MetLife joined forces with Zurich Assurance and Aon to close a $3.5bn longevity reinsurance deal for a UK pension scheme.
It marked the first time for Metlife engaging in a UK pension scheme longevity swap deal.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMetLife unit Metropolitan Tower Life Insurance Company offered reinsurance for longevity risk related to the pension liabilities while Aon served as the lead adviser to the scheme.
Aon Risk Settlement Group associate partner Tom Scott said: “MetLife’s entry into the reinsurance market supporting U.K. longevity swaps is fantastic news for pension schemes. MetLife adds substantial capacity and appetite to an already very busy sector.”
Zurich Assurance served as the intermediary.
The transaction was concluded in the final quarter of last year.
MetLife Retirement & Income Solutions business senior vice president and head of Risk Solutions Jay Wang said: “As MetLife’s first pension scheme longevity swap transaction, this marks an important milestone in the evolution of our U.K. longevity reinsurance business and highlights MetLife’s focus on innovation to meet the customers’ needs.
“We are also delighted to have been able to build our relationships with Aon and Zurich in this market and are eager to continue the partnership to support pension scheme de-risking in a time of increased uncertainty.”
MetLife was recently in the news for its plans to raise its stake in its Indian joint venture (JV).
The insurer’s interest in the JV PNB MetLife India Insurance will increase to 47.325% upon completion of the deal, which is currently pending regulatory clearance.
Earlier last year, MetLife completed its second and third longevity reinsurance deals with Rothesay Life.