HANNOVER, Germany, May 12, 2006 (PRIMEZONE) -- The very well attended Annual General Meeting of Hannover Re -- with around 1,500 participants -- 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 2005 financial year -- a year that will be remembered for the historically unprecedented burden of natural catastrophe losses. Turning to the figures published today for the first quarter of 2006, Mr. Zeller expressed the utmost satisfaction: "We have started the new year on a highly successful note. Our performance to date gives us a very good platform for achieving our profit target for the current financial year, namely a return on equity of at least 15 percent," Mr. Zeller explained.
The Annual General Meeting approved the resolution of the Executive Board and Supervisory Board regarding the appropriation of the disposable profit of the parent company (Hannover Ruck AG) totalling EUR 190 million: an amount of EUR 185 million was allocated to retained earnings and EUR 5 million was carried forward to new account. In view of the fact that the disposable profit does not derive from underwriting business, but solely from the realisation of hidden valuation reserves within the Group, the distribution of a dividend for the 2005 financial year (previous year: EUR 1.00) was omitted in the interests of preserving a sustained strong capital base.
The company will publish its results for the second quarter of the current financial year on 8 August 2006. The next Annual General Meeting of Hannover Re is to be held on 3 May 2007.
Hannover Re, with a gross premium 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 specialty insurance. 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 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").
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.