Hannover Re: Annual General Meeting Approves All Proposed Resolutions

Hannover, GERMANY


HANNOVER, Germany, May 3, 2007 (PRIME NEWSWIRE) -- The roughly 1,500 participants at Hannover Re's very well attended Annual General Meeting today approved all proposed resolutions by a large majority.

In his address to the meeting Chief Executive Officer Wilhelm Zeller looked back once more on the exceptionally successful financial year enjoyed by the company, which in 2006 generated the highest Group net income - EUR 514 million - in its history. Mr. Zeller also expressed satisfaction with the figures for the first quarter of 2007 published today (cf. separate press release): "The renewal season in non-life reinsurance passed off well for our company, while life and health reinsurance more than doubled its net income relative to the corresponding quarter of the previous year. With our results to date we have put in place a good foundation for achieving our profit target for the current financial year - namely a return on equity of at least 15 percent after tax."

The Annual General Meeting approved the proposal of the Executive Board and Supervisory Board regarding the appropriation of the parent company's (Hannover Ruck AG) disposable profit in an amount of EUR 201 million: shareholders will receive a gross dividend of EUR 1.60 on each share that was fully paid-up for the entire financial year. The remaining disposable profit of EUR 8 million is to be carried forward to new account.

In addition, the Annual General Meeting re-elected Mr. Wolf-Dieter Baumgartl, Mr. Herbert K. Haas, Mr. Karl Heinz Midunsky, Dr. Immo Querner and Dr. Klaus Sturany as shareholder representatives on the Supervisory Board of the parent company Hannover Ruckversicherung AG. Dr. Erhard Schipporeit was also elected as a new member of the Supervisory Board.

The company will publish its results for the second quarter of the current financial year on 3 August 2007. The next Annual General Meeting of Hannover Re is to be held on 6 May 2008.

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 2,000. 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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