Ad-hoc disclosure pursuant to Art. 17 MAR: Hannover Re expects Group net income of at least EUR 1.7 billion in 2023

Hannover, 31 January 2023: Based on the continued favourable market environment, Hannover Re expects to grow its Group net income* to at least EUR 1.7 billion for the 2023 financial year.

The 2023 consolidated financial statements will be prepared using the new accounting standards (IFRS 17/9) for the first time. Reinsurance revenue is expected to grow by at least 5% at constant exchange rates and the return on investment from assets under own management should be at least 2.4%.

As usual, all statements regarding future targets are subject to the premises that there are no unforeseen distortions on capital markets, that large loss expenditure remains within the expected value of EUR 1.725 billion and the Covid-19 pandemic does not have any further significant impact on the result in life and health reinsurance.

*With regard to IFRS 17/9, there is neither a market consensus nor comparable published figures from the previous year.

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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