RGA Announces Annuity In-Force Block Transactions with John Hancock and Reinsurance Transactions with Manulife Canada

Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites.
Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. For avoidance of any doubts and to make it easier, you may consider any links to external websites as sponsored links. Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

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 RGAs 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 Companys website at www.rgare.com.

Reinsurance Group of America, Incorporated
Jeff Hopson, 636-736-2068
Senior
Vice President, Investor Relations
[email protected]
or
Lynn
Phillips, 636-736-2351
Vice President, Corporate Communications
[email protected]
or
Lizzie
Curry, 636-736-8521
Public Relations Manager
[email protected]