SOURCE: Hannover Ruck

May 05, 2009 08:09 ET

Hannover Re: Annual General Meeting approves all proposed resolutions

HANNOVER, GERMANY--(Marketwire - May 5, 2009) -

Annual General Meeting approves all proposed resolutions

Hannover, 5 May 2009: The Ordinary General Meeting of Hannover Re today approved all proposed resolutions by a large majority.

In his address to the meeting Chief Executive Officer Wilhelm Zeller took the opportunity to look back once again on the 2008 financial year. Faced with the repercussions of the financial market crisis Hannover Re had been compelled to take significant write-downs and disposal losses on investments - especially on equity holdings. Since these charges are not tax-deductible, Group net income after tax slipped into negative territory. Mr. Zeller expressed his satisfaction with the figures published today for the first quarter of 2009 (cf. separate press release): "We have made a successful start to the new financial year. Our quarterly result puts in place a good platform for achieving our ambitious profit target for 2009 - namely a return on equity of at least 18 percent after tax", Mr. Zeller explained. A one-off effect resulting from the acquisition of the US ING life reinsurance portfolio is included here in an amount of roughly 80 million euro.

The company will publish its results for the second quarter of the current financial year on 6 August 2009. The next Ordinary General Meeting is scheduled for 4 May 2010.

For further information please contact:

Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 511 5604-1500,

Press and Public Relations:
Gabriele Handrick (tel. +49 511 5604-1502,

Investor Relations:
Klaus Paesler (tel. +49 511 5604-1736,

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Hannover Re, with a gross premium of around 9 billion euro, 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 in around 20 countries with a total staff of roughly 1,900. 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").


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.

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