Conference Call on Q2/2023 financial results

Hannover, 9 August 2023

Agenda

1 Group overview 2
2 Property & Casualty reinsurance 5
3 Life & Health reinsurance 9
4 Investments 12
5 Outlook 2023 14
6 Appendix 18

2 Conference Call on Q2/2023 financial results

| 1 Group overview | 2 | 3 | 4 | 5 | 6 |

1H/2023 performance fully supports targets for the full year

Strong contribution from L&H and investments, increased resiliency in P&C

Group P&C reinsurance

Reinsurance revenue Group net income Reinsurance revenue (gross) EBIT

11,816 12,273 8.4 bn. 829

960 +6.6% (f/x-adj. +7.8%) 648
f/x-adj. 815
+5.4%
New business CSM & LC (net)
+3.9% +17.8% 1,794 m. +28.0%
+74.8%
1H/2022 1H/2023 1H/2022 1H/2023 1H/2022 1H/2023
Target 2023: ≥ 5% growth1) Target 2023: ≥ 1.7 bn.2) L&H reinsurance

AuM RoI RoE Reinsurance revenue (gross) EBIT

56.5 bn. 3.0% 21.0% 3.9 bn.
+2.1% Target 2023: ≥ 2.4% Target 2023: 10.8% -1.5% (f/x-adj. +0.8%) 525
471

CSM (net) Shareholders’ equity Solvency ratio New business CSM & LC (net)
7.3 bn. 9.3 bn. 270% 147 m. +11.3%
+10.9% +2.2% 30.06.2023 -35.7%
1H/2022 1H/2023
All figures in m. EUR unless otherwise stated
1) At unchanged f/x rates
2) Subject to no major distortions in capital markets and/or major losses not exceeding the large loss budget of EUR 1.725 bn. in 2023 and no further significant impact from Covid-19 on L&H result

3 Conference Call on Q2/2023 financial results

| 1 Group overview | 2 | 3 | 4 | 5 | 6 |

Dividend payment more than covered by net income in 1H/2023

CSM and RA will contribute to earnings over time
Change in shareholders' equity Contractual Service Margin (CSM) and Risk Adjustment (RA)

Total 10,927
10,274
960 +6.3%
257 9,257 L&H
9,060 2,860
(724) (146) 3,011 RA
(151)
-1.8% 792 P&C
706

5,786 L&H
CSM
5,457
+10.9%

1,489 P&C
1,100

Shareholders' Net Dividend Change in Change in Currency Shareholders' 31.12.2022 30.06.2023

equity income payment OCI OCI translation equity
31.12.2022 Reinsurance Investments and other 30.06.2023
Liabilities

All figures in m. EUR unless otherwise stated

4 Conference Call on Q2/2023 financial results

Agenda

1 Group overview 2
2 Property & Casualty reinsurance 5
3 Life & Health reinsurance 9
4 Investments 12
5 Outlook 2023 14
6 Appendix 18

5 Conference Call on Q2/2023 financial results

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 |

Continued P&C margin improvement in favourable market environment

Revenue and profit in line with expectations, C/R reflects increase in resiliency

Property & Casualty R/I Q2/2022 Q2/2023 1H/2022 1H/2023 YTD

• Reinsurance Revenue (RR) / New business CSM & LC (net)
Reinsurance revenue (gross) 3,262 3,765 7,850 8,365 – Reinsurance revenue growth +6.6% (f/x-adjusted +7.8%);
– Strong growth in New business CSM & LC of 1,794 m. (+75%); mainly from EMEA,
Reinsurance revenue (net) 2,763 3,082 7,104 7,183 Americas and Structured Reinsurance/ILS; Increased New business CSM & LC from
APAC despite decreasing revenue

Reinsurance service result 208 283 397 598 • Reinsurance service result (RSR)
– RSR supported by strong margin increase, reflected in higher New business CSM
and lower New business LC
Reinsurance finance result (55) (155) (149) (285)
– Large losses of 607 m. within 1H budget of 751 m., however booked to budget
– Discount effect of ~5%, higher than interest accretion in finance result
Investment result 333 327 548 625 – Increase in confidence level of reserves
• Investment result
Other result (136) (91) (148) (108)
– Strong ordinary income supported by higher fixed income yields (including 74 m.
contribution from inflation-linked bonds)
Operating profit/loss (EBIT) 349 363 648 829

