ST. LOUIS--(BUSINESS WIRE)--Nov. 1, 2018--
Reinsurance
Group of America, Incorporated (NYSE: RGA), a leading global life
reinsurer, today announced the completion of a transaction with John
Hancock Life Insurance Company (John Hancock). Under the agreement, an
RGA subsidiary acquired an in-force block of individual payout annuities
and agreed to reinsure a second block of similar business contracted in
New York. The New York block is subject to customary regulatory approval
and is expected to close in the coming months. In aggregate,
approximately $3 billion of statutory reserves will transfer to RGA
along with a diversified portfolio of assets. John Hancock will continue
to service and administer the policies. The transaction closed on
September 26, 2018 with an effective date of July 1, 2018.
“The combination of a premier insurance carrier and desirable
characteristics of the blocks makes this transaction an ideal fit within
RGA’s strategic initiative to grow our longevity and asset-intensive
business,” said John Laughlin, Executive Vice President, Global
Financial Solutions, RGA. “John Hancock is a long-standing partner of
RGA, and we very much value their continued confidence in our ability to
execute and provide long-term support for their strategic goals.”
In addition, RGA Life Reinsurance Company of Canada (RGA Canada) closed
on a transaction with The Manufacturers Life Insurance Company
(Manulife) to reinsure mortality and lapse risk from a block of Canadian
universal life policies at the end of September. The transaction was a
follow-on to a similar agreement that closed in March 2018. The
agreements, which transfer biometric and policyholder behavior but not
investment risk, cover approximately 130,000 policies.
“RGA Canada worked closely with Manulife to develop a transaction
tailored to their specific needs and objectives,” Alka Gautam, President
and CEO, RGA Canada. “We have a strong relationship with Manulife and we
are proud to have implemented a customized innovative solution for our
client.”
Additional terms of the transactions are not being disclosed.
About RGA
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company,
is among the leading global providers of life reinsurance and financial
solutions, with approximately $3.3 trillion of life reinsurance in force
and assets of $63.0 billion as of September 30, 2018. Founded in 1973,
RGA today is recognized for its deep technical expertise in risk and
capital management, innovative solutions, and commitment to serving its
clients. With headquarters in St. Louis, Missouri, and operations around
the world, RGA delivers expert solutions in individual life reinsurance,
individual living benefits reinsurance, group reinsurance, health
reinsurance, facultative underwriting, product development, and
financial solutions. To learn more about RGA and its businesses, visit
the Company’s website at www.rgare.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101006163/en/
Source: Reinsurance Group of America, Incorporated
Reinsurance Group of America, Incorporated
Jeff Hopson, 636-736-2068
Senior
Vice President, Investor Relations
jhopson@rgare.com
or
Lynn
Phillips, 636-736-2351
Vice President, Corporate Communications
lphillips@rgare.com
or
Lizzie
Curry, 636-736-8521
Public Relations Manager
lizzie.curry@rgare.com
