Acquisition of Heidelberger Lebensversicherung AG by Cinven and Hannover Re completed

Dr. Heinz-Peter Roß to become CEO of Heidelberger Leben Holding AG Heidelberg

Heidelberger Lebensversicherung AG has closed the change of ownership announced in August 2013. This clears the way for the further development of the business model to create a strong consolidation platform for life insurance companies and portfolios in Germany and Austria. Dr. Heinz-Peter Roß (48) is to be appointed CEO of the future Heidelberger Leben Holding AG. He will assume the position as of 1 July, 2014. Michael Sattler will become CFO of Heidelberger Leben Holding AG and remains in his position as CEO of Heidelberger Lebensversicherung AG.

Henceforward named Heidelberger Leben Holding AG is the direct parent company of Heidelberger Lebensversicherung AG and further insurance companies and portfolios to be acquired (together “Heidelberger Leben” or “the Group”). In this context the planned acquisition of Skandia Germany and Austria had been announced on 27 March 2014. The implementation of the transaction is subject to the execution of certain regulatory proceedings. Following completion of this acquisition, the Group will manage around 10 billion Euro in assets and administer around 1 million policies.

As a consolidation platform, the Group will purchase further life insurance companies and portfolios in Germany and Austria. In this way it will achieve economies of scale which will provide considerable benefits to policyholders including lower administrative costs and further customer service improvements, as well as profit sharing advantages, where relevant. With the support of the new owners the Group will invest in enhancing the Group’s IT systems and operating platform.

In order to expedite the establishment of the consolidation platform and the focus on optimal service at best conditions even further, the Group has decided to discontinue any new business for the products of Heidelberger Lebensversicherung AG with new customers from 1 July, 2014. This will not result in any changes for existing policies or customer relationships. All the options and flexible functions incorporated in the tariffs will continue to be available to the customers.

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