Combined ratio (net) 92.5% 90.8% 94.4% 91.7%

New business CSM (net) 183 374 1,261 1,829
New business LC (net) (46) (10) (235) (35)

All figures in m. EUR unless otherwise stated

LC = Loss component

6 Conference Call on Q2/2023 financial results

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 |

P&C Reinsurance Service Result supported by strong margin increase

Reinsurance Service Result 1H/2023 Contractual Service Margin (net)
4000

970

3000 1,829 45

168 598 (494)

2000
(35) 1,489
(506) 1,100 (970)
1000
(21)

0
CSM release Experience variance Run-off LC Reinsurance service CSM Currency New business Interest Change in Regular CSM
and other result new business result 31.12.2022 effects not onerous accretion estimates release 30.06.2023

• Regular CSM release in line with expectations, mainly reflecting successful renewals in • Strong new business CSM reflects successful 2023 renewals with attractive margins
2022/2023
• Changes in estimates reflects experience variance for premium and acquisition
• Experience variance mainly driven by front loading of retro expenses and relatively low expenses
retrocession recovery due to benign large loss experience
• Overall CSM growth expected to be lower in full year 2023, as renewal dates result in
• Run-off result of +168 m. reflects overall favourable reserve development across most front loading of new business CSM in 1H/2023; CSM release more stable over the
lines of business and includes release of RA in LIC course of the year

All figures in m. EUR unless otherwise stated

7 Conference Call on Q2/2023 financial results

| 1 | 2 Property & Casualty reinsurance | 3 | 4 | 5 | 6 |

Large losses below 1H/2023 budget of EUR 751 m.

Natural and man-made catastrophe losses1) in m. EUR

2,944
2,649

2,127

1,790 1,722 1,706

1,595
1,497
1,250
1,127
850 956
714 846
724 578 559 573 735
627 607
426

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1H/2023
Gross Net Large loss budget (net) Large loss budget YTD (net)
Large loss budget (net) in m. EUR
625 670 690 825 825 825 875 975 1,100 1,400 1,725

ILS share of gross loss in m. EUR

22 21 7 34 358 378 244 88 439 1,002 14

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross

8 Conference Call on Q2/2023 financial results

Agenda

1 Group overview 2
2 Property & Casualty reinsurance 5
3 Life & Health reinsurance 9
4 Investments 12
5 Outlook 2023 14
6 Appendix 18

9 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 |

Strong operating performance in L&H reinsurance

IFRS 17 with better reflection of value and earning power of business

Life & Health R/I in m. EUR Q2/2022 Q2/2023 1H/2022 1H/2023

YTD
• Reinsurance Revenue (RR) / New Business CSM & LC (net)
Reinsurance revenue (gross) 1,943 1,938 3,966 3,908 – Reinsurance revenue (gross) stable: -1.5% (f/x-adjusted +0.8%)
– Financial Solutions business increasing and fully captured in revenue,
Reinsurance revenue (net) 1,805 1,775 3,697 3,544 Longevity stable, slowdown in contribution from Mortality and Morbidity
• Reinsurance service result (RSR)
Reinsurance service result 65 228 297 481 – Improvement in RSR largely driven by Mortality, favourable claims
experiences and rate improvements after significant Covid losses in 2022;
one-off from recapture of UK retrocession treaty (+23 m.)
Reinsurance finance result (28) (20) (57) (58)
– Financial Solutions with continued strong contribution
– Continued business growth combined with very strong CSM of 5.8 bn. and RA
Investment result 99 142 276 225
of 2.9 bn. support sustainable and stable earnings outlook
• Investment result
Other result 36 (78) (45) (124)
– Increase in ordinary income and higher result from fair value changes
Operating profit/loss (EBIT) 171 271 471 525

New business CSM (net) 110 67 229 151

New business LC (net) 1 2 (1) (4)

