Corporate | 21 February 2013 08:30
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Hannover Rückversicherung AG / Key word(s): Miscellaneous
Hannover Re assumes further portfolio of longevity risks in the United Kingdom Hannover, 21 February 2013: Hannover Re has concluded another block transaction for longevity risks in the United Kingdom. Pension obligations in the amount of GBP 3.2 billion assumed by the British insurer Legal & General are to be transferred mostly to Hannover Re. Under this transaction Hannover Re assumes only the biometric risk, not the investment risk. Hannover Re will generate total premium income of roughly GBP 2.2 billion from this longevity transaction, with gross premium of around GBP 100 million attributable to the 2013 financial year. The assumed portfolio will deliver an attractive return for Hannover Re. 'Longevity risks are also interesting for our company because they are negatively correlated with mortality risks and hence promote better diversification of our portfolio', Chief Executive Officer Ulrich Wallin noted. Hannover Re has been active in the area of longevity risks since the mid-1990s. Longevity swaps hedge the risk that the life expectancy may prove to be higher than anticipated. In its block transactions for pension funds Hannover Re concentrates primarily on the blue-collar workers' segment. For further information please contact:
Media Relations:
Investor Relations:
Please visit: www.hannover-re.com Hannover Re , with a gross premium of around EUR 12 billion, is the third-largest reinsurer in the world. It transacts all lines of non-life and life and health reinsurance and is present on all continents with around 2,200 staff. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- 'Very Strong' and A.M. Best A+ 'Superior').
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| Language: | English | |
| Company: | Hannover Rückversicherung AG | |
| Karl-Wiechert-Allee 50 | ||
| 30625 Hannover | ||
| Germany | ||
| Phone: | +49-(0)511-5604-1500 | |
| Fax: | +49-(0)511-5604-1648 | |
| E-mail: | info@hannover-re.com | |
| Internet: | www.hannover-re.com | |
| ISIN: | DE0008402215 | |
| WKN: | 840 221 | |
| Indices: | MDAX | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard), Hannover; Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Terminbörse EUREX | |
| End of News | DGAP News-Service |
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| 201947 21.02.2013 |