As the largest service area in Hannover, we support the Hannover Re Group in all aspects regarding finances – both nationally and internationally. This work means that we are in regular contact with customers and other departments worldwide. Despite this, we mainly do our work in Hannover.
What do we do exactly?
We do almost everything that finance can throw at us. For example, in different teams we process reinsurance invoices and claims, look after the collection process of over 2,000 customers, prepare quarterly and annual accounts in accordance with international and national standards and support our branches in fiscal and legal issues. As profound market knowledge is essential for our work, we often cooperate with internal and external experts.
The team Business Analysis & Planning supports the Executive Board members and the managers of our two Business Groups Life & Health reinsurance and Property & Casualty reinsurance in matters of performance analyses as well as planning and forecast activities. We are responsible for profitability assessments based on IFRS and economic principles both on a regular and ad-hoc basis. With respect to business management reports, we analyse our business portfolio from different perspectives to support various internal and external evaluations and presentations. Regarding the economic view, we assess our economic cost of capital on a regular basis that forms an important input parameter to determine the margin requirements for the business we write. We support the underwriting units with analyses clarifying the economic value they create for our shareholders by writing a specific piece of reinsurance business. Hannover Re’s Executive Board and Supervisory Board receive crucial information on the economic profit or loss for the period, including all economic movements and capital costs that is relevant to assess the business groups’ value creation from a truly economic perspective. Another very important task for us is to continuously enhance methods and tools in the areas of reporting, performance measurement and steering.
The colleagues in the Accounting, Consolidation ＆ Reporting department provide advice on international accounting while ensuring compliant financial reporting, monitor new developments in accounting (especially with regard to life reinsurance business and financial instruments), analyse and assess the effects and ensure the necessary transfer of knowledge between finance and operational departments.
Another focus of activity is the preparation of the quarterly and annual financial statements according to HGB and IFRS. Responding to special enquiries and handling ad hoc issues within the department as well as supporting some of our international locations.
The Coordination International Business department, interface to our Group companies and international locations, is responsible for mergers & acquisitions, including foundations, restructurings and closures, among other things.
Working closely with our clients, the Group Taxation team strives to achieve full tax compliance with respect to corporate income tax, trade tax, turnover tax and insurance tax for Hannover Re SE and E+S Rückversicherung AG. In this context tax risks are assessed, tax audits are monitored and taxes are calculated and reported for quarterly and annual financial statements.
What are our competencies?
About 300 people work in our department. Most of us have the following qualifications:
- Economics degree or commercial apprenticeship
- Good numeric skills and high attention to detail
- High service orientation