Publication of an ad hoc disclosure pursuant to Art. 17 MAR: Hannover Re surpasses own profit expectation

Based on provisional figures, Hannover Re will generate Group net income of around EUR 1.17 billion (previous year: EUR 1.15 billion) for the 2016 financial year. The company will thus clearly surpass its profit target of at least EUR 950 million. The principal driver is a further improvement in the underwriting result in property and casualty reinsurance. In addition, the tax rate for 2016 decreased to a normalised level because higher tax expenditure provisionally recognised in the previous year did not recur. The operating profit (EBIT) for 2016 amounts to roughly EUR 1.69 billion (EUR 1.76 billion). Gross premium contracted as expected to EUR 16.4 billion (EUR 17.1 billion).

The present annual results are still subject to certification by the auditors and approval by the Supervisory Board.

Hannover Re will publish detailed information on the 2016 annual financial year on 9 March 2017.

Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property & casualty and life & health reinsurance and is present worldwide with more than 3,500 staff. German business of the Hannover Re Group is written by the subsidiary E+S Rück. Established in 1966, Hannover Re is recognised as a reliable partner for innovative risk solutions, exceptional customer intimacy and financial soundness. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior".

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