Glossary

Our glossary explains technical terms from the areas finance and reinsurance. We hope it facilitates the understanding of our texts, publications and annual reports. If you have comments or suggestions, please use our feedback form!

• Goodwill
  the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed.
• Gross/Retro/Net
  gross items constitute the relevant sum total deriving from the acceptance of direct insurance policies or reinsurance treaties; retro items constitute the relevant sum total deriving from own reinsurance cessions. The difference is the corresponding net item (gross – retro = net, also: for own account).
• Group net income
  Group net income under IFRS corresponds to the profit for the year available to the shareholders of Hannover Re.