Hannover Re expands in South Korea

Monday, 07. January 2008 10:30
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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

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.

For further information please contact:

Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 / 511 / 56 04-15 00,
e-mail: stefan.schulz@hannover-re.com)

Press and Public Relations:
Gabriele Handrick (tel. +49 / 511 / 56 04-15 02,
e-mail: gabriele.handrick@hannover-re.com)

Investor Relations:
Gabriele Bödeker (tel. +49 / 511 / 56 04-17 36,
e-mail: gabriele.boedeker@hannover-re.com)

Hannover Re, with a gross premium of around 9 billion euro, is one of
the leading reinsurance groups in the world. It transacts all lines
of non-life and life and health reinsurance. It maintains business
relations with more than 5,000 insurance companies in about 150
countries. Its worldwide network consists of more than 100
subsidiaries, branch and representative offices in around 20
countries with a total staff of roughly 2,000. 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 "Excellent").

Some of the statements in this press release may be forward-looking
statements or statements of future expectations based on currently
available information. Such statements are naturally subject to risks
and uncertainties. Factors such as the development of general
economic conditions, future market conditions, unusual catastrophic
loss events, changes in the capital markets and other circumstances
may cause the actual events or results to be materially different
from those anticipated by such statements. Hannover Re does not make
any representation or warranty, express or implied, as to the
accuracy, completeness or updated status of such statements.
Therefore, in no case whatsoever will Hannover Re and its affiliate
companies be liable to anyone for any decision made or action taken
in conjunction with the information and/or statements in this press
release or for any related damages.

--- End of Message ---

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