All figures in m. EUR unless otherwise stated

10 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 Life & Health reinsurance | 4 | 5 | 6 |

Increasing CSM will contribute to future expected earnings

Reinsurance Service Result 1H/2023 Contractual Service Margin (CSM)
420
123
(9) 481
196 64 5,786
449
(81) 5,457 151 (449)

(53)

CSM release RA change Experience variance LC new business Reinsurance service CSM Currency New Extensions Interest Change in Regular CSM
current/past service and other and change in LC result 31.12.2022 effects business not on existing accretion estimates release 30.06.2023
onerous contracts

• Higher than expected CSM release includes one-off from recapture (+23 m.) and is • Successful new business generation (new business not onerous plus extensions on
supported by positive changes in estimates existing contracts not recognized in new business CSM)
• Extraordinary high risk-adjustment release • Change in estimates mainly driven by updated assumptions for UK longevity
• New business loss component of 4.4 m., change in LC driven by changes in business
estimates

All figures in m. EUR unless otherwise stated

11 Conference Call on Q2/2023 financial results

Agenda

1 Group overview 2
2 Property & Casualty reinsurance 5
3 Life & Health reinsurance 9
4 Investments 12
5 Outlook 2023 14
6 Appendix 18

12 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 Investments | 5 | 6 |

RoI well above target, driven by favourable ordinary income

Resilient portfolio with minor impact from FVTPL valuation

in m. EUR 2016A Q2/2022 Q2/2023 1H/2022 1H/2023 RoI YTD

1)
Ordinary investment income
1)
453 490 876 941 3.4% • Increase in ordinary income predominantly due to higher locked-in yields,
contribution from inflation-linked bonds (74 m.) based on inflation
Realised gains/losses (36) (31) (57) (44) -0.2%
expectation for current year
Depreciations Real Assets, Impairments (12) (14) (23) (27) -0.1%
• Realised gains/losses driven by normal portfolio maintenance with minor
Change in ECL 26 6 (20) 9 0.0% changes on asset allocation
FVTPL2)- Valuation 35 61 122 57 0.2% • Result from change in fair value of financial instruments driven by
Investment expenses (34) (43) (75) (86) -0.3%
insurance-related derivatives

Investment result 432 470 825 851 3.0% • Slight increase in asset volume driven by strong operating cash flow and
partially lower interest levels

Unrealised gains/losses on investments (OCI) 31 Dec 22 30 Jun 23 • Unrealised losses decreasing predominantly due to natural amortisation
Fixed Income (4,863) (4,476) effects (pull to par)
Equities (non-recycling) (0.1) (0.1)
Real Assets 546 563
Others (Participations etc.) 275 282
Total (4,042) (3,632)

All figures in m. EUR unless otherwise stated

1) Incl. results from associated companies
2) Fair Value Through P/L of financial instruments

13 Conference Call on Q2/2023 financial results

Agenda

1 Group overview 2
2 Property & Casualty reinsurance 5
3 Life & Health reinsurance 9
4 Investments 12
5 Outlook 2023 14
6 Appendix 18

14 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 Outlook 2023 | 6 |

Continued favourable market conditions increased P&C premium by 12.6%

Overall risk-adjusted price increase of 4.8%
2 Apr - 1 Jul 2023 P&C renewals in m. EUR Americas1)
• US:
Change in shares: 0.0%
Change in price: +4.8% – Property market holding at increased rates, capacity shortages in some areas
Change in volume: +4.8% remaining
– Primary rate increases still meaningful except for some Special Casualty
306 3,624
markets
3,218 100 +12.6% – Sustained underwriting discipline
• Latin America: continued hard market conditions across the region
Australia1)
• Continued discipline with rate increases and improved terms & conditions across
direct and reinsurance markets
• Substantial rate increases on loss-affected NatCat programs
Asia1)
• Improved profitability supported by share reduction in lesser-performing treaties
• Markets mostly disciplined across the region
Credit & Surety
• Moderate premium growth mainly inflation-driven
Inforce book New/ Price & volume Inforce book • Stable commission levels and risk-adjusted price increases
up for renewal cancelled/ changes on renewed after renewals
restructured

Underwriting year figures at unchanged f/x rates (31 December 2022)

1) Excluding specialty business mentioned separately

15 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 Outlook 2023 | 6 |

Outlook for 2023

Hannover Re Group

• Reinsurance revenue1) ≥ 5% growth

• Return on investment 2) ≥ 2.4%

• Group net income 2) ≥ EUR 1.7 bn.

