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Hannover Life Re 2008

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					Hannover Life Re 2008
A strong reinsurer
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                     hannover life re
                                        R
CONTENTS


Interview with Wolf S. Becke,
Chief Executive Officer Hannover Life Re . . . . . . . . . . . . . . . . . . . . 1

2007 financial year at a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Point-of-sale underwriting in practice . . . . . . . . . . . . . . . . . . . . . . . 4

       Enhanced annuities in the United Kingdom
       as an initial point-of-sale underwriting project . . . . . . . . . . . . 4

       Tele-underwriting for a newly established
       direct insurer in South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

       Merica-USTM gives insurers
       access to the Middle Market segment . . . . . . . . . . . . . . . . . . . . 7

Our regional centres in Asia:
Hannover Life Re Hong Kong and Malaysia . . . . . . . . . . . . . . . . . . 9

Contacts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
KEY FIGURES
             of Hannover Life Re


       Figures in EUR million                          2007        2006        20051)

       Gross written premium                          3,082.9     2,793.6     2,425.0
       Net premium earned                             2,795.3     2,373.4     2,257.6
       Net investment income                            293.9       313.2       275.3
       Claims expenses                                (1,672.2)   (1,495.3)   (1,415.2)
       Expenses for benefit reserves                   (397.9)     (192.8)     (258.0)
       Commission and brokerage and other
       technical income/expenses                       (780.5)     (831.7)     (684.1)
       Own administrative expenses                       (61.2)      (50.0)      (59.3)
       Other income/expenses                             53.4        22.7        (23.1)
       Operating profit (EBIT)                          230.8       139.5        93.1
       Taxes                                             16.7        (28.3)      (24.1)
       Net income                                       247.5       111.2        69.0



       Key ratios
       Retention                                        90.8%       85.4%      92.8%
       Expense ratio                                     2.0%        1.8%        2.4%
       EBIT margin2)                                     8.3%        5.9%        4.1%



       European Embedded Value
       European Embedded Value3)4)                    1,715.1     1,527.6     1,305.9
       Value of new business5)                          106.4        64.2        84.7
       Present value of future profits on acquired
       life reinsurance portfolios (PVFP)4)           1,033.3       991.4       887.6
   (in accordance with IFRS)
  1) 2005 figures before new segmentation
  2) Operating profit (EBIT)/net premium earned
  3) After consolidation, before minority interests
  4) Figures for 2005 and 2006 after restatement
  5) Before minority interests
ASSETS
  of Hannover Life Re


    Figures in EUR million                         2007       2006

                                                   31.12.     31.12

    Assets
    Held to maturity                                 52.1       63.6
    Loans and receivables                           116.6       63.3
    Available for sale                             2,496.3    2,259.9
    At fair value through profit or loss             35.2       42.9
    Other invested assets                            57.7       59.9
    Short-term investments                          147.0      153.9
    Cash                                             88.3       79.5
    Total investments and cash
    under own management                           2,993.1    2,723.0
    Funds held by ceding companies                 7,741.9    7,624.5
    Contract deposits                               616.0      561.3
    Total investments                             11,351.0   10,908.8
    Reinsurance recoverables on
    unpaid claims                                   101.6      113.3
    Reinsurance recoverables on benefit reserve     255.1      447.5
    Prepaid reinsurance premium                        6.1        9.6
    Reinsurance recoverables on other reserves         2.5        6.3
    Deferred acquisition costs                     1,545.0    1,674.9
    Accounts receivable                            1,152.7     540.7
    Other assets in the segment                     304.3      211.2
    Total                                         14,718.3   13,912.3
  (in accordance with IFRS)
Interview with Wolf S. Becke,
Chief Executive Officer Hannover Life Re
From your standpoint, how did the life and health reinsurance business group
(Hannover Life Re) develop in 2007?
Without any reservations we can rate the past year as "excellent". Our targets with regard to
both premium income and profitability were achieved, if not comfortably surpassed. We ce-
mented our position as the number 4 in the global market and further narrowed the gap with
our leading competitors.
Our network of subsidiaries and branches on all five continents enables us to quickly and effi-
ciently offer our clients solution models to cover every possible need.

