Hannover Re's quantitative strategic targets:

Business groupKey figures2018

1 Excl. effects from ModCo derivatives
2 After tax; target: 900 bps above 5-year average return of 10-year German government bonds
3 Growth in economic equity + paid dividend; target: 600 bps above 5-year average return of 10-year German government bonds
4 According to our internal capital model and Solvency II requirements
5On average throughout the R/I cycle; at constant f/x rates
6 Incl. expected net major losses
7 EBIT/net premium earned
8 Excess return on allocated economic capital
9 Organic growth only; annual average growth (3-year period), at constant f/x rates
10 Based on Solvency II principles and pre-tax reporting
11 Annual average growth (3-years period)

Group Return on investment1 ≥2,7 %
Return on equity2 ≥9,5 %
Earnings per share growth (y-o-y) ≥5,0 %
Economic value creation3 ≥6,5 %
Solvency ratio4 ≥200 %
Property & Casualty reinsurance Gross premium growth5 3-5 %
Combined ratio6 ≤96 %
EBIT margin7 ≥10 %
xRoCA8 ≥2 %
Life & Health reinsurance Gross premium growth9 3-5 %
Value of New Business (VNB)10 ≥220 Mio. EUR
EBIT growth11 ≥5 %
xRoCA8 ≥2 %