Development of the Group segments

Key figures: Life/Health Reinsurance

The Group segment of Life/Health Reinsurance combines under the worldwide Hannover Life Re brand the international reinsurance activities in the lines of life, health, annuity and personal accident (insofar as transacted by life insurers). The strategic emphasis is on long-term, directly acquired customer relationships that can generate a discernible value-added for our clients in their risk and financial management.

Growing international network

The operating units of Hannover Life Re are active at more than twenty locations on all five continents in order to offer clients optimal local service. We operate as a decentralized network through our subsidiaries, branches and service offices. This organization safeguards the rapid and efficient transfer of knowledge in the interests of our clients at all times and all around the world.

We appreciably strengthened our international market position in the year under review, with systematic expansion in the large emerging markets of Asia and Latin America playing a key role. Despite adverse effects of movements in the exchange rates of all major currencies relative to the euro, we enlarged our premium income and currently enjoy a global market share of 10 to 12%. Indeed, we rank first or second in a number of significant markets. In the worldwide arena Hannover Life Re is one of the four most important life and health reinsurers and is distinguished by its excellent rating and global presence.

Along with Hannover Life Re Bermuda, which is reporting on a full financial year for the first time after receiving its license in October 2007, two new branches in Shanghai and Seoul commenced their operational activities; in the second half of 2008 we also established a service company in Mumbai – concentrating on life and facultative non-life business – to serve the Indian market. With a view to the further cultivation of this vital emerging market we were able to agree upon a strategic partnership with the leading Indian reinsurer GIC Re; this was cemented in June 2008 with the official signing of the cooperation agreement in Mumbai. We also established a service company in Rio de Janeiro in the middle of the year under review, thereby completing our entry into the Brazilian life market.

In 2008 we once again devoted special attention to extending our presence in the Islamic life insurance market, which we support principally through our Bahrain-based subsidiary Hannover ReTakaful. With an eye to the group business that traditionally predominates in the Islamic and Arab markets, we substantially boosted our personnel resources at this location in the fields of actuarial marketing and product development.