A specific follow-up question: How satisfied were you with Hannover Life Re's profitability
in 2007?
For the 2007 financial year we reported the highest operating profit (EBIT) in our history.
It is true that this performance was assisted by a number of special factors, but even without
these effects profitability is impressive.
On an after-tax basis we of course benefited from the non-recurring effects of corporate tax
reform in Germany. Undoubtedly, therefore, the generated net income of around EUR 248
million cannot be taken as a benchmark for the coming years.
In terms of long-term value management it is also notable that the audited Value of New
Business exceeded EUR 100 million for the first time in 2007. This is a testament to Hanno-
ver Life Re’s special vitality in the context of the European Embedded Value issue.

You made considerable progress on the UK market in 2007. How did you manage this in
what is known to be a highly competitive environment?
That’s true: the UK market – the second-largest life reinsurance market in the world – is of
special significance to us. It was here that we generated more than 30% of Hannover Life
Re’s total premium in 2007.
In the area of enhanced annuities we are superbly positioned as a specialist provider and in
recent years have advanced to become the market leader. In view of the demographic trend
and the opening up of the annuity market that has been pushed by the British government,
we are participating in the expansion of enhanced annuities in the UK – a product that
already accounts for 20% – 25% of all private annuity policies (Open Market Option or OMO).




                                                      1
In the conventional market competition has intensified sharply over the last two to three
years, inter alia due to the entry into the market of new players from Bermuda and the United
States. For our part, however, we parted with a number of accounts – including some quite
substantial ones – earlier than planned. Although it is currently too soon to reach a final
verdict on the profitability of enhanced annuities, we are confident that our actuarial assump-
tions will be confirmed over the long term.

Everyone is talking about the new markets for reinsurance in Asia and the Arab region.
What is your view on this?
The development of life and annuity insurance in these markets is crucially dependent on the
formation of an urban middle class that has sufficient purchasing power to be able to afford
life and annuity policies. Paramount importance therefore attaches to emerging nations such
as China and India – and in the longer term Russia and Brazil. We shall ensure that we have a
local presence in these markets, too, over the medium term. In the N11 (Next Eleven) markets
our expectations are particularly high for Korea, Vietnam and Turkey.
We are also taking a strong interest in insurance transacted in accordance with Islamic prin-
ciples – known as takaful business. Thanks to the establishment of an independent company –
Hannover ReTakaful in Bahrain – at the end of 2006, we are very well placed to cover the
"family takaful" range of products.

How do you assess the outlook for Hannover Life Re in the current 2008 financial year?
We got off to a good start in 2008: in the first quarter we were already able to realise the
largest financing transaction to date in the United States – running into the triple-digit mil-
lions of dollars – for in-force universal life business of highly respected US life insurers.
In the United Kingdom, too, we see further potential in the area of enhanced annuities and
the reinsurance of pension fund portfolios. We are still taking a close interest in European
bancassurance business in French-speaking markets. In the Asian markets we have identified
significant business opportunities, most notably in China and Korea.
The establishment of our new subsidiary Hannover Life Re Bermuda will enable us to offer
our international clientele tailored covers from 2008 onwards.
All in all, we take an exceptionally favourable view of the short- to medium-term perspectives
for Hannover Life Re. For 2008 we anticipate double-digit premium growth – assuming
exchange rates remain more or less stable – as well as further improvement in profitability.
In case of any questions or comments please feel free to contact me by e-mail
(wolf.becke@hannover-re.com).




                                                       2
                                                                                  2007 FINANCIAL YEAR
                                                                         at a glance




