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Press Release on Annual General Meeting 2006

Hannover, 12 May 2006:

The very well attended Annual General Meeting of Hannover Re – with around 1,500 participants – today approved all proposed resolutions by a large majority.

In his address to the meeting Chief Executive Officer Wilhelm Zeller looked back once more on the 2005 financial year – a year that will be remembered for the historically unprecedented burden of natural catastrophe losses. Turning to the figures published today for the first quarter of 2006, Mr. Zeller expressed the utmost satisfaction: "We have started the new year on a highly successful note. Our performance to date gives us a very good platform for achieving our profit target for the current financial year, namely a return on equity of at least 15 percent", Mr. Zeller explained.

The Annual General Meeting approved the resolution of the Executive Board and Supervisory Board regarding the appropriation of the disposable profit of the parent company (Hannover Rück AG) totalling EUR 190 million: an amount of EUR 185 million was allocated to retained earnings and EUR 5 million was carried forward to new account. In view of the fact that the disposable profit does not derive from underwriting business, but solely from the realisation of hidden valuation reserves within the Group, the distribution of a dividend for the 2005 financial year (previous year: EUR 1.00) was omitted in the interests of preserving a sustained strong capital base.

The company will publish its results for the second quarter of the current financial year on 8 August 2006. The next Annual General Meeting of Hannover Re is to be held on 3 May 2007.