Aegon: reinsurance deal with Canada Life Reinsurance
(CercleFinance.com) - Aegon said that it has reinsured about one quarter of its longevity exposure in the Netherlands with Canada Life Reinsurance, in a move that is intended to reduce required capital and improve its capital position.
The reinsurance deal with the Toronto-based life insurance company provides full protection against the longevity risk associated with 12 billion euros of liabilities, the Dutch insurer said.
"Through this transaction we are freeing-up significant capital from our Dutch life insurance activities," said Aegon CEO Alex Wynaendts.
The benefit to the Solvency II ratio is expected to be in line with prior guidance of 10 to 12 points, corresponding to a 5 to 6 point increase in the group's Solvency II ratio, Aegon pointed out.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The reinsurance deal with the Toronto-based life insurance company provides full protection against the longevity risk associated with 12 billion euros of liabilities, the Dutch insurer said.
"Through this transaction we are freeing-up significant capital from our Dutch life insurance activities," said Aegon CEO Alex Wynaendts.
The benefit to the Solvency II ratio is expected to be in line with prior guidance of 10 to 12 points, corresponding to a 5 to 6 point increase in the group's Solvency II ratio, Aegon pointed out.
Copyright (c) 2019 CercleFinance.com. All rights reserved.