Other Informaton

The present document is a quarterly statement pursuant to Section 51a of the Exchange Rules for the Frankfurter Wertpapierbörse (BörsO FWB). It was drawn up according to International Financial Reporting Standards (IFRS), but does not constitute an interim financial report as defined by IAS 34 “Interim Financial Reporting” or a financial statement as defined by IAS 1 “Presentation of Financial Statements”. Figures for the previous year were restated in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.

The accounting policies are essentially the same as those applied in the consolidated annual financial statement as at 31 December 2017. New accounting standards or amendments to existing standards that were applied for the first time in the 2018 financial year are discussed below:

IFRS 15 “Revenue from Contracts with Customers” specifies when and in what amount such revenue is to be recognised and which disclosures are required for this purpose. The standard and the published clarifications are not applicable to financial instruments and other contractual rights and obligations, which are to be recognised according to separate standards, or to (re)insurance contracts within the scope of IFRS 4 “Insurance Contracts”. Application of the standard is therefore of minor relevance to the Hannover Re Group.

The Hannover Re Group meets the qualifying criteria that give certain insurance entities the option to defer mandatory application of IFRS 9 “Financial Instruments” to 2021 and is exercising this deferral option.

Furthermore, a number of other amendments to existing standards and interpretations were issued with no significant implications for the consolidated financial statement:

• IFRS 2 “Share-based Payment”: “Classification and Measurement of Share-based Payment Transactions”
• Amendments to IAS 40 “Investment Property”: “Transfers of Investment Property”
• Amendments as part of the “Annual Improvements to IFRS Standards 2014 – 2016 Cycle” with respect to IAS 28 “Investments in Associates and Joint Ventures” and IFRS 1 “First-time Adoption of International Financial Reporting Standards”
• IFRIC 22 “Foreign Currency Transactions and Advance Consideration”.

The present financial statement was released for publication by a resolution of the Executive Board on 5 November 2018.