4.5 Other corporate changes

With effect from 5 December 2013 the Malaysian regulator Labuan Financial Services Authority granted Hannover Re Takaful B.S.C. (c), Manama, licences to operate two branches. The branches commenced business operations in January 2014.

Hannover Re transferred all the business of its subsidiary Hannover Life Reassurance (UK) Ltd., Virginia Water, to a newly established branch of Hannover Rück SE with the same registered office effective 1 January 2013 by way of a so-called “ Part VII transfer”. The branch trades as Hannover Re UK Life Branch and was registered on 3 December 2012 under the Companies Act 2006. Hannover Life Reassurance (UK) Ltd. was deleted from the Commercial Register on 8 January 2013 and liquidated with effect in the first quarter of 2013. Since this internal restructuring within the Group involves a transaction between companies under common control, the transaction does not give rise to goodwill nor does it have any implications for Group net income.