METLIFE COMPLETES APPROXIMATELY $2.4 BILLION IN LONGEVITY REINSURANCE TRANSACTIONS WITH PHOENIX GROUP
NEW YORK, January 28, 2022
MetLife, Inc. announced today that its subsidiary, Metropolitan Tower Life Insurance Company, has completed two longevity reinsurance transactions with Phoenix Group (“Phoenix”). The transactions were completed in the fourth quarter of 2021.
“We are pleased to have completed our first two longevity reinsurance transactions with Phoenix and to support Phoenix in its U.K. pension de-risking activity,” said Jay Wang, senior vice president and head of Risk Solutions for MetLife’s Retirement & Income Solutions business. “Despite the continuing uncertainty around the pandemic, the U.K. pension and longevity risk transfer markets remains resilient, and we are excited to continue to grow our presence in this space.”
Under the terms of agreement, Metropolitan Tower Life Insurance Company will provide reinsurance to Phoenix for longevity risk associated with approximately $2.4 billion of U.K. pension liabilities.
“MetLife’s financial strength and long history managing longevity risk helps direct insurers like Phoenix secure the retirement benefits of thousands of U.K. pensioners,” said Wang. “These deals represent another key milestone for our growing U.K. longevity reinsurance business, and we look forward to building on this important new relationship with Phoenix in the years to come.”
“MetLife brought together an outstanding team to deliver these reinsurance solutions in a short space of time,” said Kunal Sood, head of Reinsurance & Structuring at Phoenix Group. “We are delighted to have worked with MetLife as we commence this strong partnership. Our Bulk Purchase Annuity (BPA) business continues to grow under the Standard Life brand as we seek to help companies de-risk and secure members’ benefits.”
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Reinsurance contracts are issued by Metropolitan Tower Life Insurance Company (“Met Tower”), Lincoln NE, a wholly owned subsidiary of MetLife, Inc. Met Tower is solely responsible for its financial condition and contractual obligations. Met Tower is not licensed or regulated by the U.K. Prudential Regulation Authority as an insurer or regulated by the Financial Conduct Authority, nor does it conduct business in the United Kingdom or provide direct insurance to any individual or entity therein.
About Phoenix Group
Phoenix is the U.K.’s largest long-term savings and retirement business, with £300 billion of assets under administration and c.13 million customers.
We are a growing and sustainable business with a clear purpose – helping people secure a life of possibilities. This means taking responsible and sustainable investment decisions, and using our presence and voice to advocate on behalf of the U.K.’s savers. We understand that our scale and expertise mean that we have an important role to play for our customers, colleagues and our communities.
As life expectancy continues to increase and the pension landscape continues to shift, we will continue to be a safe and dependable ally in the journey to and through retirement for millions of customers, by providing the right guidance and products, at the right time, to support the right choices. We offer a broad range of products for people across all stages of the savings life cycle.
Our strategy focuses on delivering long term, sustainable value and, to fulfil our purpose, focuses on five key areas to ensure we respond to changing customer needs, manage our capital position well, create value, inspire our people, and put sustainability at the heart of our business.
Phoenix is a FTSE 100 company and we feature in the FTSE 100 ESG Select Index. In 2020, we committed to our operations being net zero carbon by 2025 and our investment portfolios by 2050. We are playing an active role in helping to build back better and greener as we invest for the future. We are a Living Wage Employer and recognised as a Carer Positive Exemplary for offering the best support to colleagues who are carers.
The forward-looking statements in this news release, such as “look forward,” “continue,” “remains” and “will” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.