RGA Announces Longevity Transaction with Manulife
MONTRÉAL, Feb. 13, 2019 – RGA Life Reinsurance Company of Canada (RGA Canada), a subsidiary of Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global life reinsurer, today announced the completion of a transaction with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk from an in-force block of Canadian group payout annuities. In aggregate, RGA Canada will reinsure the longevity risk in respect of approximately 45,000 annuitants.
“We have a long-standing partnership with Manulife and we are proud to implement another customized solution to meet their financial objectives,” said Alka Gautam, President and CEO, RGA Canada. “This innovative longevity transaction deepens the strong collaborative relationship between RGA and Manulife.”
“RGA’s commitment to delivering long-term value to our clients drives us to develop unique solutions to meet their needs,” said John Laughlin, Executive Vice President, Global Financial Solutions, RGA. “This transaction once again demonstrates RGA’s expertise in longevity risk and our ability to execute transactions for our clients.”
Additional terms of the transaction are not being disclosed.
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 $64.6 billion as of December 31, 2018. Founded in 1973, RGA 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.