MetLife, Inc. announced recently that its subsidiary, Metropolitan Tower Life Insurance Company, has completed two longevity reinsurance
transactions with Phoenix Group (“Phoenix”). The transactions were completed in the fourth quarter of 2021.
“We are pleased to have completed our first two longevity reinsurance transactions with Phoenix and to support Phoenix in its U.K. pension de-risking activity,” said Jay Wang, senior vice president and head of Risk Solutions for MetLife’s Retirement & Income Solutions business. “Despite the continuing uncertainty around the pandemic, the U.K. pension and longevity risk transfer markets remains resilient, and we are excited to continue to grow our presence in this space.”
Under the terms of agreement, Metropolitan Tower Life Insurance Company will provide reinsurance to Phoenix for longevity risk associated with approximately $2.4 billion of U.K. pension liabilities.
“MetLife’s financial strength and long history managing longevity risk helps direct insurers like Phoenix secure the retirement benefits of thousands of U.K. pensioners,” said Wang. “These deals represent another key milestone for our growing U.K. longevity reinsurance business, and
we look forward to building on this important new relationship with Phoenix in the years to come.”
“MetLife brought together an outstanding team to deliver these reinsurance solutions in a short space of time,” said Kunal Sood, head of Reinsurance & Structuring at Phoenix Group. “We are delighted to have worked with MetLife as we commence this strong partnership. Our Bulk
Purchase Annuity (BPA) business continues to grow under the Standard Life brand as we seek to help companies de-risk and secure members’ benefits.”
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