Annual General Meeting approves all proposed resolutions
Hannover, 5 May 2009:
The Ordinary General Meeting of Hannover Re today approved all proposed resolutions by a large majority.
In his address to the meeting Chief Executive Officer Wilhelm Zeller took the opportunity to look back once again on the 2008 financial year. Faced with the repercussions of the financial market crisis Hannover Re had been compelled to take significant write-downs and disposal losses on investments – especially on equity holdings. Since these charges are not tax-deductible, Group net income after tax slipped into negative territory. Mr. Zeller expressed his satisfaction with the figures published today for the first quarter of 2009 (cf. separate press release): "We have made a successful start to the new financial year. Our quarterly result puts in place a good platform for achieving our ambitious profit target for 2009 – namely a return on equity of at least 18 percent after tax", Mr. Zeller explained. A one-off effect resulting from the acquisition of the US ING life reinsurance portfolio is included here in an amount of roughly EUR 80 million.
The company will publish its results for the second quarter of the current financial year on 6 August 2009. The next Ordinary General Meeting is scheduled for 4 May 2010.