The combined non-financial information statement is a section of the report that the legislator has expressly exempted from the audit of the financial statements (§ 317 (2) Sentence 6 and Sentence 4 German Commercial Code (HGB); unaudited information). The combined non-financial information statement presented here has, however, been audited with limited assurance by the auditing firm of Pricewaterhouse- Coopers in accordance with the audit standard ISAE 3000 (Revised) (see "Independent Auditor’s Report").
The present combined Group non-financial information statement was drawn up in accordance with §§ 315b and 315c in conjunction with 289b to 289e German Commercial Code (HGB). It combines the disclosures for the Group and the parent company Hannover Rück SE. Unless indicated separately, the disclosures are equally applicable to the Group and the parent company. The combined non-financial information statement contains the legally required information relating to significant environmental matters, employee matters, social matters, respect for human rights and combatting corruption and bribery. Within these individual aspects the underlying concepts and due diligence processes are discussed and available findings are reported. In addition, the combined non-financial information statement is to be used to report on material risks pursuant to § 289c (3) No. 3 and 4 German Commercial Code (HGB) to the extent necessary for an understanding of the business development, business result, position of Hannover Rück SE and the Group and implications for non-financial matters. In view of the fact that we purposefully enter into numerous risks in the context of our business operations, we have put in place an extensive and effective risk management system. For a description of the risk management system please see the “Risk report” section under “Opportunity and risk report” in the combined management report.
Within the Hannover Re Group risks are evaluated in light of risk-mitigating measures. In connection with non-financial aspects no material risks were identified by the established organisation for sustainability management or within risk management that are linked to our own business activities or the company’s business relations, products or services and which are very likely to materialise and have or will have serious adverse implications for non-financial matters. Emerging risks, the content of which cannot yet be evaluated with any certainty, are monitored in the context of Group-wide risk management.
Hannover Re has defined exclusively financial management ratios and key financial performance indicators. For this reason, no non-financial performance indicators pursuant to § 289c (3) No. 5 German Commercial Code (HGB) are available that are relevant to the management of the Hannover Re Group’s business.
Pursuant to § 315b (1) Sentence 3 German Commercial Code (HGB), reference is also made to non-financial information provided elsewhere in the combined management report with respect to certain aspects. Unless otherwise stated, all information refers to the Hannover Re Group.
References to information outside the combined management report and the consolidated and individual financial statement do not form part of the combined non-financial information statement.
The combined non-financial information statement is guided in the description of material issues by the internationally accepted framework of the Global Reporting Initiative (GRI) and reflects both the materiality definition of the GRI and that of the German Commercial Code (HGB). For more detailed information on the definition of materiality we would refer to the section entitled “Materiality analysis”.
A detailed description of Hannover Re’s sustainability efforts, which go above and beyond the legal requirements of the combined non-financial information statement, is provided in a separate sustainability report compiled annually by the Group on a voluntary basis.