Annual Report 2018

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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

Assets and financial position

Balance sheet structure of Hannover Rück SE
in EUR thousand20182017
Assets
Intangible assets65,65569,384
Investments36,874,14534,460,839
Receivables3,294,1862,894,030
Other assets417,488292,824
Prepayments and accrued income180,444165,263
Total assets40,831,91837,882,340
 
Liabilities
Subscribed capital120,597120,597
Capital reserve880,608880,608
Retained earnings630,511630,511
Disposable profit1,336,0001,274,000
Capital and reserves2,967,7162,905,716
Subordinated liabilities1,500,0001,500,000
Technical provisions31,543,10730,226,694
Provisions for other risks and charges402,140371,949
Deposits received from retrocessionaires2,246,6721,907,577
Other liabilities2,172,283970,404
Total liabilities40,831,91837,882,340

Our portfolio of assets under own management grew in the year under review to EUR 28.7 billion (EUR 26.5 billion), equivalent to an increase of 8.7%. Along with the positive operating cash flow, this reflects the fact that the issuance of a senior bond in the second quarter and exchange rate effects more than offset the valuation declines on fixed-income securities. The balance of unrealised gains on fixed-income securities and bond funds decreased to EUR 366.6 million (EUR 662.9 million). In addition to the yield increases on USD- and GBP-denominated sovereign bonds already mentioned, this is a reflection of sometimes substantially higher risk premiums on corporate bonds across all rating categories.

Deposits with ceding companies, which are shown under the investments, remained stable in the year under review at EUR 8.1 billion (EUR 8.0 billion).

Our capital and reserves – excluding the disposable profit – stood at EUR 1,631.7 million (EUR 1,631.7 million). The total capital, reserves and technical provisions – comprised of the capital and reserves excluding disposable profit, the subordinated liabilities, the equalisation reserve and similar provisions as well as the net technical provisions – increased during the year under review to EUR 34,674.8 million (EUR 33,358.4 million). The balance sheet total of Hannover Rück SE grew to EUR 40.8 billion (EUR 37.9 billion).

A dividend of EUR 3.50 plus a special dividend of EUR 1.50 per share, equivalent to EUR 603.0 million (EUR 603.0 million), was paid out in the year under review for the 2017 financial year.

It will be proposed to the Annual General Meeting on 8 May 2019 that a dividend of EUR 3.75 plus a special dividend of EUR 1.50 per share should be paid for the 2018 financial year. This corresponds to a total distribution of EUR 633.1 million. The dividend proposal does not form part of this consolidated financial statement.

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