ~ USD 604 m. + expected premium Group EBIT EUR 1,364 m. Policyholders' surplus (shareholders' equity, non-controlling interest, hybrid capital) 2017: EUR 10,779 m. As at March 2018 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 underw riting 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 contribution from L&H Flexible Efficient We are a highly flexible business partner Tailor-made services and solutions Ability to anticipate market and client demands We foster an efficient organisational set-up 900 experts in 25 offices on all continents Highly empowered staff Undogmatic We have an undogmatic approach Entrepreneurial spirit Appetite to innovate industry solutions We offer small company flexibility with a large company balance sheet 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 Our profit contribution VNB 1) EUR 220 m. EBIT growth 5% xroca 2) 2% Reinsurance services Improvement of sales and underwriting processes 1) Based on Solvency II principles and pre-tax reporting 2) 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 w ith 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 52,146 53,337 53,637 50,960 46,218 14,343 15,918 13,990 11,844 10,903 1,412 357 1,472 376 1,665 395 1,550 332 1,774 235 31,875 36,228 39,347 41,793 40,057 1,054 1,096 1,270 1,218 1,539 2013 2014 2015 2016 2017 Funds withheld and contract deposits Assets under own management 2013 2014 2015 2016 2017 Income and expenses on funds withheld and contract deposits Net income from assets under own management 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

Barbell strategy stopped and slight risk reduction...... reflected at government bonds and corporates Asset allocation 1) Investment category 2014 2015 2016 2017 31 Mar 18 Fixed-income securities 90% 87% 87% 87% 87% - Governments 21% 26% 28% 30% 32% - Semi-governments 19% 17% 18% 17% 17% - Corporates 36% 34% 33% 32% 30% Investment grade 33% 30% 28% 27% 26% Non-investment grade 3% 4% 4% 5% 4% - Pfandbriefe, Covered bonds, ABS 14% 10% 9% 8% 8% Equities 2% 3% 4% 2% 2% - Listed equity <1% 1% 2% <1% <1% - Private equity 2% 2% 2% 2% 2% Real estate/real estate funds 4% 4% 5% 5% 5% Others 1% 1% 1% 1% 1% Short-term investments & cash 4% 5% 4% 4% 5% Total market values in bn. EUR 36.8 39.8 42.3 40.5 40.9 2) 1) Economic view based on market values w ithout outstanding commitments for Private Equity and Alternative Real Estate as w el as fixed-income investments of EUR 1.271,9 m. (EUR 1,201.9 m.) as at 31 March 2018 2) Of w hich Pfandbriefe and Covered Bonds = 78.8% 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 78.6% 64.1% 1.1% 67.2% - 48.9% AA 11.7% 23.7% 14.5% 17.2% - 15.6% A 5.3% 5.9% 33.5% 6.4% - 14.9% BBB 2.5% 1.5% 43.0% 6.7% - 16.2% <BBB 1.9% 4.7% 7.8% 2.4% - 4.5% Total 100.0% 100.0% 100.0% 100.0% - 100.0% Germany 13.5% 49.4% 4.4% 26.1% 29.3% 19.4% UK 8.4% 2.3% 8.1% 11.0% 9.6% 7.4% France 1.1% 1.4% 7.8% 6.3% 0.1% 3.6% GIIPS 1.0% 1.0% 4.5% 5.4% 0.0% 2.4% Rest of Europe 2.7% 14.3% 16.0% 18.4% 4.2% 10.5% USA 59.4% 6.7% 34.4% 9.8% 14.8% 34.9% Australia 4.0% 7.7% 8.6% 10.9% 7.1% 6.9% Asia 5.8% 6.3% 5.2% 0.7% 21.1% 6.1% Rest of World 4.3% 10.8% 11.1% 11.4% 13.8% 8.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total b/s values in m. EUR 13,038 6,966 11,500 2,989 2,052 36,545 Total IFRS figures as at 31 March 2018 53

Currency allocation matches liability profile of balance sheet Duration-neutral strategy applied Currency split of investments GBP 8.3% AUD 5.7% CAD 2.8% 6.5 4.7 Others 7.4% 5.2 2.2 Modified duration of portfolio 5.9 EUR 30.1% Modified duration of fixedincome mainly congruent with liabilities GBP s higher modified duration predominantly due to life business Modified duration 2017 4.8 2016 5.0 4.2 2015 4.4 2014 4.6 2013 4.4 USD 45.7% 2012 4.5 Modified duration as at 31 March 2018: 4.8 54

