Hannover Life Re to acquire Swiss Re’s direct life portfolio

The transaction is expected to be completed within 18 months.

Hannover Life Re of Australasia Ltd. (HLR Aus) has reached an agreement to acquire the Australian direct life insurance portfolio of Swiss Re Life & Health Australia, trading as iptiQ.

The move follows Swiss Re Group’s global decision to exit its iptiQ operations.

The transaction will be carried out under Part 9 of the Life Insurance Act 1995 (Cth) and is expected to be completed within 18 months, subject to Federal Court and regulatory approvals.

HLR Aus, a subsidiary of the Hannover Re Group, said the acquisition will expand its scale in the Australian direct life insurance market.

The company aims to ensure continuity of coverage and service for policyholders throughout the transition.

Swiss Re said it would support stakeholders during the transfer process and expressed confidence that the portfolio’s new owner would maintain service standards for policyholders.

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