Reinsurance Group of America (RGA) has confirmed that it has reached an agreement with Japan Post Insurance Company (Kampo) for an RGA affiliate to reinsure an approximately 700 billion JPY in-force block of individual life annuities through coinsurance.
Gaston Nossiter, Senior Vice President, Head of Asia Pacific, Global Financial Solutions, RGA, commented: “This transaction marks a significant milestone in the Asia-Pacific longevity market as a first-of-its-kind coinsurance transaction in Japan.
“This is one of a number of recent asset-intensive transactions that RGA has completed demonstrating our deep expertise and strong position in the Japanese and Asia Pacific markets. We look forward to continuing to support our clients with their in-force capital management and new business objectives.”
“We value our partnership with RGA, which has consistently delivered customized coinsurance solutions to enhance our capital management,” stated Kampo.
Adding: “This transaction further cements our collaborative approach to risk management and capital optimization, reinforcing our commitment both to our customers and our strategic goals.”
Hironori Takahashi, CEO, RGA Japan, added: “RGA has a long-standing partnership with Kampo, and we are pleased to once again work with them to develop a solution to reduce longevity risk and manage capital. Looking ahead, RGA’s robust local presence in Japan positions us to lead our clients through the complexities of capital optimization toward innovative solutions that meet their capital and regulatory needs.”
Any additional terms of the transaction are not being disclosed.
Earlier this month, RGA and Legal & General Retirement America (LGRA) partnered to complete a $700 million pension risk transfer transaction with US-based FirstEnergy.
Additionally, RGA, along with Prudential Financial, were recently selected for a pension risk transfer involving Verizon Communications, settling approximately $5.9 billion of Verizon pension liabilities