Stress tests on assets under own management Unchanged focus on yields and credit spreads; reduced relevance of equities Portfolio Scenario Change in market value in m. EUR Change in OCI before tax in m. EUR -10% -80-80 Equity (listed and private equity) -20% -161-161 +50 bps -855-775 Fixed-income securities +100 bps -1,665-1,509 Credit spreads +50% -613-590 As at 31 March 2018 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 Senior unsecured bond ISIN: XS1808482746 EUR 750 m. 2018-04-18 2028-01-18 2028-04-18 Annually on every April 18 (commencing April 18, 2019): 1.125% p.a. Undated subordinated bond Format: PerpNC10,8 ISIN: XS1109836038 Dated subordinated bond Format: 30,6NC10,6 ISIN: XS0856556807 EUR 500 m. 2014-09-15 2025-06-26 Perpetual EUR 500 m. 2012-11-20 2023-06-30 2043-06-30 Until first call date: 3.375% p.a. and thereafter 3.25% p.a. above 3 months EURIBOR Until first call date: 5.00% p.a. and thereafter 4.30% p.a. above 3 months EURIBOR Dated subordinated bond Format: 30NC10 ISIN: XS0541620901 EUR 500 m. 2010-09-14 2020-09-14 2040-09-14 Conventional reinsurance/retrocession on an opportunistic basis (i.e. use of other reinsurers' capital) Securitisations, capital market transactions First 10 years: 5.75% p.a. and thereafter 4.235% p.a. above 3 months EURIBOR Competitive advantage through low cost of capital (WACC) 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 3) As at 1 July 2018 1) Negative outlook 2) Under review w ith developing implications 3) Positive outlook 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 with substantial excess capital Internal Metrics 1) Solvency II 2) Solvency II 3) in m. EUR 31.12.2017 31.12.2017 31.12.2016 Available Economic Capital / Eligible Own Funds 13,041-745 12,296 12,835 Haircut for minority interests 4) Confidence Level 99.5% 99.5% 99.5% Required Capital / Solvency Capital Requirements 4,729 4,729-857 5,586 Approval of internal model for OpRisk Excess Capital 8,312 7,567 7,249 Capital Adequacy Ratio (CAR) 276% 260% 230% Minimum Target Ratio (Limit) Minimum Target Ratio (Threshold) 180% 180% 180% 200% 200% 200% 1) Internal Metric: full internal model, full transferability of capital 2) Regulatory view (Solvency II): full internal model incl. operational risk (starting Q3/2017), confidence level at 99.5%; ow n funds based on the Solvency II reporting as of year-end 2017; small deviations compared to annual report since the amounts are based on final Solvency II year end reporting as presented in the SFCR. 3) Regulatory view (Solvency II): partial internal model w ith standard formula for operational risk, confidence level at 99.5%; small deviations compared to annual report 2016 since the amounts are based on final Solvency II year end reporting as presented in the SFCR. 4) Non-available minority interests mostly consist of non-controlling interests in E+S Rückversicherung AG 60

Increasing buffer above Solvency II capital targets Despite significant changes in economic environment Development of the capital adequacy ratio (regulatory view) 2016: Overall increase in available capital due to positive results and favourable new business developments in line with increase in required capital 2017: Increase in solvency ratio due to application of full internal model (including OpRisk), f/x-induced reduction in funds and capital requirements 260% 2017 capital composition Threshold 200% Limit 180% 221% 230% 4% 9% 0.3% 11,983 12,835 12,296 87% 5,433 5,586 4,729 Q4/2015 Q4/2016 Q4/2017 Eligible Capital Solvency Capital Requirements (SCR) Tier 1 - unrestricted Tier 1 - restricted Tier 2 Tier 3 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 9,287 503 3,981 1,732 656 745 10,636 34 12,296 1,273 0.3% 1,091 9% 535 4% Tier 3 87% Unutilised Tier 2 capacity Tier 2 capital Tier 1 hybrid capital Tier 1 unrestricted capital Shareholders' equity incl. minorities (IFRS) Adjustments for assets under own management Adjustments for technical provisions Adjustments due to tax effects and others 1) Foreseeable dividends 2) Minority haircut Tier 1 unrestricted capital Hybrid capital Tier 3 3) Basic own funds As at year-end 2017; small deviations compared to annual report since the amounts are based on final Solvency II year end reporting as presented in the SFCR. 1) Adjustments for technical provisions incl. risk margin 2) Foreseeable dividends and distributions refer to Hannover Rück SE dividend as w ell as dividends to minorities w ithin Hannover Re Group 3) Tier 3 capital arises as a consequence of net deferred tax assets in subsidiaries of the Hannover Re Group. We have changed presentation compared to 2016 due to a clarification of the Solvency II requirements issued in 2017 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 3,462 282 Operational 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* 12,296 As at 31 December 2017 * According to the internal model (before 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 2,251 39% 2,254 4,726 423 217 4,726 901 821 549 0 2,000 4,000 6,000 5,713 64

