Deputy Chairman Former Chief Executive Officer of Talanx AG and HDI Haftpflichtverband der Deutschen Industrie V.a.G., Hannover, Germany Chairman of the Supervisory Board HDI Haftpflichtverband der Deutschen Industrie V.a.G., Hannover, Germany Chairman of the Supervisory Board Talanx AG, Hannover, Germany
I. Land and buildings, rights to land and buildings, leasehold 31,554 30,850
The equalisation reserve is set up in accordance with the notes to § 29 of the Regulation on the Accounting of Insurance Undertakings (RechVersV); the similar provisions are constituted in accordance with § 30 of the Regulation on the Accounting of Insurance Undertakings (RechVersV). With respect to insurance lines 28 Other property insurance and 29 Other indemnity insurance, separate profit and loss accounts are drawn up only for the fidelity line.
carried out in accordance with § 253 (1) Sentence 3 of the Commercial Code (HGB). For these commitments the settlement amount corresponds to the fair value of the actuarial reserve plus surplus participation.
Hannover Re Euro RE Holdings GmbH, Hannover / Germany 65.00 EUR 1,049,571 30,986 holds 99.99% of the shares in: HR GLL Central Europe GmbH & Co. KG, Munich / Germany EUR 143,286 25,939
Contingent capital of EUR 60,299 thousand is available. It can be used to grant shares to holders of convertible bonds and bonds with warrants as well as to convert participating bonds or profit-sharing rights. This contingent capital has a time limit of 9 May 2021.
On 15 September 2014 Hannover Re placed another subordinated bond with a volume of EUR 500,000 thousand on the capital market at a coupon of 3.375% and with a perpetual maturity as well as a first scheduled call option as at 26 June 2025.
Term repurchase agreements (repos) were entered into as a supplementary liquidity management tool in the year under review. The asset portfolios exchanged in this context are fully collateralised. As at the balance sheet date the liabilities from repos amounted to EUR 22,969 thousand (EUR 59,978 thousand).
• the accompanying annual financial statements comply, in all material respects, with the requirements of German commercial law and give a true and fair view of the assets, liabilities and financial position of the Company as at 31 December 2020 and of its financial performance for the financial year from 1 January to 31 December 2020 in compliance with German Legally Required Accounting Principles, and
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the management report as a whole provides an appropriate view of the Company’s position and, in all material respects, is consistent with the annual financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor’s report that includes our audit opinions on the annual financial statements and on the management report.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the annual financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.
Basis for the Reasonable Assurance Conclusion We conducted our assurance engagement on the reproduction of the annual financial statements and the management report contained in the above mentioned attached electronic file in accordance with § 317 Abs. 3b HGB and the Exposure Draft of IDW Assurance Standard: Assurance in Accordance with § 317 Abs. 3b HGB on the Electronic Reproduction of Financial Statements and Management Reports Prepared for
Auditor’s Responsibilities for the Assurance Engagement on the ESEF Documents Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We exercise professional judgment and maintain professional skepticism throughout the assurance engagement. We also: • Identify and assess the risks of material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance conclusion.
informed about the key insights from the risk report and the Executive Board reported – in response to a prior request from the Supervisory Board – on the development of the company ‘s costs in a peer comparison. Another key topic at the August meeting was the sustainability of the income generated from the highly profitable Life & Health financial solutions business. We also deliberated on a restructuring activity within the Group, which went hand-in-hand with a capital increase through a non-cash contribution that had to be approved by the Supervisory Board. We received the audit report on the solvency balance sheet. The Supervisory Board was additionally required to approve fulfilment of the requirements of the Act Implementing the Second Shareholders‘ Rights Directive (ARUG II) in internal processes with an eye to the monitoring and potential approval of related party transactions. As far as personnel matters were concerned, we considered in depth the personnel change on the Executive Board in autumn 2020. Mr. Jungsthöfel made himself available to the Supervisory Board for part of the discussions for purposes of a personal introduction and to answer any questions and he was then appointed by us as a member of the Executive Board and as the new Chief Financial Officer effective 1 September 2020. At the same time, we parted with Mr. Vogel, who had served as an exceptionally reliable partner for the Supervisory Board over a long period of time with his expertise and his trusted leadership of his area of responsibility. Secondly, we discussed the remuneration scheme for the Executive Board in the context of personnel issues. The current scheme was in some respects no longer compatible with the new requirements arising out of the ARUG II amendments as well as the recommendations of the German Corporate Governance Code, and we therefore developed a new adequate scheme based on externally commissioned advice and approved it after in-depth consultation. Subject to the consent of the individual Executive Board members to the corresponding contractual changes and provided the Annual General Meeting approves the scheme as adequate, the specifics will in future be provided in detail in the remuneration report. With an eye to the self-assessment of the Supervisory Board‘s areas of expertise that had once more been carried out, the Supervisory Board decided that the present extensive list of topics which goes beyond the regulatory requirements will be used again in 2021. During the afternoon we listened to presentations given by company experts on a number of key topics in the field of (group) tax law in reinsurance business as well as IFRS 9 and 17. In addition to the informative content of the presentations, this gave us an opportunity to inquire directly with the function holders about the current status of the relevant topics as well as the actions taken within the company and the concrete challenges.
Thanks to the extraordinary performance and prudent management of the Executive Board in this and past years and despite the enormous challenges in the 2020 financial year, Hannover Rück SE generated a good result. A great debt of gratitude is owed in particular to the employees of the company and the Group for their dedication and their considerable flexibility.