France, Maghreb and Arab countries

This market region – which also includes French-speaking Canada – is served by our Paris branch. The development of business was very pleasing.

The premium volume grew by 32.8% to EUR 494.1 million, and margins were again good. Key growth drivers – as in previous years – were the bancassurance segment, most notably our successful efforts to support French banks as they moved into European markets abroad, as well as the Near East. In this region we were able to further extend our leading position as a life reinsurer.

In Arab markets we attach special strategic importance to insurance business transacted in accordance with Islamic standards; this sector is served by our Bahrain-based subsidiary Hannover ReTakaful. The Islamic life business – known as family takaful – written by Hannover ReTakaful enjoyed vigorous growth thanks to the acquisition of several new clients; with a premium volume of EUR 7.9 million it was already able to cover its costs in the first financial year.