Canada Life Reinsurance has partnered with AEGON in a long-term longevity reinsurance agreement to cover €12bn in-force liabilities.

Under the agreement, Canada Life Reinsurance will reinsure around 200,000 of in-payment and deferred pensioners.

Canada Life Reinsurance global head Jeff Poulin said: “This transaction is the result of a great effort by both our team and Aegon’s team and highlights Canada Life Reinsurance’s strength as a partner for reinsurance longevity transactions globally.”

Canada Life Reinsurance COO Derek Popkes added: “We are delighted to grow and diversify our global longevity portfolio by working with Aegon to deliver a transformational longevity transaction tailored to their specific requirements.

“We will continue to innovate and work in partnership with our valued clients to deliver the best risk transfer solutions matching their objectives.”

Canada Life Reinsurance provides risk and capital management solutions that cover mortality, longevity, health and lapse risks.

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In September this year, Aegon’s Indian brand, Aegon Life Insurance signed a partnership to offer its comprehensive life insurance solutions in India through digital payment platform Paytm.

In August 2019, Aegon Life Insurance announced that the personal data of 10,000 insurance customers could have been compromised due to its website’s security vulnerability.

This April, MobiKwik collaborated with Aegon Life Insurance to introduce a smart digital insurance product for its wallet users.