Delta Lloyd reduces longevity risk
June 26 2015 - 1:30AM
Delta Lloyd has completed a transaction with
Reinsurance Group of America (RGA) to reduce longevity risk related
to its Dutch life insurance portfolio. This contract will reduce
the financial effects of policyholders living longer than currently
expected, which results in longer durations of annuities and
pension payments. The duration of the contract is eight years and
relates to underlying longevity reserves of approximately € 12
billion. The contract was transacted directly with RGA and the
entry date is 1 January 2015 retroactively.
Executive Board chairman, Hans
van der Noordaa: "It is the second time Delta Lloyd has
transferred a part of its longevity exposure to the reinsurance
market. Both transactions, the first one was in 2014, are part of
our sound and efficient capital management. We continuously
investigate options to optimise our capital structure and
strengthen our balance sheet, through our product mix,
underwriting, asset optimisation and transactions, such as
announced today."
Today's transaction has a notional of € 350
million. This is the maximum pay out at the maturity date of the
contract. The transaction anticipates on the new Solvency II
framework and has a limited impact on the IGD solvency ratio and on
the operational result over time. In May, Delta Lloyd submitted the
application for the usage of an Internal Model for Solvency II for
the insurance entities in the Netherlands and Belgium to the Dutch
regulator DNB.
Full Press Release
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Delta Lloyd via Globenewswire
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