Favourable start to 2018 EBIT increase of +8.5% outperforms NPE growth GWP 4,547 in m. NPE in m. EBIT in m. Group net income in m. 5,345 +17.6% 3,738 3,999 +7.0% 400 +8.5% 434 +3.3% 265 273 Q1/2017 Q1/2018 F/x-adj.: +27.5%; driven by a few large P&C transactions Return on Equity 13.0% Well above minimum target of 9.5% Q1/2017 Q1/2018 F/x-adjusted: +16.1% Book value per share Q1/2017 Q1/2018 EUR 69.27-2.1%: reduced OCI (i.e. f/x-movement, interest rates + spread increases) Q1/2017 Q1/2018 Supported by strong underwriting result from both business groups and above-target investment income Solvency II ratio 31.12.2017: 260% ERER P&C R/I EBIT: 339 m. Very satisfying EBIT margin (14.0%) supported by strong investment income C/R of 95.9% meets the set target Strong premium growth (f/x-adj. +38.8%) driven by new business in Structured R/I and worldwide treaty Figures in EUR L&H R/I EBIT: 96 m. EBIT growth (+6.9%) driven by worldwide biz excl. US; development of legacy US mortality biz better than expectations Strong premium growth (f/x-adj. +9.2%) above expectations High one-off tax burden due to reorganisation following US tax reform Investments NII: 391 m. RoI from AuM: 3.3% RoI significantly exceeds target ( 2.7%) Stable ordinary income Realised gains up due to slightly changed investment strategy 65

Strong growth in both business groups and pleasing NII...... produces favourable Group net income Group figures in m. EUR Q1/2017 Q1/2018 Δ Gross written premium 4,547 5,345 +17.6% Net premium earned 3,738 3,999 +7.0% Net underwriting result (23) 37 - - Incl. funds withheld 49 96 +93.7% Net investment income (NII) 393 391-0.4% - From assets under own mgmt. 320 333 +4.0% - From funds withheld 73 59-19.5% Other income and expenses 30 5-82.5% Operating profit/loss (EBIT) 400 434 +8.5% Interest on hybrid capital (18) (18) +0.1% Net income before taxes 382 416 +8.9% Taxes (96) (117) +21.9% Net income 286 299 +4.5% - Non-controlling interests 22 26 +20.3% Group net income 265 273 +3.3% Retention 89.6% 91.3% EBIT margin (EBIT/Net premium earned) 10.7% 10.8% Tax ratio 25.1% 28.1% Earnings per share (in EUR) 2.20 2.27 66

Significant top and bottom line growth Increased underwriting result and strong investment income Property & Casualty R/I in m. EUR Q1/2017 Q1/2018 Δ Gross written premium 2,815 3,579 +27.1% Net premium earned 2,166 2,425 +12.0% YTD GWP f/x-adjusted +38.8%; particularly strong growth in Structured R/I and Worldwide treaty; further growth in other business lines NPE f/x-adjusted +22.4% Net underwriting result incl. interest on funds withheld Combined ratio incl. interest on funds withheld Net investment income from assets under own management 96 100 +4.0% 95.6% 95.9% +0.3%p 238 260 +9.2% Major losses of EUR 73 m. below budget for Q1/2018 (3.0% of NPE) Unchanged policy regarding setting of loss reserves Satisfactory ordinary investment income and positive contribution from realised gains Other income and expenses (24) (21) -14.0% Operating profit/loss (EBIT) 310 339 +9.4% Tax ratio 24.7% 23.3% -1.4%p EBIT margin of 14.0% (Q1/2017: 14.3%), well above target (10%) Group net income 215 235 +9.0% Earnings per share (in EUR) 1.79 1.95 67

