Life and Health reinsurer, Reinsurance Group of America (RGA), has completed a longevity reinsurance transaction with NN Life, a life insurance company in the Netherlands, covering approximately €4 billion of underlying reserves.
Simon Wainwright, Executive Vice President, Head of EMEA, RGA commented: “Across RGA, we pride ourselves on developing comprehensive and creative answers to our clients’ challenges while maintaining a competitive value proposition.
“Our recent work with NN Life was emblematic of this commitment, and we appreciated their partnership as we worked to develop a tailored solution for the needs of the Dutch market.”
The transaction was finalised at the end of last year, with the additional terms of the transaction not being disclosed.
Earlier this month, RGA reported a net income of $617 million for the full year 2021 in spite of pre-tax COVID-19 claims of around $1.4 billion, expanding by more than 48%, while operating income fell dramatically, from $496 million in 2020 to $77 million in 2021.
