Represents Global Atlantic’s First Reinsurance Deal in Asia

Global Atlantic Financial Group (“Global Atlantic”), a leading U.S.-focused annuity, life insurance and reinsurance company, today announced the signing of a USD $4.8 billion reinsurance transaction between its Bermuda-based subsidiary Global Atlantic Assurance Limited and AXA China Region Insurance Company Limited and AXA China Region Insurance Company (Bermuda) Limited (“AXA HK”). This is Global Atlantic’s first block reinsurance transaction sourced outside the United States.

Under the agreement, which closed on July 12, upon signing, AXA HK has reinsured a closed block of whole life insurance policies, originated in Asia, and backed by USD $4.8 billion in assets. AXA HK will continue to service and administer the policies as insurer of the reinsured block of business.

“Our tailored, relationship-based approach translates well outside the US, and we’re excited to serve the international market when the right opportunities present themselves,” said Manu Sareen, President of Global Atlantic’s Institutional business.

The previously announced Ivy co-investment vehicle will invest alongside Global Atlantic Assurance Limited. Global Atlantic will be responsible for providing its leading risk management for business ceded to Ivy.

With this deal, Global Atlantic further advances its position as a leading reinsurance franchise in the U.S. life and annuity marketplace, having reinsured approximately $65 billion of assets since its inception in 2004.

Sidley Austin LLP served as legal counsel to Global Atlantic in connection with this transaction.

About Global Atlantic

Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. With differentiated investment and risk management capabilities, deep client relationships, and a strong financial foundation, the company has established a track record of delivering proven, value-added solutions and long-term growth. Global Atlantic is a majority-owned subsidiary of KKR (NYSE: KKR), a leading global investment firm that offers asset management and capital markets solutions across multiple strategies.

Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries.

Reinsurance transactions are entered into by Global Atlantic Assurance Limited, Global Atlantic Re Limited, Commonwealth Annuity and Life Insurance Company or one of their affiliates. Reinsurance is placed, where required by applicable law, by Global Atlantic Risk Advisors, L.P., a licensed reinsurance intermediary and subsidiary of The Global Atlantic Financial Group LLC.

ICR Inc. GlobalAtlantic@icrinc.com (203) 682-8268

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