Hannover Life Re’s business model continues to be           The EBIT margin reached 8.3% – an increase of
based on the "five pillar model" that enables us to         2.4 percentage points compared to the previous
offer our clients a broad range of reinsurance solu-        year. Even after elimination of special effects the
tions. Our more than 470 staff at 18 locations              level was comfortably in excess of our 5% target.
worldwide are thus able to cater to the special re-         The net income generated by Hannover Life Re
quirements of specific markets and individual clients       totalled EUR 247.5 million (EUR 111.2 million).
and incorporate them into their solution concepts.
                                                            Geographical breakdown of life and health reinsurance
Breakdown of gross written premium according                (in % of gross premium)
to the 5-pillar model (in %)
                                                            United Kingdom (30)
Traditional risk-oriented reinsurance (40)                  Latin America (2)
Financial solutions (11)                                    France (3)
Bancassurance (14)                                          Africa (3)
                                                            Asia (4)
Partnerships with
                                                            Rest of Europe (11)
multinational clients (15)
                                                            Australia/New Zealand (12)
Development of new markets and
products (20)
                                                            Germany (14)
                                                            North America (21)

The gross written premium booked by Hannover
Life Re surpassed EUR 3 billion for the first time in
the year under review, climbing 10.4% to EUR 3.1            In the 2007 financial year we moved forward with
billion. The level of retained premium increased to         the second phase of establishment of a life branch
90.8% (85.4%) due to reduced retrocessions, and             in China; operational activities are expected to
net premium earned therefore surged by as much              commence in May 2008. In December 2007 we re-
as 17.8% to EUR 2.8 billion. At unchanged ex-               ceived approval in principle from the local regula-
change rates the premium volume would have come             tor in South Korea to establish a branch office in
in around EUR 100 million higher.                           Seoul, while in India we are currently in the process
                                                            of setting up a service company in Mumbai that is
Our preferred lines of life and annuity business
                                                            scheduled to open for business in 2008.
accounted for 87.8% of total premium income in
2007, with enhanced annuities in the United King-
dom delivering particularly significant growth im-
petus.
Hannover Life Re's operating profit (EBIT) showed
substantial growth of 65.4% to reach EUR 230.8
million (EUR 139.5 million). This figure reflects a
number of positive special factors, the aggregate
effect of which amounted to roughly EUR 30 million.




                                                        3
POINT-0F-SALE
            underwriting in practice




    Since the mid-1990s Hannover Life Re has played              In the following sections we provide an insight into
    a major part in a paradigm shift where the issue of          the successful implementation and practical appli-
    insurance polices at point of sale is concerned. Trad-       cation of this innovative point-of-sale system in
    itionally, the customer fills out a paper application        three different markets:
    form and answers an accompanying medical ques-
                                                                 • enhanced annuities in the United Kingdom as an
    tionnaire. The latter is then evaluated by the in-
                                                                   initial point-of-sale project
    surer’s medical underwriters. Depending on the ap-
    plicant’s state of health, the case is either referred       • tele-underwriting for a newly established direct
    for further consideration or an individual offer is            insurer in South Africa
    made. In a best-case scenario this process may take          • Merica US™ – reinsurance of the US Middle
    a number of days, but it can also stretch over several        Market segment.
    weeks.
    The increasing cost pressure, coupled with the
    emergence of Web-based technologies and the                   Main features of Hannover Life Re's
    possibilities that they have opened up, has boosted           point-of-sale underwriting system
    interest in finding efficient solutions for reengin-
    eering this business process – without the need for           • Expert system for lay-users
    involvement of an underwriter.                                • Immediate, guaranteed acceptance decisions
    By developing its new point-of-sale underwriting                directly at point of sale
    solution Hannover Life Re has succeeded in closing            • Standardised underwriting decisions
    this gap in application processing. The system –
    dubbed Merica (Medical Risk Calculator) – was de-             • Full integratability into the working process
    veloped for lay-users with no prior medical expert-
    ise and is notable for its ease of use. More than
    90% of application procedures for life insurance
    policies, including medical underwriting, can be
    handled in less than ten minutes using the system.

