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Ad hoc announcement pursuant to Section 15 of the Securities Trading Act (WpHG)
Interim Report 1/2002

Hannover, 24 May 2002:

  • Quarterly net income more than doubled;
  • Record result forecast for 2002;

In the first quarter of the current financial year gross written premiums of the Hannover Re Group grew by 34% compared to the same quarter of the previous year to reach EUR 3.2 billion. Operating profit (EBIT) increased by 140% to EUR 174 million despite difficult capital market conditions. Quarterly net income grew by 118% to EUR 90 million, while earnings per share rose by 99% to EUR 2.78.

For the 2002 year as a whole Hannover Re anticipates subject to a major loss experience in line with the multi-year average and a normal development on the capital markets EBIT of more than EUR 600 million, net income of EUR 300 million and earnings per share well in excess of EUR 9.

Hannover Re will provide further details of its 2002 first quarter report at today's Annual General Meeting, in a press release scheduled to be put out around 2.30 p.m. and on the internet.