Dear Clients and Business Partners,

At Hannover Re, we are keenly aware of our responsibility to our clients, business partners, shareholders and other stakeholders and we know that a reliable partnership is vital especially in uncertain times.

While we are taking care to safeguard the health of our employees and their families, we are able to offer our customers as well as all other stakeholders the level of service to which they are accustomed.

The majority of our employees around the world continues to work from home. In view of the challenges that our employees are currently facing – both in their family lives and professionally – we would ask for your understanding if, despite our best efforts, we are not always able to live up to this aspiration to the usual extent or with our customary speed.

To date, Hannover Re has not experienced any significant impacts of the coronavirus on its business operations. Our risk management is geared to preserving Hannover Re's robust financial strength.

Our capital adequacy ratio remained between 220% and 230% at the end of March and thereby comfortably above our limit of 180% and our threshold of 200%. The considerable volatility in interest rates and credit spreads is included here as well as our reserving for anticipated losses related to the coronavirus during the first quarter. Our existing asset/liability management, including the use of the volatility adjustment, will continue to help cushion negative market volatility effects on our capital adequacy ratio. We therefore currently assume that we will remain above our limit of 180% in the course of the year, even if the situation deteriorates compared with the first quarter and we regularly review this with stress tests.

However, the further development and the effectiveness of measures taken by governments to limit the spread of the virus and to cushion the economic consequences of these measures cannot be reliably assessed at present. Because of these uncertainties, it’s not possible to make a substantiated forecast for future impacts on our business. As a result, we have withdrawn our profit guidance for 2020 on 21 April.

Our employees are committed to ensuring that Hannover Re remains a reliable partner for you – this is more important in times of crisis than ever. We thank you for the trust you have placed in us and wish you and all your employees and their families the very best.

Jean-Jacques Henchoz

Chief Executive Officer