    Enhanced annuities in the United Kingdom as an initial point-of-sale project
    Under the UK pension system, pensioners are re-              cept based on intensive medical underwriting was
    quired to invest contributions accumulated to-               developed and launched on the market as "im-
    wards retirement provision as a single premium in            paired life annuities". Building on this platform, we
    the form of an annuity product by age 75. Until              developed annuity products based on simplified
    1995 only standardised tariffs – that merely made            underwriting – known as enhanced annuities. The
    allowance for factors such as age and sex – were             underwriting required for these policies is based
    available in that country’s annuity insurance mar-           on a questionnaire that covers both the applicant's
    ket. It became clear that pensioners with health             living conditions and his/her state of health. The
    impairments were severely disadvantaged. We                  breakthrough was achieved when our client inte-
    identified a need for new products here. Working             grated our point-of-sale underwriting module into
    together with an annuity provider, an annuity con-           the acquisition process: rating can be carried out




                                                             4
                                                                                       Point-of-Sale underwriting in practice




on the spot in the broker’s office, even factoring in        Dr. Nicola-Alexander Sittaro,
the applicant’s medical history. These products now          Hannover Life Re, Hannover
account for 10% of the total market, with a sales            (nicola-alexander.sittaro@hannover-re.com)
volume of GBP 1,095.1 million in 2007.



  The medical database
  The core of the Merica system – the medical database – was developed by Hannover Life Re’s team of
  physicians. The expert knowledge that it contains is evidence-based. Regular database updates ensure
  that the system keeps pace with medical advances; the client is spared any complicated updates or
  installation routines.
  The database contains more than 3,000 entries on ICD-coded diseases (International Classification of
  Diseases). Around 500 keyword groups are assigned to these codes, covering pertinent medical issues
  in easily understandable language.
  Synonyms, lay-terms and abbreviations were added to the database so as to enhance user-friendliness.
  Operations, procedures and medical examinations are also covered. As a result, once a disease has
  been entered the applicant only has to respond to a list of questions once in the context of the under-
  writing process. The answers are used as a basis for deciding on all the provision benefits that have
  been requested.



Tele-underwriting for a newly established direct insurer in South Africa
On its establishment in 2006 this company stood              policyholder agree on the legal contractual terms
out from our other clients inasmuch as it intended           and conditions; only then is the policy sent out.
to sell traditional life insurance and disability pol-       The integration of our point-of-sale system into
icies as well as critical illness (dread disease) pro-       this company has been delivering highly successful
ducts exclusively by way of telephone marketing.             results over the past two years; the volume of new
To this end we made our tried and tested point-of-           business, growth and the ratio of expected to actual
sale expert system available to the company. For             claims have corresponded to the actuarial forecasts.
the first time, therefore, the improved multi-pro-
duct system was deployed for use.
With the aid of the interactive point-of-sale system
personal and risk-related customer data are input
during a documented telephone conversation. In
this context the applicant is explicitly informed of
the requirement to disclose all relevant data on the
application form. As soon as the premium has been
established the life insurance company and the




                                                         5
Point-of-Sale underwriting in practice




              New business: Expected number of policies compared to actual policies taken out

                                                                                                                         25,507
             30,000

             25,000
                                                                                                                        23,987
             20,000

             15,000

             10,000


              5,000

                  0
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                            Real            Planned




              An essential prerequisite for smooth implementa-                ploys three nurses trained in underwriting who in
              tion is coordinated project management that en-                 turn train the telesales workers. They are able to
              compasses all the parties involved: insurer and                 instantly answer any questions from the telemar-
              reinsurer, developer, sales representative and med-             keting staff as well as from applicants. Thanks to
              ical expert. Our experience shows that a total time-            the combination of Hannover Life Re's point-of-sale
              span of five to six months should be allowed before             system and these well-trained employees it is now
              final market launch; regular updates are included.              possible to decide on over 90% of insurance appli-
              Initially, the system was able to process 65%–75%               cations at the point of sale.
              of all cases without referral to an underwriter. Bear-
              ing in mind the complexity of the underlying pro-               Dr. Bill Monday,
              ducts – including life, disability and critical illness –       Hannover Life Reassurance Africa
              this was already a considerable success. In response            (bill@hannover-re.co.za)
              to the rising number of applications a medical
              underwriter was additionally appointed to assess
              those cases that the point-of-sale system was unable
              to handle. The cases referred to the underwriter
              were analysed and any missing diseases or treat-
              ments were added. The rate of immediate issue
              then reached 80%. The company now also em-




                                                                          6
                                                                                        Point-of-Sale underwriting in practice




