MetLife completes risk transfer transaction with Global Atlantic Financial Group
Written by Michael Griffiths
20/11/2023
MetLife has completed a risk transfer transaction with retirement and life insurance company, Global Atlantic Financial Group.
The transaction accelerates the run-off of MetLife Holdings, the company’s closed-block businesses of its former US retail segment, representing approximately $19bn of statutory reserves.
As part of MetLife’s ongoing commitment to its customers, the group said it would remain as administrator and service provider for the policies to be reinsured.
MetLife Investment Management will also manage a significant amount of the assets under a five-year investment management agreement.
“We are pleased to have closed this transaction, which illustrates MetLife’s capacity to execute as well as our commitment to reduce enterprise risk and deploy capital to its highest and best use,” MetLife president and CEO, Michel Khalaf, commented.
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