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

RTTNews | 775 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.

Tags: MET
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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 | 1044 days ago
UK Stocks Turning In Mixed Performance In Cautious Trade

UK Stocks Turning In Mixed Performance In Cautious Trade

U.K. stocks are turning in a mixed performance Tuesday morning as investors are treading cautiously, keeping track of U.S. President Donald Trump's tariff plans and the potential risks to global economic growth.
RTTNews | 5h 25min ago
CAC 40 Slightly Lower In Lackluster Trade

CAC 40 Slightly Lower In Lackluster Trade

French stocks are slightly lower on Tuesday with investors making cautious moves while closely following the developments on the trade front.
RTTNews | 6h 12min ago
Australia Central Bank Unexpectedly Maintains Status Quo

Australia Central Bank Unexpectedly Maintains Status Quo

The Reserve Bank of Australia adopted a wait-and-see approach on Tuesday, defying expectations for a quarter-point rate cut but confirmed that an easing cycle is coming. The policy board, governed by Michele Bullock, decided to hold the cash rate target at 3.85 percent. A majority of six members voted to hold the rate, while three members sought a change from 3.85 percent.
RTTNews | 6h 23min ago
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