Allianz Life has completed its previously announced reinsurance agreement with affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, and Resolution Life, for a $35-billion fixed index annuity portfolio.
The transaction which was announced last month, unlocks $4.1 billion in value and frees up regulatory capital for Allianz.
This deal is the largest so far for Allianz in terms of size of life back books, and is line with the group’s strategy to enter partnerships with “strong reinsurance and risk management companies to monetise the value of in-force business and enhance the protection afforded to customers.”