Major losses below budget of EUR 167 m. for Q1/2018 Natural and man-made catastrophe losses* in m. EUR 1,730 1,790 672 458 291 240 863 662 981 662 478 724 578 559 426 714 573 846 627 1,127 90 73 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1/2018 Natural and man-made catastrophe losses in % of Property & Casualty premium 13% 5% 14% 25% 9% 9% 7% 8% 9% 17% 3% 11% 5% 12% 16% 7% 8% 6% 7% 8% 12% 3% Expected large losses (net) in m. EUR 428 450 500 530 560 625 670 690 825 825 825 Gross Net Expected large losses (net) * Up to 2011 claims over EUR 5 m. gross, from 2012 onw ards claims over EUR 10 m. gross 68

Overall benign large loss experience in Q1/2018 Catastrophe losses* in m. EUR Date Gross Net Storm "Friederike", Europe 17. - 18. Jan 47.9 31.5 1 Natural catastrophe 47.9 31.5 1 Property claim 19.1 19.0 1 Credit claim 22.9 22.9 3 Major losses 89.9 73.4 * Natural catastrophes and other major losses in excess of EUR 10 m. gross 69

Pleasing EBIT growth of 6.9% US mortality results better than expected Life & Health R/I in m. EUR Q1/2017 Q1/2018 Δ Gross written premium 1,732 1,766 +2.0% Net premium earned 1,572 1,574 +0.1% YTD GWP f/x-adj. +9.2%, mainly from Asia and United Kingdom NPE f/x-adjusted growth +7.4% Net underwriting result incl. interest on funds withheld (46) (4) -91.9% Improved technical result driven by better morbidity experience Net investment income from assets under own management 81 72-10.7% Other income and expenses 55 28-50.0% Operating profit/loss (EBIT) 90 96 +6.9% Stable ordinary investment income Other income lower due to f/x effects; contribution from deposit accounted treaties of EUR 45 m. (Q1/2017: EUR 47 m.) Targeted EBIT growth of +5% achieved EBIT margin 5.7% 6.1% +0.4%p Tax ratio 28.4% 45.9% +17.5%p Tax ratio above long-term average due to changes in business set-up linked to the US tax reform Group net income 61 51-15.7% Earnings per share (in EUR) 0.50 0.42 70

Net investment income well above 2.7% target for 2018 Unrealised gains lower due to higher interest rates and credit spreads in m. EUR Q1/2017 Q1/2018 RoI YTD Ordinary investment income* 323 317 3.2% Realised gains/losses 24 49 0.5% Impairments/appreciations & depreciations (11) (11) -0.1% Change in fair value of financial instruments (through P&L) 11 6 0.1% Investment expenses (28) (28) -0.3% NII from assets under own mgmt. 320 333 3.3% NII from funds withheld 73 59 Total net investment income 393 391 Unrealised gains/losses of investments 31 Dec 17 31 Mar 18 On-balance sheet 1,159 740 thereof Fixed income AFS 706 334 Off-balance sheet 489 438 thereof Fixed income HTM, L&R 315 290 Total 1,648 1,177 Ordinary income from fixed income, private equity and real estate exactly at last year s level; slight decrease due to last year s dividends from listed equities Result from realisations out of slightly changed investment strategy Impairments only taken on private equity; major portion still due to regular depreciation on real estate Decrease in unrealised gains due to higher USD and GBP interest rate levels as well as higher risk spreads on European and US corporates * Incl. results from associated companies 71

Target Matrix Business group Key figures Strategic targets for 2018 Q1/2018 Group Return on investment 1) 2.7% 3.4% Return on equity 2) 9.5% 13.0% Earnings per share growth (y-o-y) 5% 3.3% Economic value creation 3) 6.5% n.a. Solvency ratio 4) 200% 260.0% Property & Casualty R/I Gross premium growth 5) 3% - 5% 38.8% Combined ratio 6) 96% 95.9% EBIT margin 7) 10% 14.0% xroca 8) 2% n.a. Life & Health R/I Gross premium growth 9) 3% - 5% 9.2% Value of New Business (VNB) 10) EUR 220 m. n.a. EBIT growth 5% 6.9% xroca 8) 2% n.a. 1) Excl. effects from ModCo derivatives 2) After tax; target: 900 bps above 5-year average return of 10-year German government bonds 3) Grow th in economic equity + paid dividend; target: 600 bps above 4) According to our internal capital model and Solvency II requirements; as of 31 December 2017 5-year average return of 10-year German government bonds 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 grow th only; annual average grow th (5-year period), at constant f/x rates 10) Based on Solvency II principles and pre-tax reporting 72