• Ordinary dividend ≥ prior year

• Special dividend if capitalisation exceeds capital requirements for future growth and profit
targets are achieved

1) At unchanged f/x rates

2) Subject to no major distortions in capital markets and/or major losses not exceeding the large loss budget of EUR 1.725 bn. in 2023 and no further significant impact from Covid-19 on L&H result

16 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 Outlook 2023 | 6 |

2023 assumptions
Expectations for business groups

P&C L&H

Reinsurance service result 91% - 92% Combined ratio EUR 750 - 800 m.

Interest accretion ~ EUR 570 m. ~ EUR 140 m.

EBIT ≥ EUR 1,600 m. ≥ EUR 750 m.

17 Conference Call on Q2/2023 financial results

Agenda

1 Group overview 2
2 Property & Casualty reinsurance 5
3 Life & Health reinsurance 9
4 Investments 12
5 Outlook 2023 14
6 Appendix 18

18 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

Our business groups at a glance

1H/2023 vs. 1H/2022
Property & Casualty R/I Life & Health R/I Total
in m. EUR 1H/2022 1H/2023 ∆-% 1H/2022 1H/2023 ∆-% 1H/2022 1H/2023 ∆-%

Reinsurance revenue (gross) 7,850 8,365 6.6% 3,966 3,908 -1.5% 11,816 12,273 3.9%

Reinsurance service expenses (7,283) (6,896) -5.3% (3,637) (3,395) -6.6% (10,920) (10,291) -5.8%

Reinsurance service result (gross) 567 1,469 159.1% 329 513 55.8% 896 1,982 121.2%

Reinsurance result (ceded) (171) (872) - (32) (32) -1.2% (203) (903) -

Reinsurance service result 397 598 50.7% 297 481 62.0% 694 1,079 55.5%

Reinsurance finance result (149) (285) 91.6% (57) (58) 1.6% (205) (342) 66.7%

Investment income 548 625 13.9% 276 225 -18.5% 825 851 3.2%

Currency result (24) 59 - (3) (25) - (27) 34 -

Other income and expenses (124) (168) 34.9% (42) (98) 136.3% (168) (268) 59.9%

Operating profit/loss (EBIT) 648 829 28.0% 471 525 11.3% 1,118 1,353 21.0%

Net income before taxes 1,075 1,288 +19.8%

Taxes (205) (298) +45.4%

Net income 870 990 +13.8%

Non-controlling interest 55 30 -46.1%

Group net income 815 960 +17.8%

19 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

Large losses within 1H/2023 budget of EUR 751 m.

NatCat losses below budget, man-made losses above budget

Catastrophe losses1) in m. EUR Date Gross Net

Floods, New Zealand 27 Jan - 6 Feb 89.3 45.3
Earthquake, Türkiye 6 Feb 262.8 257.0
Cyclone "Gabrielle", New Zealand 10 - 17 Feb 121.3 65.4
Hail / Storm, USA 01 - 03 Mar 20.9 6.2
Tornadoes, USA 24 - 27 Mar 11.5 11.4
Tornadoes / Storm, USA 30 Mar - 02 April 43.4 35.7
Rain / Flood, Italy 16 - 22 May 41.5 41.5
7 Natural catastrophes 590.6 462.5
5 Property losses 114.3 114.3
2 Credit losses 30.2 30.2
7 Man-made losses 144.5 144.5
14 Major losses 735.1 606.9

1) Natural catastrophes and other major losses in excess of EUR 10 m. gross

Large loss budget 2023: EUR 1,725 m., thereof EUR 1,475 m. NatCat and EUR 250 m. man-made
Large loss budget 1H/2023: EUR 751 m., thereof EUR 626 m. NatCat and EUR 125 m. man-made

