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United Kingdom

In the UK life reinsurance market we are an expert and sought-after business partner on account of our long-standing experience and extensive market knowledge. The environment was, however, extraordinarily challenging for the reinsurance industry in the year under review. This can be attributed not only to the high pressure and density of competition, but also to declining sales of traditional risk-oriented products. The development of our portfolio in the financial year just ended was exceptionally pleasing owing to extremely favourable claims experiences, and we are confident of being able to meet future requirements with our selective and targeted underwriting policy.

Longevity

In the Longevity segment the United Kingdom was once again our largest and most important market in the year under review. A pioneer in the field of enhanced annuities and large-volume pensions business, we continue to rank among the market’s sought-after business partners. Although the initially brisk pace of growth in the UK market has slowed, further demand still exists – especially in the area of enhanced annuities. This means, among other things, that competition is becoming increasingly fierce as other market players recognise the business potential and force their way into the market.

Beyond the borders of the United Kingdom customers are increasingly taking an interest in longevity solutions. We are already hard at work on establishing the Longevity segment in other markets and countries. Initial enquiries from European neighbours generated positive responses to our quotations.

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