Annual Report 2018

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Business development Business model Cash Flow Statement Consolidated Balance Sheet Consolidated Statement of Income Financial position and net assets Forecast Remuneration report Results of operations Risk report Segmental Report
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10 year overview
Stock markets Share performance Dividend Annual General Meeting Investor relations activities Sustainability reporting and ratings Shareholding structure Analyst ratings Share data
Foundations of the Group
Business model Management system
Value-based management Operational management system
Research and development
Report on economic position
Macroeconomic environment
Macroeconomic climate Industry-specific environment
Business development
Property & Casualty reinsurance Life & Health reinsurance Investments Total result
Overall assessment of the business position Results of operations
Property & Casualty reinsurance Life & Health reinsurance Investments
Financial position and net assets
Investment policy Investments Analysis of the capital structure Management of policyholders’ surplus Group shareholders’ equity Financing and Group debt Analysis of the consolidated cash flow statement Financial strength ratings Information pursuant to § 315
Information on Hannover Rück SE
Results of operations Development of the individual lines of business Assets and financial position Risks and opportunities Other information Outlook
Combined non-financial information statement
Introduction Description of the business model Group and sustainability strategy Responsible corporate governance Compliance Risk management Stakeholder dialogue Risk expertise and risk assessment Sustainable insurance solutions ESG criteria in asset management Customer orientation and satisfaction Executive development / Employee advancement Employee retention Diversity Operational environmental protection Supplier management
Opportunity and risk report
Risk report
Strategy implementation Major external factors Risk capital Risk management Risk management system Internal control system Risk landscape of Hannover Re Internal risk assessment Underwriting risks in property and casualty reinsurance Underwriting risks in life and health reinsurance Market risks Counterparty default risks Operational risks Other risks
Opportunity report
Overall assessment by the Executive Board
Enterprise management
Declaration on Corporate Governance
Corporate Governance Declaration of Conformity Further enterprise management principles Working practice of the Executive Board and Supervisory Board Compliance Risk monitoring and steering Diversity concept
Remuneration report
Remuneration Executive Board Remuneration Supervisory Board Loans to members of the management boards and contingent liabilities Securities transactions and shareholdings Remuneration of staff and senior executives
Outlook
Forecast
Economic developments Property & Casualty reinsurance Life & Health reinsurance Investments Outlook 2019
Consolidated balance sheet Statement of income Statement of comprehensive income Statement of changes in shareholders’ equity Cash flow statement Notes Independent Auditor's Report Report by the independent auditor Responsibility statement
Report of the Supervisory Board Supervisory Board Members
Global presence Strategic business groups

Financial strength ratings

A.M. Best and Standard & Poor’s, the rating agencies of particular relevance to the insurance industry, assess the financial strength of Hannover Re on the basis of an interactive rating process and have awarded it very good ratings. The rating agencies highlight in particular the strength of the Hannover Re Group’s competitive position, its capitalisation and its risk management.

Financial strength ratings of the Hannover Re Group
Standard & Poor'sA.M. Best
RatingAA- (Very Strong)A+ (Superior)
Outlookstablestable
Financial strength ratings of subsidiaries
Standard & Poor'sA.M. Best
E+S Rückversicherung AGAA-A+
Hannover Life Reassurance Africa Ltd. 1A-–
Hannover Life Reassurance Bermuda Ltd.AA-A+
Hannover Life Reassurance Company of AmericaAA-A+
Hannover Life Reassurance Company of America (Bermuda) Ltd.AA-A+
Hannover Life Re of Australasia Ltd.AA-–
Hannover Reinsurance Africa Ltd. 1A-–
Hannover Re (Ireland) Designated Activity CompanyAA-A+
Hannover Re (Bermuda) Ltd.AA-A+
Hannover ReTakaful B.S.C. (c)A+–
International Insurance Company of Hannover SE 2A+A+
    1 Hannover Reinsurance Africa Ltd. and Hannover Life Reassurance Africa Ltd. benefit from parental guarantees issued by Hannover Rück SE (the “Guarantor”). The guarantees cover all of the payment obligations of HR SA and HLR SA in respect of insurance and reinsurance contracts issued by them. The guarantees are unconditional and continuing and shall be binding upon the Guarantor. The owners of the insurance and reinsurance contracts issued by these subsidiaries are express third party beneficiaries of these guarantees. The obligations of the Guarantor under these guarantees rank pari passu with all other unsecured indebtedness of such Guarantor.
2International Insurance Company of Hannover SE was renamed HDI Global Specialty effective 1 January 2019.

Issue ratings of issued debt

As part of the process of rating Hannover Re the rating agencies also assess the debt issued by the Hannover Re Group.

Issue ratings of issued debt
Standard & Poor'sA.M. Best
Hannover Rück SE, senior bond, EUR 750 m; 2018 / 2028AA--
Hannover Rück SE subordinated debt, EUR 500 m;
2014 / undated		Aa+
Hannover Finance (Luxembourg) S.A., subordinated debt, EUR 500 million; 2012 / 2043Aaa-
Hannover Finance (Luxembourg) S.A., subordinated debt, EUR 500 million; 2010 / 2040Aaa-
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