Hannover, Germany, June 14, 2005 (PRIMEZONE) -- The roughly 1,500 participants at Hannover Re's very well attended Annual General Meeting today approved all proposed resolutions by a substantial majority. In his address to the meeting Wilhelm Zeller, Chairman of the Executive Board, looked back once again on a financial year that had proven highly satisfactory for the company despite the considerable burden of natural catastrophe losses. Although net income in 2004 declined to EUR 309 million (previous year: EUR 355 million) due to the exceptional loss expenditure and protracted weakness of the US dollar, Hannover Re again surpassed its minimum return-on-equity target of 12% in the financial year just-ended.
Mr. Zeller's assessment of the current financial year is also favourable: "With our first-quarter result we have put in place a solid foundation for achieving our declared 2005 profit target of EUR 430 to 470 million, or earnings of EUR 3.60 to 3.90 a share," Mr. Zeller emphasised.
The Annual General Meeting approved the proposal of the Executive Board and Supervisory Board regarding the distribution of the disposable profit. Shareholders will receive a gross dividend of EUR 1.00 (previous year: EUR 0.95) on each share that was fully paid-up for the entire financial year.
The Annual General Meeting also authorised the Executive Board of Hannover Re to acquire treasury stock in the period until 30 November 2006.
The company will publish its results for the second quarter of the current financial year on 11 August 2005. The next Annual General Meeting of Hannover Re is scheduled to be held on 12 May 2006.
Hannover Re, with gross premiums of approximately EUR 10 billion, is one of the largest reinsurance groups 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 3,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in 18 countries. 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").