20 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

Our business groups at a glance

Q2/2023 vs. Q2/2022
Property & Casualty R/I Life & Health R/I Total
in m. EUR Q2/2022 Q2/2023 ∆-% Q2/2022 Q2/2023 ∆-% Q2/2022 Q2/2023 ∆-%

Reinsurance revenue (gross) 3,262 3,765 +15.4% 1,943 1,938 -0.3% 5,205 5,702 +9.6%

Reinsurance service expenses (2,806) (2,978) +6.2% (1,852) (1,705) -8.0% (4,658) (4,683) +0.5%

Reinsurance service result (gross) 456 786 +72.6% 91 233 156.3% 547 1,019 +86.5%

Reinsurance result (ceded) (248) (504) +103.0% (26) (5) -79.9% (275) (509) +85.4%

Reinsurance service result 208 283 +36.2% 65 228 - 272 510 +87.6%

Reinsurance finance result (55) (155) +180.0% (28) (20) -27.5% (83) (176) +110.5%

Investment income 333 327 -1.9% 99 142 44.3% 432 470 +8.8%

Currency result (58) 12 -120.6% 43 (21) -148.1% (15) (9) -43.2%

Other income and expenses (78) (103) +33.0% (7) (57) - (85) (164) +92.3%

Operating profit/loss (EBIT) 349 363 +4.0% 171 271 58.7% 520 632 +21.6%

Net income before taxes 499 600 +20.3%

Taxes (87) (128) +46.8%

Net income 411 472 +14.6%

Non-controlling interest 24 (4) -116.7%

Group net income 387 476 +22.9%

21 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

FY2022 IFRS 17/9

EBIT IFRS17 vs IFRS4
P&C
• Discounted presentation of technical results, including interest accretion,
resulting in a net effect of about 150 m.
• Volume-driven change in currency result 116 m.
307
(20) L&H
2,087 • IFRS4 contains +183 m. Covid-19 claims, which were already included at
transition under IFRS17
• Unlocking of best estimate liabilities at transition +57
• Loss component (new business and change) -263 m.
1,516
(858) Investment income
• Lower realised gains -714m (thereof transfer of private equity into joint
venture -558m)
• Lower result from at-equity participations -174 m.
• Impact from valuation (of higher share) of assets at FVTPL -134 m.
• Allocation of embedded derivatives to liabilities +147m

EBIT IFRS4 P&C L&H Investment income EBIT IFRS17

All figures in m. EUR unless otherwise stated

22 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

FY2022 Group
Stand alone in m. EUR Q1/2022 Q2/2022 Q3/2022 Q4/2022 2022
Reinsurance revenue (gross) 6,612 5,205 6,515 5,742 24,073
Reinsurance service expenses (6,262) (4,658) (6,232) (5,202) (22,354)
Reinsurance service result (gross) 350 547 283 540 1,719
Reinsurance result (ceded) 72 (275) 87 (267) (383)
Reinsurance service result 421 272 370 273 1,336
Reinsurance finance result (122) (83) (113) (264) (583)
Investment income 393 432 368 (228) 965
Net currency result (12) (15) 21 24 18
Other income and expenses (83) (85) (102) 49 (221)
Operating profit/loss (EBIT) 598 520 544 (146) 1,516
Net income before taxes 576 499 523 (173) 1,424
Taxes (118) (87) (164) (157) (526)
Net income 458 411 359 (331) 898
Non-controlling interest 31 24 58 5 118
Group net income 428 387 301 (335) 781

Reinsurance revenue (net) 6,234 4,568 5,990 4,936 21,729

23 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

FY2022 P&C
Stand alone in m. EUR Q1/2022 Q2/2022 Q3/2022 Q4/2022 2022

Reinsurance revenue (gross) 4,589 3,262 4,539 3,876 16,265

Reinsurance service expenses (4,478) (2,806) (4,411) (3,420) (15,113)

Reinsurance service result (gross) 111 456 128 456 1,151

Reinsurance result (ceded) 78 (248) 81 (261) (350)

