Ireland

Established ten years ago in Dublin, our subsidiary HLR Ireland writes worldwide business ceded by highly respected primary insurers – principally from the US, UK and Continental Europe – under specially tailored reinsurance solutions.

The central position of HLR Ireland within the worldwide HLR network was reinforced in February 2009 through the extensive assumption of mortality risks under our acquisition in the United States. The company received an equity injection of EUR 410 million to assist with solvency and capital requirements. The premium volume was double that of the previous year, surpassing the one billion euro mark for the first time to reach EUR 1.2 billion.

The operating result (EBIT) amounted to EUR 188.7 million (EUR 0.8 million), while the EBIT margin generated by this subsidiary stood at 16.9%. Net income after tax consequently came in at EUR 176.6 million. This can be attributed to a satisfactory risk experience and an excellent investment result, influenced not least by the aforementioned non-recurring effects – which played a decisive part here.