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Conference Call on 1 January 2022 P&C Treaty Renewals

3 February 2022

Jean-Jacques Henchoz, Chief Executive Officer

Sven Althoff, Member of the Executive Board - Property & Casualty

Important note (1)

• Unless otherwise stated, the renewals part of the presentation is based on Underwriting-Year (U/Y) figures
  This basis is only remotely comparable with Financial-Year (FY) figures, which are the basis of quarterly and annual accounts
• The situation shown in this presentation mainly reflects the developments in Hannover Re's Property & Casualty reinsurance portfolio, which may not be indicative of the market development
• Pricing includes changes in risk-adjusted exposure, claims inflation and interest rates, based on internal pricing models
• Portfolio developments are measured at constant foreign exchange rates as at 31 December 2021

2 Conference Call on 1 January 2022 P&C Treaty Renewals

Important note (2)

Time lag in premium distribution between underwriting year and financial year

2022 underwriting year results will contribute to FY 2022 results and following years

3 Conference Call on 1 January 2022 P&C Treaty Renewals

Fifth consecutive year of improving reinsurance markets

1 January 2022 renewal: key market highlights

• Continued positive pricing momentum in a disciplined market
• • Main drivers for price increases: interest rate environment, loss experience and inflation
  • Terms and conditions stable to slightly improved
  • Pricing effects vary noticeably by region and line of business
• Sufficient reinsurance capital available despite tighter capacity in retro markets
• Overall stable to slightly increased demand for well-capitalised reinsurance groups (flight to quality)

Positive trend in reinsurance pricing cycle continues

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