MetLife said that its subsidiary — Metropolitan Tower Life Insurance has wrapped up a couple of longevity reinsurance deals with Phoenix Group, a UK-based long-term savings and retirement business.

As per the terms of the agreement, Metropolitan Tower Life Insurance will provide reinsurance to Phoenix Group for longevity risk associated with nearly $2.4 billion of UK pension liabilities.

Jay Wang — MetLife Retirement and Income Solutions business senior vice president and Risk Solutions head said: “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.

“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.”

Based in Nebraska, Metropolitan Tower Life Insurance is a fully-owned subsidiary of MetLife, which is engaged in issuing reinsurance contracts.

Kunal Sood — Phoenix Group Reinsurance and Structuring head said: “MetLife brought together an outstanding team to deliver these reinsurance solutions in a short space of time.

“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.”

Recently, abrdn said that it will divest nearly 40 million ordinary shares in Phoenix Group, which is a stake of about 4%, for a sum of £264 million to institutional investors.

  Insurance industry news, Jay Wang, Kunal Sood, MetLife, Nebraska, Phoenix Group, reinsurance, United Kingdom