Merica-US™ gives insurers access to the Middle Market segment

According to a survey conducted in 2006, a large              missions are not commensurate with the effort
proportion of the US population in the lower and              needed for the application process where modest
middle-income groups – the so-called Middle Mar-              sums insured are involved. The point-of-sale under-
ket segment – is either not insured at all or is sub-         writing system Merica-US™ developed by Hannover
stantially underinsured 1). Two out of ten house-             Life Re offers a hitherto unique solution for this
holds have no life insurance; 44% of those survey-            situation by way of an innovative underwriting
ed describe their coverage as inadequate. Frequently          model: integration of automated underwriting into
cited reasons for underinsurance are the cumber-              the application process makes possible considerable
some application process for such products and the            cost savings and hence attractive premiums. What
high premiums charged for products with no under-             is more, the sales process is accelerated to such an
writing. This market segment has hitherto been                extent that policies can normally be issued directly
neglected by insurance brokers because the com-               at point of sale.



      Strategic advantages for users of Merica-US™
      Merica-US™ is a new business process featuring a Web-based point-of-sale system that offers substantial
      time and cost savings for the application process. It provides automated audit-proof underwriting in real
      time, capabilities for data reconciliation with other sources of information, an underwriter workspace,
      secure and configurable electronic application forms, electronic signature modules and a high degree
      of flexibility to fit existing systems.
      Merica-US™ is offered as a complete package with a flexible interface for linking to an administrative
      platform or as a Web-service model for the integration of individual components into an existing system
      landscape.




In order to directly verify the information provided          ging from agents selling property/casualty insur-
in an application, Merica-US™ cross-checks avail-             ance policies and life insurance brokers to person-
able online data on the applicant regarding pre-              al selling face-to-face or through call centres and
scription drugs, past insurance applications and              direct marketing online.
traffic violations and performs an identity check.
Hannover Life Re US has already successfully rolled
                                                              Michael Reeves,
out Merica-US™ at a number of clients in the
                                                              Hannover Life Reassurance Company of America
American market. The flexibility of the entire pro-
                                                              (mreeves@hlramerica.com)
cess makes it possible to offer point-of-sale under-
writing for any desired distribution channel – ran-



1)
     2006 LIMRA U. S. Life Insurance Ownership Study




                                                          7
Point-of-Sale underwriting in practice




              Merica-US™ – a complete service offering

                        Application                      Real-time underwriting                       Administration


                 Call centre                     > Application checked for completeness           Insurance company
                                                                                                  Administration system
                                                 > Data reconciliation with electronically
                 Broker                            accessible files
                 Bank                            > Underwriting by expert system

                 Affinity business                                                                Data analysis /Audits
                 Internet/                       Immediate policy          Underwriter
                                                                                                  Administration system
                 Direct sales                                              Tele-underwriter
                                                 issue
                                                                           Full underwriter
                                                 (75%–80%)




              Summary
              Our point-of-sale systems facilitate comprehensive         States. It can be deployed for many of the products
              reorganisation of the sale of insurance policies           marketed by life insurance companies and can be
              across all distribution channels. This leads to more       readily integrated into any conceivable IT environ-
              reliable, more viable and above all more efficient         ment either locally or as a Web-based solution.
              underwriting decisions. The system is currently in
              use in Germany and the United Kingdom, the Uni-
              ted Arab Emirates, South Africa and the United




                                                                     8
                                                                                           HANNOVER LIFE RE
                                                     in Hong Kong and Malaysia




