DGAP-News: Hannover Re assumes further portfolio of longevity risks in the United Kingdom
(firmenpresse) - DGAP-News: Hannover Rückversicherung AG / Key word(s): Miscellaneous
Hannover Re assumes further portfolio of longevity risks in the United
Kingdom
21.02.2013 / 08:30
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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:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick(at)hannover-re.com)
Investor Relations:
Julia Hartmann (tel. +49 511 5604-1529,
e-mail: julia.hartmann(at)hannover-re.com)
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').
Please note the disclaimer:
www.hannover-re.com/misc/disclaimer-pr-050811
End of Corporate News
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21.02.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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(at)hannover-re.com
Internet: www.hannover-re.comISIN: 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
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Datum: 21.02.2013 - 08:30 Uhr
Sprache: Deutsch
News-ID 231663
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