汉诺威保险 2025年度报告

1Operating income and operating income per diluted share are non-GAAP measures. The definitionsand reconciliations to the most directly comparable GAAP measures of these and other non-GAAPmeasures used throughout this report can be found in the endnotes on the final pages of this document. To Our Shareholders, Our company delivered exceptional results in 2025,once again demonstrating the strength and resilienceof our team, the effectiveness of our strategy, strongexecution across the organization, and our ability todeliver value for our shareholders and other stakeholders.Our team came together in the face of dynamic marketconditions during the year, with persistence, skill anddetermination, further reinforcing the foundation onwhich we are building our company. Today, our organization is better positioned than ever.Our team is focused on taking our company to thenext level and advancing our goal to be the premierproperty and casualty franchise in the independentagency channel. I am extremely proud of all we accomplished duringthe year, and I am confident we have what it takes todrive greater success going forward. We continued to improve the durability of our marginsthrough higher pricing, an enhanced business mix andtargeted underwriting actions. We took meaningful stepsto reshape our catastrophe profile, reducing exposuresin targeted geographies and positioning the portfolio forimproved loss performance going forward. We expandedour product and service capabilities, and improvedrisk selection in casualty lines. We also expanded our“predict and prevent” capabilities, using sensor tools,data insights, and our risk solutions teams to helpcustomers create safer workplaces and avoid losses.And, we invested in advanced technology and ourdistinctive independent agent partnerships, as wellas talent across the organization, doubling down on aculture that sets our company apart and enables us todeliver on our promises. J O H NC .R O C H EO H N C .R O CPresident and Chief Executive OfficerPresident and Chief Executive Office This strategy provides greater financial stability acrossour company, increasing our resilience and minimizingearnings’ volatility. Each of our business segments alsodiversifies its own book, by line of business, mix andgeography, providing additional balance to our portfolio.In 2025, this approach delivered, with each of our coresegments making important contributions to our topand bottom lines. Generating Strong Financial Results For the year, we delivered record operating earnings,our highest-ever full-year operating return on equity3,at 20.1%, and net premiums written of $6.3 billion,with balanced growth and significant margin expansion.We also generated outstanding underwriting results,with a three-point year-over-year improvement in ourcombined ratio, to a record 91.6%, and an ex-CATcombined ratio of 87.1%, reflecting strong underlyingresults. Net investment income for the year was up22%, to $454.4 million, primarily driven by strong fixedincome from higher earned yields, as well as growingcash flows and strategic portfolio repositioning. In addition, we strengthened our balance sheet,increasing our book value per share by approximately27%, to $100.90, while maintaining prudent reserves andalso repurchasing approximately $130 million of shares.And, we increased our quarterly dividend for the 21stconsecutive year, raising it by nearly 6%. Personal Lines:Leveraging OurTotal Account Focus Enhancing Long-Term PerformanceThrough Diversification Our personal lines business turned in an outstandingperformance this past year while advancing its focuson the total account — bundling home, auto, umbrellaand ancillary coverages for individuals and families withbroader insurance protection needs, including highervalue and second homes, valuable collections, boats,recreational vehicles, cyber exposures and more. Our strong performance in 2025 and the overall financialstrength of our business in large measure are reflectionsof our efforts over the past several years to create adiversified and balanced income stream. The team generated excellent profitability, due largelyto pricing and strategic underwriting actions, as wellas the successful execution of its disciplined growthstrategy in key diversification states. This positionedthe business to generate sustained profitable growthas pricing trends normalized. In fact, we have madesignificant progress in reducing the relative weight of ourMidwest exposure, lowering its share of total premiumsby roughly four points since the beginning of 2023. Account business now represents approximately 89%of our personal lines book. This strategy continues tobe a key differentiator for us, providing higher averageretention levels and supporting our expansion into thehigher value home and auto markets. Enhancements in our personal lines geographic mixand our selective independent agent partnershipstrategy position us to accelerate growth in thisbusiness