HANNOVER RUECKVERSICHER-ADR Business Summary

Hannover Rück SE, represented in the U.S. via the HVRRY ADR, is the world’s third-largest reinsurance group, generating revenue through gross written premiums and investment income across two primary segments: Property & Casualty (P&C) and Life & Health (L&H) reinsurance. The P&C segment, which contributes approximately 70% of total revenue, provides traditional treaty and facultative coverage alongside specialty lines like marine and aviation, while the L&H segment focuses on financial solutions, longevity, and mortality risks. The company maintains a competitive advantage through its "somewhat different" strategy, characterized by a lean administrative structure and a pure-play focus on reinsurance that results in a lower expense ratio than its diversified peers. Its primary global competitors include Munich Re, Swiss Re, and SCOR; within this landscape, Hannover Re is positioned as a highly efficient, capital-strong market leader that consistently delivers industry-leading returns on equity. Founded in 1966 and majority-owned by the Talanx Group (50.2%), Hannover Re is currently led by Chief Executive Officer Clemens Jungsthöfel, who assumed the role in April 2025 after previously serving as the company’s CFO. The executive leadership team includes Chief Financial Officer Christian Hermelingmeier and key board members such as Sven Althoff (P&C), Brona Magee (L&H), Silke Sehm (P&C), and Thorsten Steinmann (P&C). The Supervisory Board is chaired by Torsten Leue, who also serves as the CEO of Talanx AG, ensuring strategic alignment with the parent group. This leadership team emphasizes technical underwriting discipline and data-driven risk assessment, supported by a global workforce of approximately 4,000 employees and a "Very Strong" AA- credit rating from Standard & Poor’s.