Hannover Life Re of Australasia to acquire Australian direct life insurance portfolio from Swiss Re

Sydney, 10 April 2025: Hannover Life Re of Australasia Ltd (HLR Aus) announces that it has entered into an agreement to acquire the Australian direct life insurance portfolio of Swiss Re Life & Health Australia Limited (Swiss Re) trading as iptiQ, marking a significant milestone in our growth strategy. This transaction follows Swiss Re Group’s strategic decision to withdraw from iptiQ globally.

HLR Aus belongs to the Hannover Re Group and has been a trusted partner in the Australasian market for more than 30 years, offering a broad range of insurance and reinsurance solutions. This acquisition underscores our steadfast commitment to the Australian direct life insurance market and will deliver significant value, scale and strengthen our market position. HLR Aus remains committed to providing high-quality service and continuity for policyholders throughout the transition as well as on an ongoing basis. Our track record of reliability, sustainability and expertise is proof we can deliver on our promise of delivering superior service and value to our clients.

Gerd Obertopp, Managing Director of HLR Aus, commented: “This acquisition reinforces our commitment to delivering long-term value to partners and policyholders. Ensuring uninterrupted service and stability is our top priority, with policyholders receiving the same quality coverage and service they expect. We look forward to collaborating with all stakeholders for a seamless transition and to ensuring that we continue to deliver positive outcomes for our clients.”

Trent Thomson, CEO Australia & New Zealand, Swiss Re, said: "We are confident that the new owner of our direct life insurance portfolio in Australia will serve the interests of policyholders. We remain committed to supporting stakeholders as we move through the transfer period."

The transfer will be implemented under Part 9 of the Life Insurance Act 1995 (Cth) and is expected to close within 18 months, subject to approval by the Federal Court of Australia and other regulatory approvals.

About Hannover Life Re of Australasia and Hannover Re

Hannover Life Re of Australasia belongs to the Hannover Re Group. Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property & casualty and life & health reinsurance and is present worldwide with around 3,900 staff. Established in 1966, Hannover Re is recognised as a reliable partner for innovative risk solutions, exceptional customer intimacy and financial soundness. The rating agencies most relevant to the insurance industry have awarded Hannover Re outstanding financial strength ratings: Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior"

About Swiss Re

The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 70 offices globally.