Talanx reorganizes Bancassurance division

• Intermediate holding company "Proactiv" to commence operations on 1.1.2008
• New Chief Executive Officers at CiV and PB Versicherungen

Hannover, 20 November 2006
Effective 1 January 2008 Talanx is to restructure its Bancassurance division. In this way Talanx is now organizing the Bancassurance division in accordance with the structure successfully used in other parts of the Group: an intermediate holding company positioned directly under Talanx AG covers one division. This is motivated by the principle of positioning each division efficiently and cost-effectively despite the Group's high degree of decentralization. As Group Chief Executive Officer Herbert K. Haas remarked: “The reorganization will in no way change the strategy of the division. Bancassurance has been and continues to be a market segment that we cultivate particularly attentively.”

Norbert Kox has been appointed Chief Executive Officer of the new intermediate holding company "Proactiv Holding – Bancassurance by Talanx" based in Hilden. Mr. Kox was at the helm of CiV Versicherungen for more than 10 years and since 1998 has also been CEO of PB Versicherungen. At the same time Mr. Kox is to move over to the Supervisory Board of these two companies. Iris Klunk, Hans-Jürgen Löckener, Barbara Riebeling, Ulrich Rosenbaum and Stephan Spital were appointed as the other members of the new intermediate holding company's Executive Board.

The Bancassurance division is generating vigorous growth: overall, gross premium income has been boosted from € 538 million in 2000 to an anticipated figure of around € 2.7 billion in 2007. In addition to the two major partners Citibank and Postbank, the Talanx division cooperates with numerous Sparkasse savings institutions through the Neue Leben Group. In the international arena the division is active in Hungary via a cooperative venture with the Hungarian postal service and in Russia and Turkey through cooperation with Citibank.

Mr. Kox's move to chair the Executive Board of the intermediate holding company gives rise to changes at the helm of the Executive Boards of CiV Versicherungen and PB Versicherungen:

Ulrich Rosenbaum appointed new Chief Executive Officer of CiV Versicherungen
With effect from 1 January 2008 Ulrich Rosenbaum has been appointed Chief Executive Officer of CiV Lebensversicherung AG and CiV Versicherung AG. Mr. Rosenbaum has already served as a Board member at these companies since 2004. The functions discharged by Barbara Riebeling and Bernd-Leo Wüstefeld on the Executive Board remain unchanged.

Stephan Spital appointed new Chief Executive Officer of PB Versicherungen
Also with effect from 1 January 2008 Stephan Spital has been appointed Chief Executive Officer of PB Lebensversicherung AG and PB Versicherung AG. In addition, Silke Fuchs and Iris Klunk have been appointed as deputy members of the Executive Boards effective 1 January 2008. Having served on the Executive Board of PB Versicherungen for more than nine years, Peter Heubach will retire at the end of the year.

In conjunction with these new Board appointments, the make-up of the Executive Boards of BHW Leben and PB Versicherungen will be the same. Going forward, both insurance companies will operate under the brand name PB Versicherungen – Partner der Postbank”. The joint company headquarters will be in Hilden. The Hamelin location will be integrated into the existing administrative partnership in Hilden – while retaining the jobs at the former location.

Talanx bancassurance model to be launched in Russia and Turkey in the coming months
Building on more than twenty years of successful cooperation with Citibank Privatkunden AG & Co KGaA in Germany, two new international CiV life insurers are set to be launched shortly with Citibank in Russia and Turkey. The new company Hayat Sigorta A.S. – with its head office in Istanbul – will ensure the sale of insurance products through the distribution channels of Citibank Turkey. CiV Life, with its head office in Moscow, will offer customers of Citibank Russia highly competitive solutions for their financial and provision needs. These international bancassurance cooperations, in common with the fruitful collaboration between Magyar Posta Versicherungen and the Hungarian postal service over the past five years, testify to the international transferability and success of the Talanx bancassurance model.