The Annual General Meeting of Hannover Re held on 4 May 2010 approved all proposed resolutions by a large majority.
In his address Chief Executive Officer Ulrich Wallin took the opportunity to look back once again on the outstanding 2009 financial year, in which the company for the first time generated an operating profit in excess of EUR 1 billion. The highest net income in the history of the Group was in part assisted by positive non-recurring effects.
Mr. Wallin also expressed satisfaction with the results as at 31 March 2010 (cf. separate press release): "Although the burden of catastrophe losses in the first quarter was higher than our expected level, the achieved result puts in place a good platform for attaining our 2010 profit target - 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 disposable profit of Hannover Rück AG in an amount of EUR 259million: shareholders will receive a gross dividend of EUR 2.10 on each share fully paid up for the entire financial year. The remaining disposable profit of EUR 5.7million is to be carried forward to new account.
The Annual General Meeting also approved the new system of remuneration for Hannover Re's Executive Board. It is intended to appropriately recompense the members of the Executive Board for their contribution to the company's success according to their joint and individual performance through commensurate variable portions of the total remuneration. The system consists of three components: fixed emoluments, a variable bonus and a share-based remuneration component. Details of the remuneration system - including the amendments approved following entry into force of the Act on the Adequacy of Management Board Remuneration - are set out in the annual report 2009.
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