Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc. (“MetLife”), announced today it has completed four United Kingdom longevity reinsurance transactions with Legal & General Assurance Society Limited (“Legal & General”) in 2020.
“Legal & General is a market leader in the U.K. bulk annuity space and we are pleased they have selected MetLife to reinsure these obligations,” said Jay Wang, senior vice president and head of Risk Solutions at MetLife’s Retirement & Income Solutions business. “As a result of these transactions, Legal & General can better manage longevity risk by tapping MetLife’s deep expertise and strong ability to execute in this space.”
Under the agreements, Metropolitan Tower Life Insurance Company will provide reinsurance to Legal & General for longevity risk associated with a combined total of approximately $2 billion of pension liabilities.
“We are looking forward to growing this relationship,” said Wang. “2020 was an extraordinary year for the U.K. pension and longevity risk transfer market. Looking into 2021, the market remains very robust, and we are eager to expand our presence as a reinsurance solution for direct insurers like Legal & General.”
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 its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries 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. 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 Legal & General
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With over £1.1 trillion in total assets under management, Legal & General is the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, life insurance, workplace pensions and retirement income.
The forward-looking statements in this news release, such as “eager to,” “look forward to,” 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.
Guarantees are based upon the claims-paying ability of the issuing insurance company.
© 2021 MetLife Services and Solutions, LLC. Group annuity contracts can be issued by Metropolitan Life Insurance Company, 200 Park Ave. NY, NY 10166 or Metropolitan Tower Life Insurance Company, 5601 South 59th St., Lincoln, NE 68516. Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force.