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Hannover Re expands in South Korea

Hannover, 7 January 2008:

Hannover Re plans to establish a branch office for life and health reinsurance business in Seoul in June 2008. The Korean insurance regulator has already issued a provisional licence and work on setting up the branch can therefore move forward.

With gross premium volume of around EUR 56 billion Korea is the seventh-largest life insurance market in the world and offers enormous growth potential. "In view of the anticipated vigorous expansion of the Korean market we now want to be in a position to offer clients our service directly from a local base", Wolf S. Becke, member of the Executive Board responsible for life and health reinsurance, explained. Hannover Re had previously served the Korean market through its Hong Kong branch. Korea is the largest life reinsurance market in Asia, generating a premium volume of some EUR 2 billion.

As part of the liberalisation of the Korean market set for 1 April 2008, it will now also be possible to sell the entire spectrum of life insurance products over the counter at banks. "Of the five pillars on which our life and health reinsurance business is founded, bancassurance and the cultivation of new markets will therefore constitute our focus in Korea", Becke added.

Hannover Re transacts life and health reinsurance worldwide under the Hannover Life Re brand. The envisaged expansion of this business group promises to further improve its positioning and will ensure that Hannover Re enjoys a promising portfolio and dynamic organic growth going forward.