Annual General Meeting carries all motions as proposed
Hannover, 6 May 2008:
The Annual General Meeting of Hannover Re today approved all motions brought, adopting all of its resolutions with a large majority.
In his speech, Chief Executive Officer Wilhelm Zeller recapitulated on an excellent financial year 2007 in which the company posted the highest Group net income in its history, at EUR 734 million. Although this result was due in part to a positive one-off effect from corporation tax amendments in Germany, Hannover Re would have posted a record profit anyway.
Zeller also stated that he was highly satisfied with the figures for the first quarter of 2008, published today (see separate press release): "Our result to date stands us in good stead to achieve our ambitious profit target for the year as a whole – a return on equity of over 15 percent after tax."
The Annual General Meeting likewise approved the motion brought by the Executive Board and Supervisory Board as regards the allocation of the Hannover Rück AG balance sheet profit of EUR 280 million: shareholders can look forward to a gross dividend of EUR 1.80 plus a bonus of EUR 0.50 for each share fully paid-up for the entire financial year. The bonus is the company's way of enabling its shareholders to participate in the corporation tax windfall. The remaining disposable profit of EUR 2.6 million is to be carried forward to new account.
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