DGAP-News: Hannover Rück SE / Key word(s): Miscellaneous
AXA France and Hannover Re announce the conclusion of the first
longevity swap on the French market
08.08.2014 / 11:00
---------------------------------------------------------------------
AXA France and Hannover Re announce the conclusion of the first longevity
swap on the French market
Hannover, 8 August 2014: The reinsurance treaty covers more than 22,000
insured with associated pension liabilities which represent nearly EUR 750
million.
"AXA France innovates by securing a significant part of commitments
associated with longevity through reinsurance. We are the first insurer in
France to transfer such liabilities", Nicolas Moreau, CEO of AXA France,
emphasised.
"I am pleased that with our latest block transaction we have been able to
demonstrate that our expertise in reinsurance products for the longevity
risk also extends to the French market", Ulrich Wallin, CEO of Hannover Re,
commented.
AXA Retirement Savings Company specialises in the development of long-term
savings schemes. The company is the leading actor in France in the area of
employee retirement savings with a nearly 20% market share in terms of
outstanding provisions; it is also engaged in further international
activities.
Hannover Re has been active on the longevity risk market since the
mid-1990s. The largest market to date for this form of risk transfer has
been the United Kingdom, although companies across Europe are increasingly
expressing a need for such solutions.
For further information please contact:
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick@hannover-re.com)
Investor Relations:
Julia Hartmann (tel. +49 511 5604-1529,
e-mail: julia.hartmann@hannover-re.com)
Please visit: www.hannover-re.com
Hannover Re, with a gross premium of EUR 14.0 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 2,400
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
---------------------------------------------------------------------
08.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Hannover Rück SE
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
---------------------------------------------------------------------
281386 08.08.2014
DGAP-News: AXA France and Hannover Re announce the conclusion of the first longevity swap on the French market
| Source: EQS Group AG