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Annual General Meeting looked back on a satisfactory Group result despite a year of heavy losses
The Annual General Meeting of Hannover Rück SE was held on 7 May 2018 at Hannover Congress Centrum (HCC). Altogether, including postal ballots around 82% of the share capital (previous year: 77%) was represented.
In his address to shareholders Chief Executive Officer Ulrich Wallin took the opportunity to look back on the 2017 financial year, which was notable for significantly more loss events after five comparatively benign years. In particular, hurricanes Harvey, Irma and Maria – along with other natural catastrophes – inflicted heavy insured losses. Hannover Re, in common with other market players, was substantially impacted. The company nevertheless generated a result that translated into a return on equity of 10.9% and comfortably beat the minimum target of 900 basis points above the risk-free interest rate. Bearing in mind the loss experience, the Group net income of EUR 959 million constituted a satisfactory result.
The shareholders accepted the proposal of the Executive Board and Supervisory Board that a gross dividend of EUR 5.00 per share should be paid. As in the previous year, the payout took the form of an ordinary dividend of EUR 3.50 per share and a special dividend of EUR 1.50 per share. In view of the fact that Mr. Wolf-Dieter Baumgartl and Mr. Klaus Sturany resigned their seats at the end of the Annual General Meeting on 7 May 2018, two by-elections for shareholder representatives on the Supervisory Board were also on the agenda. The two proposed candidates, Dr. Ursula Lipowsky and Mr. Torsten Leue, were each elected to the Supervisory Board on an individual basis by a substantial majority. The election of Dr. Ursula Lipowsky further increased the proportion of women on Hannover Re’s Supervisory Board to 44%. Furthermore, the Annual General Meeting approved the proposed resolutions put to the vote by management under all other items on the agenda by a comfortable three-quarters majority.
All voting results and the attendance were published on the company’s website following the Annual General Meeting. The next Annual General Meeting will be held on Wednesday, 8 May 2019 in Hannover.