Reinsurance service result 189 208 209 196 801

Reinsurance finance result (93) (55) (80) (247) (475)

Investment income 216 333 285 (225) 608

Currency result 34 (58) 54 (4) 26

Other income and expenses (47) (78) (90) 121 (93)

Operating profit/loss (EBIT) 299 349 378 (159) 867

Combined ratio (net) 95.6% 92.5% 95.0% 94.0% 94.5%

Reinsurance revenue (net) 4,342 2,763 4,154 3,239 14,497
New business CSM (net) 1,825
New business LC (net) (236)

24 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

FY2022 L&H
Stand alone in m. EUR Q1/2022 Q2/2022 Q3/2022 Q4/2022 2022

Reinsurance revenue (gross) 2,023 1,943 1,977 1,866 7,808

Reinsurance service expenses (1,785) (1,852) (1,822) (1,782) (7,241)

Reinsurance service result (gross) 238 91 155 83 568

Reinsurance result (ceded) (6) (26) 6 (6) (33)

Reinsurance service result 232 65 161 77 535

Reinsurance finance result (29) (28) (33) (18) (108)

Investment income 177 99 83 (1) 357

Currency result (46) 43 (33) 28 (9)

Other income and expenses (34) (7) (12) (72) (126)

Operating profit/loss (EBIT) 300 171 166 13 650

Reinsurance revenue (net) 1,892 1,805 1,836 1,698 7,231

New business CSM (net) 546
New business LC (net) (4)

25 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

Economic asset allocation predominantly unchanged

Overall allocation in cautious manner with focus on decent liquidity to manoeuvre

Asset class 2018 2019 2020 2021 2022 Q2/2023

Fixed Income 87% 87% 85% 86% 83% 84%

Governments 44% 42% 42% 40% 42% 41%
Semi-governments 7% 8% 7% 8% 8% 9%
Corporates 29% 31% 30% 32% 27% 28%
Investment grade 25% 26% 25% 28% 23% 24%
Non-Investment grade 4% 4% 4% 4% 4% 4%
Covered Bonds 5% 4% 4% 4% 4% 4%
ABS/MBS/CDO 2% 2% 2% 2% 3% 3%
Equities 2% 3% 3% 4% 3% 4%
Listed <0.1% <0.1% 1% 1% 0% 0%
Private Equities 2% 2% 3% 3% 3% 4%
Real Assets (without Infra-Debt) 6% 5% 5% 5% 7% 7%
Others 1% 2% 3% 2% 3% 3%
Cash/STI 4% 3% 3% 3% 3% 2%
MV AuM in EUR bn. * 42.7 48.2 49.8 56.2 57.4 57.0

* 2018 – 2022 IAS 39 incl. Cash / >2023 IFRS9 excl. Cash

26 Conference Call on Q2/2023 financial results

| 1 | 2 | 3 | 4 | 5 | 6 Appendix |

High-quality fixed-income book well balanced

Geographical allocation mainly in accordance with our broad business diversification
Pfandbriefe, Short-term
Semi-
Governments Corporates Covered bonds, investments, Total
governments
ABS cash
AAA 75% 54% 0% 57% - 46%
AA 11% 23% 10% 13% - 13%
A 9% 8% 34% 13% - 17%
BBB 4% 2% 46% 15% - 18%
<BBB 1% 14% 10% 2% - 6%
Total 100% 100% 100% 100% - 100%

Germany 15% 25% 7% 17% 38% 15%

UK 7% 3% 6% 5% 9% 6%
France 3% 1% 7% 10% 0% 4%
GIIPS 0% 1% 5% 3% 0% 2%
Rest of Europe 3% 15% 13% 28% 14% 10%
USA 54% 13% 33% 18% 3% 37%
Australia 5% 10% 7% 9% 1% 6%
Asia 10% 16% 9% 1% 28% 11%
Rest of World 4% 17% 14% 9% 7% 10%
Total 100% 100% 100% 100% 100% 100%
Total b/s values in m. EUR 20,187 8,177 15,188 3,580 1,309 48,440
IFRS figures as at 30 June 2023

