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            New business financing

            Developing and distributing profitable products is a key priority for life insurers. However, securing a higher market share and outperforming competitors is often hampered by the strain that new business places on the available financial resources.

            Such a new-business strain typi­cally origi­nates from high initial distri­bution costs and is often ampli­fied by prudent reser­ving require­ments. As a result, not only can an insurer incur an initial strain on its cash position, but, depen­ding on the accoun­ting regime it is subject to, also an initial operating loss. Espe­cially the latter strain stands in stark con­trast to the overall expected profita­bility of the new business and its positive contri­bution to the insurer’s em­bedded value. In addition, it often erodes the insurer’s capital base.

            Hannover Re has deve颅loped a range of tailored finan颅cial solu颅tions that enable our clients to write higher volumes of new busi颅ness without the need for addi颅tional capital or cash re颅sources. Often they also help the client to enhance its return on equity and stabi颅lise annual earnings.

            Under such a new-busi颅ness finan颅cial solu颅tion, the client receives from Hannover Re an initial rein颅surance commis颅sion for each unit of new busi颅ness written. In return, Hannover Re parti颅cipates in the future sur颅pluses emer颅ging from this new busi颅ness. Figure聽1 depicts how such a finan颅cial solu颅tion signi颅ficantly reduces the client鈥檚 new busi颅ness strain. The graph also illus颅trates that one can struc颅ture the arrange颅ment such that it termi颅nates once the initial rein颅surance commis颅sion has been amor颅tised. This feature ensures that the client can retain any future sur颅plus that is in excess of the amount required for amor颅tisation.

            Depending on the client鈥檚 objec颅tives, the initial rein颅surance commis颅sion can either be paid in cash or with颅held by Hannover Re. A remit颅tance in cash is usually more suita颅ble if the client incurs a cash strain, but often also helps to absorb an accoun颅ting strain. With颅holding the commis颅sion is a more econo颅mical alter颅native that can help to miti颅gate an accoun颅ting strain. The lower cost of this solution reflects the absence of an initial cash transfer. It can thus be attrac颅tive to insurers that do not require liquidity.

            Unlike equity or debt, a new-busi颅ness finan颅cing solu颅tion is always directly propor颅tional to the volume of policies sold and hence perfectly mirrors the scale of the client鈥檚 new busi颅ness strain. This align颅ment gives the client pre颅cisely the finan颅cing capa颅city it re颅quires - at a cost that re颅flects only the capa颅city used.

            The type of new-busi颅ness finan颅cing des颅cribed here is geared towards en颅hancing the client鈥檚 assets. In some in颅stances, for example if conser颅vative reserves signifi颅cantly contri颅bute to the new-busi颅ness strain, a lia颅bility-redu颅cing struc颅ture in form of a reserve relief may be more suitable for the client.

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