Swiss Re Life & Health Australia Limited has agreed to transfer its Australian direct life insurance portfolio to Hannover Life Re of Australasia Ltd (HLR Aus), part of the Hannover Re Group.
The move follows Swiss Re Group’s global decision to withdraw from its B2B2C business segment, which operates under the iptiQ brand.
iptiQ is a digital insurance platform that partners with insurers, banks, brokers, and other consumer-facing brands to distribute life, health, and property and casualty products. Swiss Re previously announced plans to exit iptiQ globally in 2024, noting that the decision is in line with its strategy to focus on core reinsurance operations and optimize its business portfolio.
The agreement with HLR Aus thus marks Swiss Re’s exit from iptiQ operations in the Asia-Pacific region.
HLR Aus, part of the Hannover Re Group, has operated in the Australasian market for over three decades. The company provides insurance and reinsurance services, including solutions within Australia’s B2B2C retail market.
The transaction is expected to be completed within 18 months, subject to regulatory approvals, including approval by the Federal Court of Australia.
Trent Thomson (pictured above), CEO Australia & New Zealand at Swiss Re, said the company is confident that the new portfolio owner will serve policyholders' interests and that Swiss Re will continue to support its partners and clients throughout the transition process.
Despite the transfer, Swiss Re’s life and health business still serves as a major contributor to its overall growth. The giant reinsurer’s L&H Re reported a net income of US$1.5 billion for the full year 2024, a significant increase from US$328 million in 2023.
This improvement was primarily driven by favorable US mortality experience and higher investment income. Insurance revenue for L&H Re rose to US$17.4 billion, up from US$16.5 billion the previous year, reflecting strong contributions across all regions.
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