SOURCE: Hannover Ruck

May 06, 2008 07:50 ET

Hannover Re: Annual General Meeting carries all motions as proposed

HANNOVER, GERMANY--(Marketwire - May 6, 2008) -


Annual General Meeting carries all motions as proposed

Hannover, 6 May 2008: The Annual General Meeting of Hannover Re today approved all motions brought, adopting all of its resolutions with a large majority.

In his speech, Chief Executive Officer Wilhelm Zeller recapitulated on an excellent financial year 2007 in which the company posted the highest Group net income in its history, at EUR 734 million. Although this result was due in part to a positive one-off effect from corporation tax amendments in Germany, Hannover Re would have posted a record profit anyway.

Zeller also stated that he was highly satisfied with the figures for the first quarter of 2008, published today (see separate press release): "Our result to date stands us in good stead to achieve our ambitious profit target for the year as a whole - a return on equity of over 15 percent after tax."

The Annual General Meeting likewise approved the motion brought by the Executive Board and Supervisory Board as regards the allocation of the Hannover Rück AG balance sheet profit of EUR 280 million: shareholders can look forward to a gross dividend of EUR 1.80 plus a bonus of EUR 0.50 for each share fully paid-up for the entire financial year. The bonus is the company's way of enabling its shareholders to participate in the corporation tax windfall. The remaining disposable profit of EUR 2.6 million is to be carried forward to new account.

For further information please contact:

Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 / 511 / 56 04-15 00,
e-mail: stefan.schulz@hannover-re.com)

Press and Public Relations:
Gabriele Handrick (tel. +49 / 511 / 56 04-15 02,
e-mail: gabriele.handrick@hannover-re.com)

Investor Relations:
Daniela Gissinger (tel. +49 / 511 / 56 04-15 29,
e-mail: daniela.gissinger@hannover-re.com)

Hannover Re, with a gross premium of around 8 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 1,800. 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.


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