Hannover Rück SE Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	2,469	2,329	1,825	780.8	1,231	883.07	Upgrade
Depreciation & Amortization	95.7	95.1	90.9	83.8	133.79	159.03	Upgrade
Gain (Loss) on Sale of Investments	-	-	-	-	-327.05	-393.58	Upgrade
Change in Accounts Receivable	-	-	-	192.2	-844.02	-407.07	Upgrade
Reinsurance Recoverable	-	-	-	-152.4	-	-	Upgrade
Change in Deferred Taxes	-	-	-	-	241.33	-65.75	Upgrade
Change in Insurance Reserves / Liabilities	-	-	-	-	4,281	2,252	Upgrade
Change in Other Net Operating Assets	2,972	3,732	5,473	-1,059	290.39	737.71	Upgrade
Other Operating Activities	-269	-510.9	-1,683	5,084	22.98	142.36	Upgrade
Operating Cash Flow	5,306	5,682	5,786	4,947	4,940	3,018	Upgrade
Operating Cash Flow Growth	-11.85%	-1.79%	16.95%	0.13%	63.69%	20.29%	Upgrade
Investment in Securities	-4,368	-4,368	-3,760	-4,882	-5,256	-1,794	Upgrade
Other Investing Activities	700.4	129.7	-339.3	318.7	30.06	-77.92	Upgrade
Investing Cash Flow	-3,841	-4,412	-4,510	-5,077	-5,261	-2,032	Upgrade
Long-Term Debt Issued	-	-	361.3	894.5	881.1	509	Upgrade
Total Debt Repaid	-196.3	-196.3	-1,119	-127	-15.59	-526.71	Upgrade
Net Debt Issued (Repaid)	-196.3	-196.3	-757.3	767.5	865.51	-17.71	Upgrade
Common Dividends Paid	-723.6	-723.6	-603	-572.83	-542.69	-482.39	Upgrade
Other Financing Activities	-658.7	-40.4	-20.5	-29.8	-45.31	-45.05	Upgrade
Financing Cash Flow	-1,723	-1,105	-1,501	44.3	277.51	-726.04	Upgrade
Foreign Exchange Rate Adjustments	-44.4	33.5	-42.7	53.2	120.13	-73.19	Upgrade
Miscellaneous Cash Flow Adjustments	-0.1	-	-	-	-	-	Upgrade
Net Cash Flow	-303.5	198.3	-268.4	-31.9	77.04	187.22	Upgrade
Cash Interest Paid	298.2	302.7	341.8	413.7	418.9	439.88	Upgrade
Cash Income Tax Paid	744.7	361.6	320.8	70.9	137.06	268.86	Upgrade
Levered Free Cash Flow	3,319	5,990	8,879	36,149	1,108	3,356	Upgrade
Unlevered Free Cash Flow	3,411	6,085	8,978	36,212	1,292	3,499	Upgrade
Change in Working Capital	2,972	3,732	5,473	-1,020	3,863	2,221	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.