Our strategic business groups at a glance Q1/2018 vs. Q1/2017 Property & Casualty R/I Life & Health R/I Total in m. EUR Q1/2017 Q1/2018 Δ Q1/2017 Q1/2018 Δ Q1/2017 Q1/2018 Δ Gross written premium 2,815 3,579 +27.1% 1,732 1,766 +2.0% 4,547 5,345 +17.6% Net premium earned 2,166 2,425 +12.0% 1,572 1,574 +0.1% 3,738 3,999 +7.0% Net underwriting result 91 92 +1.2% (114) (55) -52.1% (23) 37 - Net underwritung result incl. funds withheld 96 100 +4.0% (46) (4) -91.9% 49 96 +93.7% Net investment income 243 268 +10.1% 148 123-17.2% 393 391-0.4% From assets under own management 238 260 +9.2% 81 72-10.7% 320 333 +4.0% From funds withheld 5 8 +52.7% 68 51-25.0% 73 59-19.5% Other income and expenses (24) (21) -14.0% 55 28-50.0% 30 5-82.5% Operating profit/loss (EBIT) 310 339 +9.4% 90 96 +6.9% 400 434 +8.5% Interest on hybrid capital 0 0-0 (0) - (18) (18) +0.1% Net income before taxes 310 339 +9.4% 90 96 +6.9% 382 416 +8.9% Taxes (77) (79) +3.0% (25) (44) +73.1% (96) (117) +21.9% Net income 233 260 +11.5% 64 52-19.4% 286 299 +4.5% Non-controlling interest 18 25 +41.0% 4 1-79.7% 22 26 +20.3% Group net income 215 235 +9.0% 61 51-15.7% 265 273 +3.3% Retention 88.6% 91.6% 91.3% 90.7% 89.6% 91.3% Combined ratio (incl. interest on funds withheld) 95.6% 95.9% 102.9% 100.2% 98.7% 97.6% EBIT margin (EBIT / Net premium earned) 14.3% 14.0% 5.7% 6.1% 10.7% 10.8% Tax ratio 24.7% 23.3% 28.4% 45.9% 25.1% 28.1% Earnings per share (in EUR) 1.79 1.95 0.50 0.42 2.20 2.27 73

Revised guidance for 2018 Hannover Re Group Gross written premium 1) more than 10% growth Return on investment 2) 3) at least 2.7% Group net income 2) more than EUR 1 bn. Dividend payout ratio 4) 35% - 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 74

Overall profitability above margin requirements Good growth opportunities in several lines of business Target markets Specialty lines worldwide Global reinsurance Lines of business Volume 1) Profitability 2) North America 3) + Continental Europe 3) + Marine +/- Aviation Credit, surety and political risks + UK, Ireland, London market and direct +/- Facultative reinsurance + Worldwide treaty 3) reinsurance +/- Cat XL +/- Structured reinsurance and ILS +/- - 1) In EUR, development in original currencies can be different 2) ++ = w ell above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 3) All lines of business except those stated separately 75

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, development in original currencies can be different 2) ++ = w ell above CoC; + = above CoC; +/- = CoC earned; - = below Cost of Capital (CoC) 76

Rationale for our short- and medium-term outlook P&C reinsurance L&H reinsurance Investments Improved rates should support C/R target 96% without the need to significantly reduce confidence level of the loss reserves Strong market position and financial strength enable us to outgrow the market 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 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 Positioned tooutperform Increasing profits (EBIT) in the medium term Stable Return on Investment in a low yield environment 77

Financial calender and our Investor Relations contacts 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 5 February 2019 1 January P&C Treaty Renewals 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 7 March 2019 Annual Results Press Conference and Analysts Conference Hannover Rück SE Karl-Wiechert-Allee 50 30625 Hannover, Germany w ww.hannover-re.com I