Swiss Re has agreed to transfer its Australian direct life insurance policies to Hannover Life Re of Australasia.

The deal comes after Swiss Re decided to withdraw from its digital white-label platform iptiQ after almost a decade. The move completes its Asia-Pacific exit.

“We are confident the new owner ... will serve the interests of policyholders,” Swiss Re CEO for Australia and New Zealand Trent Thomson said. “We remain committed to supporting stakeholders as we move through the transfer period.”

The deal is expected to close within 18 months, subject to court and other regulatory approvals.

Hannover Life Re of Australasia MD Gerd Obertopp says the acquisition “reinforces our commitment to delivering long-term value to partners and policyholders. Ensuring uninterrupted service and stability is our top priority, with policyholders receiving the same quality coverage and service they expect.”