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

Introduction

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.

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