HANNOVER, Germany, May 27, 2003 (PRIMEZONE) -- The Annual General Meeting of Hannover Re (Other OTC:HVRRF): well-attended by around 1,000 participants -- approved all proposed resolutions by a large majority.
Wilhelm Zeller, Chairman of the Executive Board, took the opportunity in his speech to recall once more the company's highly successful financial year: net income of EUR 267.2 million (previous year: EUR 11.1 million) was generated in 2002 and the stockholders' equity was boosted by EUR 67.5 million to EUR 1.7 billion.
The Annual General Meeting approved the proposal made by the Executive Board and the Supervisory Board regarding the distribution of the disposable profit. The shareholders will receive a gross dividend of EUR 0.85 on each share fully paid-up for the entire financial year. In addition, the Annual General Meeting authorised the Executive Board of Hannover Re to acquire own stock in the period until 31 October 2004. The Annual General Meeting further approved a number of amendments to the Articles of Association, including the change of the company's name from Hannover Ruckversicherungs-Aktiengesellschaft to Hannover Ruckversicherung AG. The next Annual General Meeting of Hannover Re is scheduled to take place on 2 June 2004.
For further information, please contact Dr. Lutz Kohler (tel. +49/511/56 04-15 00; fax +49/511/56 04-16 48, e-mail lutz.koehler@hannover-re.com). Hannover Re, with gross premiums of 12.5 bn. euro, is the fifth-largest reinsurer in the world. It transacts all lines of property/casualty, life/health and financial/finite-risk reinsurance as well as program business. It maintains business relations with more than 2,000 insurance companies in over 100 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in 19 countries. The rating agencies most relevant to the insurance industry have each awarded Hannover Re their second-highest rating (Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior").