Page 18 - The Insurance Times May 2025

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Wipro Secures £500 Mil- Hannover Re to Acquire Swiss Re's Australian Direct
lion Deal with UK's Phoe- Life Business
nix Group Hannover Life Re of Australasia (HLR Aus), a subsidiary of Hannover Re, has
entered into an agreement to acquire the Australian direct life insurance
Wipro Ltd has announced the signing
portfolio of Swiss Re Life & Health Australia, currently operated under the
of a £500 million, 10-year strategic
iptiQ brand. The financial details of the transaction have not been disclosed.
agreement with Phoenix Group, one Completion of the deal is expected within 18 months, pending approval by
of the UK's largest long-term savings the Federal Court of Australia and other regulatory clearances.
and retirement businesses. Under the
deal, Wipro will deliver life and pension This acquisition is part of Swiss Re's broader strategy to exit the iptiQ busi-
business administration services for ness globally. Earlier, Swiss Re agreed to sell its European property and ca-
Phoenix Group's ReAssure operations, sualty operations under iptiQ to Allianz Direct. HLR Aus stated that the
acquisition would help "scale and strengthen" its presence in the Australian
accelerating the group's operational
direct life insurance market. The move underlines Hannover Re's strategy
transformation.
to consolidate its market position and build stronger capabilities in retail
Andy Briggs, CEO of Phoenix Group,
insurance offerings across key geographies.
stated, "Wipro's expertise in technol-
ogy and service makes them ideally
placed to help us deliver outstanding Indonesia's Personal Acci- trend over the next five years." This
service and value for our ReAssure cus- dent and Health Insurance growth is attributed to rising health
tomers on their journey to and through and financial awareness, premium
retirement. We are delighted to have Market to Top $4 Billion price adjustments to counter inflation,
and a revival in the tourism sector.
them join us as one of our ecosystem by 2029
of strategic partners for this phase of However, escalating healthcare costs
Indonesia's personal accident and
our transformation journey." and medical inflation are expected to
health (PA&H) insurance market is pro- make health insurance less affordable
The services will be delivered through jected to grow at a compound annual for many Indonesians. Insurers are fo-
Wipro Financial Outsourcing Services growth rate (CAGR) of 13.4% from IDR cusing on smaller employers, and to
Limited (WFOSL), an FCA-regulated 38.6 trillion ($2.4 billion) in 2025 to IDR counter hospital-led cost escalation,
entity. The scope includes policy admin- 63.8 trillion ($4 billion) by 2029, accord- reimbursement payment models are
istration, claims processing, customer ing to GlobalData. being prioritized over cashless options.
support, data management and re- Manogna Vangari, Insurance Analyst Gross claims in the PA&H segment are
porting, regulatory compliance, and at GlobalData, said, "The Indonesian forecast to grow at a CAGR of 10.9%,
platform technologies, marking a ma- PA&H insurance industry has witnessed from IDR 8.6 trillion ($535.9 million) in
jor milestone in Wipro's European ex- double-digit growth since 2022 and is 2025 to IDR 13.1 trillion ($816.3 mil-
pansion strategy. anticipated to sustain this upward lion) by 2029.

The Insurance Times May 2025 17