MetLife Completes Longevity Reinsurance Transactions With Legal & General
12 January 2021 - 12:51AM
Business Wire
Metropolitan Tower Life Insurance Company, a subsidiary of
MetLife, Inc. (“MetLife”), announced today it has completed four
United Kingdom longevity reinsurance transactions with Legal &
General Assurance Society Limited (“Legal & General”) in
2020.
“Legal & General is a market leader in the U.K. bulk annuity
space and we are pleased they have selected MetLife to reinsure
these obligations,” said Jay Wang, senior vice president and head
of Risk Solutions at MetLife’s Retirement & Income Solutions
business. “As a result of these transactions, Legal & General
can better manage longevity risk by tapping MetLife’s deep
expertise and strong ability to execute in this space.”
Under the agreements, Metropolitan Tower Life Insurance Company
will provide reinsurance to Legal & General for longevity risk
associated with a combined total of approximately $2 billion of
pension liabilities.
“We are looking forward to growing this relationship,” said
Wang. “2020 was an extraordinary year for the U.K. pension and
longevity risk transfer market. Looking into 2021, the market
remains very robust, and we are eager to expand our presence as a
reinsurance solution for direct insurers like Legal &
General.”
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates ("MetLife"), is one of the world's leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit
www.metlife.com.
Reinsurance contracts are issued by Metropolitan Tower Life
Insurance Company (“Met Tower”), Lincoln NE, a wholly owned
subsidiary of MetLife. Met Tower is solely responsible for its
financial condition and contractual obligations. Met Tower is not
licensed or regulated by the U.K. Prudential Regulation Authority
as an insurer or regulated by the Financial Conduct Authority, nor
does it conduct business in the United Kingdom or provide direct
insurance to any individual or entity therein.
About Legal & General
Established in 1836, Legal & General is one of the UK’s
leading financial services groups and a major global investor, with
international businesses in the US, Europe, Middle East and Asia.
With over £1.1 trillion in total assets under management, Legal
& General is the UK’s largest investment manager for corporate
pension schemes and a UK market leader in pension risk transfer,
life insurance, workplace pensions and retirement income.
Forward-Looking Statement
The forward-looking statements in this news release, such as
“eager to,” “look forward to,” and “will,” are based on assumptions
and expectations that involve risks and uncertainties, including
the “Risk Factors” MetLife, Inc. describes in its U.S. Securities
and Exchange Commission filings. MetLife’s future results could
differ, and it has no obligation to correct or update any of these
statements.
Guarantees are based upon the claims-paying ability of the
issuing insurance company.
© 2021 MetLife Services and Solutions, LLC. Group annuity
contracts can be issued by Metropolitan Life Insurance Company, 200
Park Ave. NY, NY 10166 or Metropolitan Tower Life Insurance
Company, 5601 South 59th St., Lincoln, NE 68516. Like most group
annuity contracts, MetLife group annuities contain certain
limitations, exclusions and terms for keeping them in force.
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version on businesswire.com: https://www.businesswire.com/news/home/20210111005675/en/
MetLife Contact: Judi Mahaney jmahaney@metlife.com
212-578-7977
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