MetLife Inks $19.2 Bln Risk Transfer Deal With Global Atlantic; Approves $1 Bln Share Buyback

RTTNews | 827 days ago
Stocktwits
MetLife Inks $19.2 Bln Risk Transfer Deal With Global Atlantic; Approves $1 Bln Share Buyback

(RTTNews) - MetLife, Inc. (MET) announced Thursday it has entered into an agreement with Global Atlantic Financial Group, a retirement and life insurance company, to reinsure approximately $19.2 billion U.S. retail life insurance and fixed annuity statutory reserves with Global Atlantic, including $14 billion of U.S. retail life insurance.

These are comprised of universal life, variable universal life, universal life with secondary guarantees, and $5.2 billion fixed annuity statutory reserves.

The combined value of the transaction is expected to be approximately $3.25 billion with a ceding commission of $2.25 billion and $1 billion of capital that will be released.

The transaction will accelerate the run-off of MetLife's legacy business and is the latest tactical milestone in executing across the company's Next Horizon strategic pillars of focus, simplify and differentiate. MetLife anticipates that the transaction will positively impact several key financial metrics.

The reinsurance transaction is structured on a coinsurance and modified coinsurance basis. The transaction is expected to close in the second half of 2023, subject to receipt of required regulatory approvals.

In addition, MetLife's Board of Directors has approved a $1 billion increase in the company's share repurchase authorization. This is incremental to the $3 billion authorization announced earlier in May 2023, and brings MetLife's total share repurchase authorization outstanding to roughly $4 billion.

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MetLife Investment Management To Buy Affirmative Investment Management For Undisclosed Terms

MetLife Investment Management To Buy Affirmative Investment Management For Undisclosed Terms

MetLife Investment Management or MIM, the institutional asset management business of MetLife, Inc. (MET), announced Monday that it has entered into a definitive agreement to acquire Affirmative Investment Management or AIM, a specialist global ESG impact fixed income investment manager with deep capabilities in impact investing, verification, reporting and engagement.
RTTNews | 1096 days ago
Chicago Business Barometer Slumps Much More Than Expected In August

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.
RTTNews | 2h 23min ago
U.S. Consumer Prices Increase In Line With Estimates In July

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.
RTTNews | 3h 7min ago
German Unemployment Exceeds 3 Mln

German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1
RTTNews | 3h 36min ago
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