SOURCE: Hannover Ruck

May 04, 2010 10:34 ET

Hannover Re: Annual General Meeting adopts all proposed resolutions

HANNOVER, GERMANY--(Marketwire - May 4, 2010) -

Hannover Rück / Hannover Re: Annual General Meeting adopts all proposed resolutions processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

Hannover, 4 May 2010: The Annual General Meeting of Hannover Re today approved all proposed resolutions by a large majority.

In his address Chief Executive Officer Ulrich Wallin took the opportunity to look back once again on the outstanding 2009 financial year, in which the company for the first time generated an operating profit in excess of EUR 1 billion. The highest net income in the history of the Group was in part assisted by positive non-recurring effects.

Mr. Wallin also expressed satisfaction with the results as at 31 March 2010 (cf. separate press release): "Although the burden of catastrophe losses in the first quarter was higher than our expected level, the achieved result puts in place a good platform for attaining our 2010 profit target - namely a return on equity of at least 15 percent after tax."

The Annual General Meeting approved the proposal of the Executive Board and Supervisory Board regarding the appropriation of the disposable profit of Hannover Rück AG in an amount of EUR 259 million: shareholders will receive a gross dividend of EUR 2.10 on each share fully paid up for the entire financial year. The remaining disposable profit of EUR 5.7 million is to be carried forward to new account.

The Annual General Meeting also approved the new system of remuneration for Hannover Re's Executive Board. It is intended to appropriately recompense the members of the Executive Board for their contribution to the company's success according to their joint and individual performance through commensurate variable portions of the total remuneration. The system consists of three components: fixed emoluments, a variable bonus and a share-based remuneration component. Details of the remuneration system - including the amendments approved following entry into force of the Act on the Adequacy of Management Board Remuneration - are set out in the annual report 2009.

The next Annual General Meeting is scheduled for 3 May 2011.

Hannover Re, with a gross premium of around EUR 10 billion, is one of the leading reinsurance groups in the world. It transacts all lines of non-life and life and health reinsurance. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices on all five continents with a total staff of roughly 2,000. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A "Excellent").

Disclaimer: Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Hannover Re does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Hannover Re and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.


Hannover Rück

Karl-Wiechert-Allee 50 Hannover Germany

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