Our regional centres in Asia: HLR Hong Kong and HLR Malaysia

Hannover Life Re (HLR) has transacted reinsurance            Both offices have been granted operating licenses
business in Asia for almost two decades – a period           and are commencing business activities as of May
during which it has established itself, in this region       2008.
as in others around the world, as one of the leading
powers in the life/health reinsurance industry.              Hannover Life Re Hong Kong
Our market segmentation encompasses the Chine-               Hannover Life Re Hong Kong serves the markets
se-speaking economic area (People's Republic of              of China, Taiwan, Hong Kong, Macao, Japan and
China, Taiwan, Hong Kong, Macao), Japan, (South)             (South) Korea. We currently employ fourteen staff
Korea, the Indian Subcontinent (India, Pakistan,             in Hong Kong. In addition to offering the complete
Sri Lanka, Bangladesh), the ASEAN states (with a             range of products and services expected from a
focus on Malaysia, Singapore, Thailand and Viet-             professional reinsurer, we can point to special ex-
nam) and the Near East.                                      pertise here in the following areas:
In the core Asian markets Hannover Life Re is cur-
                                                             • Start-up support for life insurers: advice on the
rently represented by five field offices (Hong Kong,
                                                              preparation of business plans and support for
China, Taiwan, Japan and Malaysia). In this context
                                                              product development (product design, actuarial
business is coordinated and written through two
                                                              bases, application conditions, sales materials);
regional centres, namely Hannover Life Re Hong
Kong and Hannover Life Re Malaysia, backed by a              • Tailored solutions in the area of capital manage-
market department at Hannover Home Office in                   ment: solvency relief, prefinancing of acquisition
Germany.                                                       costs, tax optimisation, capitalisation of embed-
                                                               ded value;
We consider the development of a sustained local
presence for our Asian clients of paramount import-          • Support for structuring of our clients' application
ance. We are therefore pleased that the licensing              processes: we offer, inter alia, solutions for Web-
procedures for a branch office in Shanghai (parallel           based systems that deliver a final underwriting
to the existing representative office) and a new               decision on most cases at the point of sale, such
branch office in Seoul have come to a fruitful close.          as the bank counter.




Taj Mahal, India                                             Gate to the Miyajima Temple, Japan



                                                         9
Hannover Life Re Hong Kong and Malaysia




             HLR Hong Kong also assumes a key role at the re-             Even though HLR Hong Kong expects to be joined
             gional level in providing service support for nu-            by two further branches (Shanghai and Seoul) in
             merous multinational insurance groups.                       the course of 2008, it will continue to function as a
                                                                          regional centre coordinating business activities in
             Hannover Life Re's decentralised marketing and               China and (South) Korea. What is more, the region-
             underwriting policy – combined with the consider-            al centre in Hong Kong plays a pivotal role in map-
             able technical expertise of its local staff – are re-        ping out Hannover Life Re’s strategy for the entire
             flected in the extensive underwriting authorities            Far East.
             awarded to the branch. This ensures a high degree
             of flexibility and facilitates rapid response times.         Hannover Life Re Malaysia
             The permanent establishment in Hong Kong is                  As part of the branch operation in Kuala Lumpur,
             also able to draw on the know-how of Hannover                Hannover Life Re Malaysia transacts life and
             Life Re, since as a "network reinsurer" we align our         health reinsurance business in Southeast Asia, in-
             business processes such that we can make the com-            cluding selected markets on the Indian Subcon-
             petence and expertise of the entire Group avail-             tinent. The office is currently staffed by a team of
             able at all our locations.                                   nine. In this context we are one of the few rein-
                                                                          surers in the region to enjoy the advantage of em-
             Particularly in the case of insurers with a predom-
                                                                          ploying our own physician for underwriting and
             inantly Chinese corporate culture, trusting and per-
                                                                          product development. In addition to the range of
             sonal relations between the client and the reinsu-
                                                                          products and services expected from a professional
             rer are a prerequisite for establishing initial busi-
                                                                          reinsurer, HLR Malaysia has particular expertise in
             ness contacts. In this respect HLR Hong Kong can
                                                                          the following areas:
             draw on excellent networks of long-standing per-
             sonal contacts and thus enjoys superb market access.
                                                                          • Support for clients with the development of spe-
             A further performance factor is its capacity to re-            cial insurance products tailored to the needs of
             spond and react: speed, flexibility, competitiveness           women or children/adolescents or indeed spe-
             and a wealth of ideas are the hallmarks of HLR                 cific risk groups;
             Hong Kong’s day-to-day business.




