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Annual General Meeting approves all proposed resolutions

Hannover, 27 May 2003:

The Annual General Meeting of Hannover Re well-attended by around 1,000 participants approved all proposed resolutions by a large majority. Wilhelm Zeller, Chairman of the Executive Board, took the opportunity in his speech to recall once more the company's highly successful financial year: net income of EUR 267.2 million (previous year: EUR 11.1 million) was generated in 2002 and the stockholders' equity was boosted by EUR 67.5 million to EUR 1.7 billion. The Annual General Meeting approved the proposal made by the Executive Board and the Supervisory Board regarding the distribution of the disposable profit. The shareholders will receive a gross dividend of EUR 0.85 on each share fully paid-up for the entire financial year.

In addition, the Annual General Meeting authorised the Executive Board of Hannover Re to acquire own stock in the period until 31 October 2004. The Annual General Meeting further approved a number of amendments to the Articles of Association, including the change of the company's name from Hannover Rückversicherungs-Aktiengesellschaft to Hannover Rückversicherung AG.

The next Annual General Meeting of Hannover Re is scheduled to take place on 2 June 2004.