Allianz Completes Reinsurance Deal For $35B FIA Portfolio
German Equity Markets (Web Disclosure) via PUBT
Allianz Life announced today that it has completed the 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, announced on December 3, unlocks $4.1 billion in value and frees up regulatory capital for Allianz.
Allianz Life continues to manage the administration of the policies in the portfolio and will remain responsible for fulfilling its obligations to policyholders. There are no changes to policy servicing, call center management, claims payments, statement generation and delivery, distribution partner experience, and digital self-service.
PIMCO and Allianz Global Investors remain the primary asset managers of the reinsured business.