             Petronas Twin Towers, Kuala Lumpur                           Shanghai, China



                                                                     10
                                                                                         Hannover Life Re Hong Kong and Malaysia




• Roughly 20 years of experience in financing trans-          deal with these differences, are important guaran-
  actions: prefinancing of new business acquisition           tors of success in the conduct of our business ac-
  costs, capitalisation of embedded value and                 tivities in Southeast Asia. Our colleagues at HLR
  easing of the reserving strain;                             Malaysia are thus almost equally at home in countries
                                                              such as Vietnam, Thailand, Sri Lanka or Pakistan
• Seminar programmes (regionally and worldwide)
                                                              as they are in their home market, despite different
  for our clients covering underwriting, claims
                                                              national languages.
  handling and actuarial sciences as well as in the
  area of new product developments.
                                                              Market department in Hannover
When it comes to assessing individual risks, our
                                                              The market department serving the Asian region
underwriting team achieves a 24-hour turnaround
                                                              from Hannover is currently comprised of five staff
for more than 95% of the submitted cases.
                                                              and has three main tasks:
HLR Malaysia is just as important a part of our
                                                              Firstly, it supports the Managing Director of Han-
global Hannover Life Re network as HLR Hong
                                                              nover Life Re International at Home Office in the
Kong; it enjoys access to our entire infrastructure
                                                              underwriting of business subject to mandatory
and our international know-how. In this way we are
                                                              referral, such as financing transactions.
able to optimally combine the advantages of a
lean and decentralised organisational structure –             Secondly, the market department in Hannover per-
e.g. in relation to customer intimacy, flexibility and        forms the important function of sales support. This
speed – with the knowledge and experience of a                includes the promotion and elaboration of new
large, internationally leading reinsurer.                     product ideas, the organisation of conferences and
                                                              seminars as well as regular visits to clients in sup-
In the same way as HLR Hong Kong, the perman-
                                                              port of marketing activities.
ent establishment in Malaysia similarly embodies
the multifaceted traditions of its domestic market            What is more, the colleagues in the market depart-
through its staff. For close familiarity with other           ment regularly handle customer queries, quota-
cultures and ways of life, coupled with the skill to          tions and projects for our Asian offices. Our person-




Hong Kong Harbour                                             The Hayangwon Pavilion, Seoul



                                                         11
Hannover Life Re Hong Kong and Malaysia




                         Gerd Obertopp
                       General Manager
                            Hong Kong




                                               nel in Hannover thus form an integral component
                                               of our local team in Asia and participate in the
                              Wilbur Lo
                                               organic network that is at the heart of our actions.
                Deputy General Manager
                            Hong Kong          Outlook
                                               In addition to establishing a branch in Korea, we
                                               shall strengthen our infrastructure in India as part
                                               of the general expansion of our business in Asia. In
                                               our assessment, the dynamic growth of the Indian
                                               life insurance market, coupled with economic ex-
                                               pansion and the emergence of an increasingly
                         Ravinder Singh        prominent middle class, offers promising scope for
                Deputy General Manager         us to cooperate and participate more closely in the
                          Kuala Lumpur         development of this market based on our expertise
                                               and our successful business model.
                                               Within Hannover Re, therefore, the course has now
                                               been set for successfully serving the Indian market
                                               in 2008 through the opening of a service company
                                               in Mumbai.
                         Michael Huang         With this growing global presence we shall be able
                       General Manager         to work on an even more sustained basis to live up
                              Shanghai         to our worldwide aspirations by cementing our
                                               position in Asia, too, as the third force among inter-
                                               national reinsurance players.




                         Tzu Chao Chen
                   Chief Representative
                                 Taipei




                           Dieter Kroll
                     Associate Director
                             Hannover




                                          12
                                            List of illustrations:

                               “Taj Mahal, India”; L. Faro: page 9
        “Gate to the Miyajima Temple, Japan”; blickwinkel: page 9
“Petronas Twin Tower, Kuala Lumpur”; Bildagentur Huber: page 10
                       “Shanghai, China”; EyeUbiquitous: page 10
                       “Hong Kong Harbour”; A1BIX: page 11
      “The Hayangwon Pavilion, Seoul”; Bridgemann Art: page 11
Published by:

Hannover Life Re
Karl-Wiechert-Allee 50
30625 Hannover
Tel. +49/5 11/56 04-16 34
Fax +49/5 11/56 04-15 18
natalie.ardalan@hannover-re.com
www.hannoverlifere.com



Valid: May 2008

				
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