27 Conference Call on Q2/2023 financial results

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Currency allocation matches liability profile as much as possible

Duration-neutral strategy intact; lower modified duration as result of market yields
Currency split of investments

Others
11% • Modified duration of fixed-income mainly congruent with
CAD
4%
EUR liability- and capital-driven targets
31%
2.9 • GBP’s higher modified duration predominantly due to life
AUD
6% 4.0 business
6.0
4.4
GBP
6% 5.4 Modified
duration of
portfolio
Modified duration
2023Q2 4.7
2022 4.9
4.6 2021 5.8
2020 5.8
USD
42% 2019 5.7

28 Conference Call on Q2/2023 financial results

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Bank exposure at average market share

Mixed quality picture over the world
Corporates in m. EUR Bank exposure total* EUR 4,223 m.

18,155 1% Other
6% AUD 6% GIIPS
<BBB 7%
GBP 14% Tier II UK
8% 7%
16,064 24% 9%
15,649 Others BBB Rest of World
14,801 14,912 28% 22% 9% France
24% EUR
26% 12% Rest of Europe
12,545 29%
25% 26% 25%
A 14%
56% 86% US
Senior
26%
USD
38% 41% Asia &
75% 0%
74% 0% AA0% 00%
% Australia
71% 0% 13% 0%
72% AAA <1%
74% 75% 74%
by by by by
currency rating seniority 0%
0% country

2018 2019 2020 2021 2022 2023Q2

Industry and others Banks
* Economic view based on market values as at 30 June 2023 / 2017-2022 IAS39 / 2023 IFRS9
incl. assets from discontinued operations (e.g. IH)

29 Conference Call on Q2/2023 financial results

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Spread and default risks in focus

Higher P/L volatility to be expected due to non-SPPI assets

Change in market Change in market

Portfolio Scenario value value through P&L
in m. EUR in m. EUR
+50 bps -1,203 -20
Fixed-income securities
+100 bps -2,344 -40

Equity (listed and private equity) -10% -202 -202

As at 30 June 2023

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Individual events with limited impact on Solvency ratio

Solvency ratio robust under stressed conditions
Sensitivities and stress tests
Solvency II ratio
Basis 252%

1)
Severe Atlantic tropical cyclone 225%
1)
Severe European winter storm 239%
1)
Severe North American West Coast earthquake 232%
Severe internet outage due to DNS provider failure 237%
Terror attack in major US city 242%

Mortality rate +5% 238%

Longevity rate +5% 247%
Lapse rate +10% 249%

Interest rates -50 bps 250%

2)
Credit spreads +50 bps 248%
F/X rates +10% 247%

1) 250 year return period acc. to our internal model which is equivalent to an occurrence probability of 0.4%.
2) Average stress level of +50 bps, differing by corporate bond issuer rating. Excl. government bonds and incl. impact of changes in dynamic volatility adjustment.

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IR calendar

Berenberg and Goldman BofA 28th Annual

Barclays Global
Sachs 13th Annual Financials CEO
Financial Conference
German Corporate Conference
(New York)
Conference (Munich) (London)

11.09. 13.09. 20.09. 22.09.

12.09. 19.09. 21.09.

Les Rendez-Vous de Baader Investment

Mediobanca Exane
Septembre Conference 2023
Roadshow Toronto Roadshow Zurich
(Monte Carlo) (Munich)

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Disclaimer
This presentation does not address the investment objectives or financial situation of any particular person or legal entity.
Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of
investing in any of our securities.

While Hannover Re has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-
date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or
updated status of such information.

Some of the statements in this presentation may be forward-looking statements or statements of future expectations based on
currently available information. Such statements naturally are subject to risks and uncertainties. Factors such as the
development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital
markets and other circumstances may cause the actual events or results to be materially different from those anticipated by
such statements.

This presentation serves information purposes only and does not constitute or form part of an offer or solicitation to acquire,
subscribe to or dispose of, any of the securities of Hannover Re.

© Hannover Rück SE. All rights reserved.

Hannover Re is the registered service mark of Hannover Rück SE.

33 Conference Call on Q2/2023 financial results